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CoinShares, Europe’s biggest digital‑asset manager, will feed real‑time crypto pricing to the Solana‑based Pyth oracle, boosting data transparency for DeFi
CoinShares announced it will contribute live cryptocurrency market data directly on‑chain to the Pyth Network, a Solana‑powered oracle that aggregates latency‑sensitive price feeds for high‑frequency trading and DeFi applications【3】. The partnership aims to improve data transparency and reduce reliance on third‑party aggregators, a concern regulators have cited when denying retail crypto ETPs and ETFs【3】.
| At a glance | |
|---|---|
| Partner | CoinShares joins Pyth Network |
| Announcement date | Aug 4 2021 |
| AUM | > $3 billion managed globally【2】 |
| Pyth role | On‑chain oracle for real‑time crypto pricing on Solana【3】 |
CoinShares, founded in 2013 and listed on Nasdaq First North Growth (ticker CS), has a track record of pioneering regulated crypto products, including the first Bitcoin hedge fund and the first exchange‑traded Ether product【2】. By feeding its price data straight to Pyth, the firm bypasses traditional data aggregators, allowing DeFi protocols to access verifiable, low‑latency market prices directly from the blockchain. The move addresses regulator‑cited opacity in crypto pricing, which has been a key reason for denying retail crypto ETPs and ETFs【3】.
Pyth is built on Solana, a blockchain noted for fast transaction throughput and low fees, making it suitable for high‑frequency trading environments where speed and accuracy are critical【3】. CoinShares previously participated in Solana’s token sale in Q2 2021 and is evaluating migration of its core trading and capital‑markets infrastructure onto the Solana network【3】. This alignment suggests the partnership could be a stepping stone toward broader on‑chain migration of CoinShares’ trading systems, potentially enhancing liquidity and operational efficiency for its $3 billion of assets under management.
CoinShares’ entry into the Pyth Network underscores a growing trend of institutional players seeking on‑chain data solutions to meet regulatory expectations and to power the next generation of DeFi applications. Whether this collaboration will spur broader adoption of decentralized oracles remains to be seen.
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Pyth Indices are proprietary 24/7 single-asset index products that deliver continuous price data for U.S. equities, metals, and oil, sourced from leading on‑chain and off‑chain trading venues.
Initial users include cryptocurrency exchanges Coinbase, Kraken, dYdX, and Nado, which are leveraging the indices to create new markets and perpetual contracts.
Holders can claim $PYTH tokens through an airdrop that provides governance tokens and can stake those tokens via platforms like DappRadar to earn rewards and help secure the network.
Staking $PYTH requires acquiring the token, selecting a staking pool on a platform such as DappRadar, delegating the tokens to the pool, and earning additional $PYTH as rewards for participating in transaction validation.
The airdrop distributes complimentary $PYTH tokens to existing holders, granting them governance rights and the opportunity to earn rewards through staking.