VanEck Launches PYTH ETN, the Latest in a Series of Crypto-Focused Ventures by the Asset Manager

The Pyth network, a decentralized oracle protocol, has earned praise from VanEck for its potential to transform the DeFi landscape.

Asset management giant VanEck has launched a new European exchange-traded note (ETN) tracking the price of PYTH, a token used to govern the Pyth oracle network.

The ETN, which began trading on Monday, is designed to provide investors with exposure to the performance of PYTH. The Pyth network is a decentralized oracle protocol that provides real-time price data to smart contracts on the Solana blockchain.

The launch of the PYTH ETN marks the latest crypto-related venture for VanEck. Earlier this month, the asset manager announced the launch of a $30 million venture fund to invest in early-stage crypto startups. VanEck also recently partnered with Kiln to offer Solana staking.

“Smart contracts and their use cases in the financial world are gaining increasing significance, and oracle networks play a crucial role in enabling their integration into real-world use. With our Pyth ETN, investors have the opportunity to participate in the development of a decentralized oracle network that has the potential to become a crucial part of DeFi application infrastructure,” said Martijn Rozemuller, CEO of VanEck Europe.

The ETN is listed on Euronext Paris and Euronext Amsterdam and is available to investors in 15 European countries under the ticker VYPT. The ETN has a total expense ratio of 1.5%.

VanEck notes in the statement that the ETN is linked to the MarketVector Pyth Network VWAP Close Index, which tracks the VWAP Close Price of PYTH as calculated by MarketVector on behalf of VanEck. The statement adds that the ETN is not intended to provide direct exposure to the price of PYTH.