VanEck has launched the VanEck Pyth ETN, the first Exchange Traded Note in Europe linked to the Pyth Network's token, PYTH. This ETN allows European investors to gain exposure to the Pyth Network without directly purchasing or managing digital assets.
The VanEck Pyth ETN is listed on Euronext Amsterdam and Euronext Paris, making it accessible to investors across 15 European countries. It mirrors the MarketVector Pyth Network VWAP Close Index, providing investors with indirect tracking of the PYTH token's market movements. The ETN is fully collateralized and the underlying assets are securely stored in cold storage by Bank Frick, a regulated custodian based in Liechtenstein. The VanEck Pyth ETN has a base fee of 1.5% Total Expense Ratio (TER) and offers a competitive fee structure compared to traditional investment products.
The Pyth Network is a decentralized oracle system that enables smart contracts to interact with blockchain networks and access real-world data. The PYTH token is the internal currency for transactions within this network. The decentralized oracle system enhances the utility of blockchain technology by enabling smart contracts to interact with real-world data.
VanEck is expanding its digital asset offerings in Europe, including introducing a staking feature on its Solana ETN and launching Bitcoin and Ethereum ETFs. The firm has also submitted a proposal for a Solana ETF to the US Securities and Exchange Commission. The introduction of the VanEck Pyth ETN signifies the growing acceptance of cryptocurrencies in traditional financial markets and provides regulated investment vehicles for broader participation in the digital asset ecosystem. The successful launch of the VanEck Pyth ETN could encourage other financial institutions to explore similar opportunities in the digital asset market.