VanEck Pyth ETN Now Available in Europe

Key Points:

• VanEck introduced a new ETN linked to the PYTH token, allowing investors in 15 European countries to indirectly invest in PYTH.
• The VanEck Pyth ETN, backed by assets stored in cold storage with Bank Frick, has a total expense ratio of 1.5%.

On November 5, VanEck announced the launch of its latest Exchange Traded Note, the VanEck Pyth ETN. European investors can use this for the chance to track the Pyth Network’s token, PYTH, without having to purchase or custody a cryptocurrency.

Read more: VanEck Ethereum Futures ETF Closure As Investors Turn To Spot ETHV

VanEck Pyth ETN Debuts on European Exchanges

The VanEck Pyth ETN will be listed on Euronext Amsterdam and Euronext Paris and available in 15 European countries, among which are Germany, France, Italy, and Sweden.

The Pyth Network is a decentralized oracle protocol that lets smart contracts access the real world for data, securely perform computations off-chain, and connect to other blockchain networks. The PYTH token, being an internal cryptocurrency of the network, underpins the transactions over the network. The VanEck Pyth ETN was designed to reflect the MarketVector Pyth Network VWAP Close Index, which is pretty close to the price of the PYTH token itself and gives investors indirect exposure to PYTH market fluctuations.

The VanEck Pyth ETN is fully collateralized by nature. Underlying assets get acquired and are securely stored in “cold storage”, supported by Bank Frick, a regulated custodian based in Liechtenstein.

The ETN will also bear a base fee of 1.5% TER and is expected to trade alongside some other more traditional assets and become available to a wide audience interested in regulated digital asset products.

VanEck Expands Digital Asset Offerings in Europe

VanEck introduced staking on its Solana ETN in the European market in early October. Listed under the ticker VSOL on Deutsche Börse, the ETN will pack staking rewards automatically into its net asset value each day to provide investors with passive income without them having to stake technically.

Additionally, VanEck engaged in the creation of Bitcoin and Ethereum ETFs and has just filed a proposal with the US Securities and Exchanges Commission for the creation of a Solana ETF, further extending its commitment to improving investors’ access to blockchain-based assets.