VanEck has introduced the VanEck Pyth ETN, the first Exchange Traded Note (ETN) linked to the Pyth network token, PYTH, in Europe.
The VanEck Pyth ETN allows European investors to gain exposure to the Pyth network without directly purchasing or holding digital assets. It will be listed on Euronext Amsterdam and Euronext Paris, making it accessible to investors across 15 European countries.
The Pyth network is a decentralized Oracle system that facilitates secure off-chain calculations and retrieves real-world data. The PYTH token is the internal currency for transactions within this network.
Investor security is a priority for VanEck. The Pyth ETN is fully collateralized and stored securely in a "cold store" backed by Bank Frick. The ETN has a base fee of 1.5% Total Expense Ratio (TER).
VanEck has previously launched Bitcoin and Ethereum ETNs, emphasizing investor security and providing exposure to the cryptocurrency market. The company is expanding its digital asset offerings in Europe, including a staking feature on its Solana ETN and the introduction of Bitcoin and Ethereum ETFs. VanEck has also submitted a proposal for a Solana ETF to the U.S. Securities and Exchange Commission.
These initiatives position VanEck as a key player in integrating traditional finance with cryptocurrencies.