Key Points
- PYTH price surged following the asset manager’s announcement.
- Recently, the US SEC acknowledged Grayscale’s ETF applications for SOL, DOGE, XRP, and ADA.
Grayscale just announced the launch of a new single-asset crypto investment fund, Grayscale Pyth Trust. The asset manager revealed that the new Trust will be available to eligible accredited investors.
Grayscale’s PYTH Trust Details
Grayscale’s Pyth Trust is one of the first investment vehicles to gain exposure to PYTH tokens in the form of security while avoiding the challenges of buying, storing, and keeping the token directly.
Shares of the Pyth Trust are designed to track the PYTH market price, with fewer fees and expenses.
Grayscale explained that PYTH digital asset is created and transmitted via the operations of peer-to-peer Pyth Network, a decentralized network of computers that operates on cryptographic protocols.
The Pyth Network claims to be the largest and fastest-growing first-party oracle network, delivering real-time market data to financial dApps across more than 40 blockchains.
The Pyth Network allows people to exchange PYTH tokens, which are recorded on the blockchain.
PYTH Price Surged After the Announcement
Today, PYTH price surged by over 2%. At the moment of writing this article, PYTH is trading above $0.22, having a market cap of over $805 million.
Even if PYTH surged by around 2% for the day, the coin experienced a higher price surge earlier of about 5%, after Grayscale made the important announcement.
Recently, Grayscale was under the spotlight after more applications for various crypto ETFs with the SEC, after announcing new crypto Trusts.
US SEC Acknowledged Grayscale’s Recent Crypto ETF Applications
Recently, the US SEC acknowledged Grayscale’s XRP ETF application as well as the form for its DOGE ETF. Also, a Cardano (ADA) ETF application was accepted by the US regulator, and a SOL ETF application as well.
All these moves made by the US SEC are important as they highlight the potential of more crypto ETFs in the future which translates into more capital flowing into the crypto industry.
