Pyth Network gains support as Grayscale introduces new crypto investment fund
Asset management firm Grayscale expands its crypto investment product lineup with the launch of the Grayscale Pyth Trust.
The new single-asset fund provides exposure to Pyth Network’s native token, PYTH.
Pyth Network is a decentralized oracle network that delivers market data—including cryptocurrency, stock, and commodity prices—to over 90 different blockchain networks, including Solana.
Oracles bridge off-chain data sources, such as centralized exchange prices, with smart contracts on blockchain networks.
Grayscale stated that approximately 95% of decentralized applications on Solana rely on Pyth’s price feeds, underscoring its strong market position.
The Grayscale Pyth Trust, available exclusively to qualified investors, aims to provide greater exposure to Solana’s ongoing growth.
"By delivering accurate and timely data feeds, Pyth plays a crucial role in the Solana ecosystem and is poised to thrive alongside Solana’s expansion," Grayscale said in a statement.
Grayscale revives interest in oracle networks
Since 2023, Solana has experienced explosive growth, primarily driven by a surge in memecoin trading activity.
According to DeFiLlama, the total value locked (TVL) in the Solana blockchain has surged from approximately $1.4 billion in early 2024 to over $9 billion, peaking at $12 billion in January 2025.
However, Solana is now facing short-selling pressure due to insider trading concerns and heavy losses among retail traders.
PYTH price dynamics for 24 hours. Source: CoinMarketCap
As for Pyth, its token has dropped over 35% in the past month, currently trading at $0.21.News of the Grayscale Pyth Trust launch briefly pushed the token’s price above $0.22, while 24-hour trading volume more than doubled to $121 million.
As we wrote, the U.S. Securities and Exchange Commission (SEC) has officially accepted the 19b-4 application submitted by Grayscale and the New York Stock Exchange (NYSE) to convert the Grayscale XRP Trust into an exchange-traded fund (ETF).
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