Asset Manager VanEck Launches Pyth ETN in Europe

The United States-based asset manager VanEck is expanding its crypto offerings with the launch of Pyth exchange-traded note (ETN) in the European market. According to a press release, the investment vehicle will be listed on Euronext Amsterdam and Euronext Paris on Tuesday, November 5, 2024.

VanEck Launches Pyth ETN in Europe

The VanEck Pyth ETN, with the ticker VPYT, will be available to investors in 15 countries, including Austria, Switzerland, Germany, Denmark, Spain, Finland, France, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Sweden.

It will track the performance of the MarketVector Pyth Network VWAP Close Index, which is linked to the price of the PYTH, Pyth Network’s native token.

Through VanEck Pyth ETN, investors will be able to participate in PYTH’s performance without having to directly purchase or store it. The fund is fully collateralized, meaning the underlying assets are bought and stored in cold storage.

VanEck has tapped a European Economic Area (EEA)-regulated custodian, Bank Frick, for the secure custody of the cryptocurrencies in its ETNs.

Pyth is a Solana-based decentralized oracle protocol that allows smart contracts to interact with real-world data. It touts itself as the largest and fastest-growing first-party oracle network, offering real-time market data to financial decentralized applications (dApps) across over 40 blockchains.

In a statement, Martijn Rozemuller, CEO of VanEck Europe, noted the significance of the oracle network in the traditional finance system and expressed confidence in Pyth’s future potential in the decentralized finance (DeFi) sector.

“Smart contracts based on blockchain technology are gaining increasing significance in the financial world due to their numerous applications, and oracle networks play a crucial role in enabling real-world use for smart contracts. With our Pyth ETN, investors have the opportunity to participate in the development of networks such as Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure,” he stated.

Expanding Crypto Offerings 

Meanwhile, the latest development aligns with VanEck’s move to expand its crypto offerings. The asset manager offers a wide range of crypto-linked ETFs, including a spot Bitcoin ETF and Ether ETF. It recently filed for a spot Solana ETF.

VanEck offers more than 100 ETFs globally.