VanEck Launches New ETN Tracking Pyth Network Token on European Exchanges

VanEck has just introduced an exchange-traded note (ETN) in Europe that follows the Pyth Network’s native token, PYTH, as announced on November 5.

This new VanEck Pyth ETN is available on both Euronext Amsterdam and Euronext Paris and can be accessed by investors in 15 European nations, such as Germany, France, Norway, and Switzerland.

Martijn Rozemuller, CEO of VanEck Europe, emphasized the importance of oracle networks like Pyth for enabling smart contract functionality in real-world applications. Rozemuller sees Pyth as potentially integral to the infrastructure of decentralized finance (DeFi).

The VanEck Pyth ETN aligns with the MarketVector Pyth Network VWAP Close Index, and is fully backed by physical PYTH tokens, securely held by Liechtenstein-based custodian Bank Frick.

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With over a dozen crypto exchange-traded products across Europe, VanEck offers products that cover assets like Solana and Chainlink. In the U.S., it has launched spot crypto ETFs for Bitcoin and Ethereum.

Meanwhile, the upcoming U.S. presidential election may impact the fate of several pending crypto ETF applications, including those seeking to list ETFs holding altcoins such as Solana, XRP, and Litecoin.

Alexander Stefanov