VanEck lists PYTH ETN in Europe
2024-11-05

VanEck has listed an exchange-traded note (ETN) in Europe tracking the performance of the Pyth Network’s native token, PYTH, the asset manager said on Nov. 5. 
The VanEck Pyth ETN will trade on Euronext Amsterdam and Euronext Paris, the asset manager said. It will be available to investors in 15 European countries, including Germany, France, Norway and Switzerland. 
The Pyth Network is a decentralized oracle protocol designed to enable smart contracts to interact with off-chain data and communicate with other blockchain networks. 
PYTH is the Pyth Network’s governance token. It has a fully diluted market capitalization of approximately $3.4 billion, according to CoinMarketCap.
“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,” Martijn Rozemuller, VanEck Europe’s CEO, said in a statement.
The Pyth Network “has the potential to become a crucial part of [decentralized finance] application infrastructure,” Rozemuller added.
An ETN is a debt instrument designed to track the performance of the underlying asset. 
The VanEck Pyth ETN is designed to perform in line with the MarketVector Pyth Network VWAP Close Index. 
It is fully collateralized with physical PYTH tokens, which are held by Lichtenstein-based custodian Bank Frick, VanEck said. 
VanEck has launched more than a dozen exchange-traded cryptocurrency products in Europe, covering digital assets ranging from Solana SOLUSD to Chainlink LINKUSD, according to VanEck’s website. 
It has also launched two spot crypto exchange-traded funds (ETFs) in the United States: VanEck Bitcoin ETH (HODL) and VanEck Ethereum ETF (ETHV).
The United States presidential election on Nov. 5 may determine the fate of more than a half dozen proposed crypto ETFs waiting on a green light from regulators.
In 2024, asset managers submitted a flurry of regulatory filings to list ETFs holding altcoins, including SOL, XRP XRPUSD, and Litecoin LTCUSD, among others.
Issuers are also waiting on approval for several planned crypto index ETFs designed to hold diverse baskets of tokens.