VanEck launches Pyth ETN (Patreon)

VanEck, a global asset management firm, has recently expanded its cryptocurrency offerings in Europe by launching a new Exchange-Traded Note (ETN) based on the Pyth Network token (PYTH)

Price shooting up

Launch and Availability

The VanEck Pyth ETN has been listed on Euronext Amsterdam and Euronext Paris, making it accessible to investors across 15 European countries, including major markets such as Germany, France, Norway, and Switzerland. This launch took place on November 5, 2024

Product Details

• Full Name: VanEck Pyth ETN

• Ticker: VPYT

• Underlying Asset: PYTH token

Key Features

• Collateralization: The ETN is fully collateralized with PYTH tokens, which are held in custody by Bank Frick, a Liechtenstein-based financial institution

• Cold Storage: The underlying assets are stored in "cold storage" to enhance security

• Index Tracking: The ETN is designed to align with the MarketVector Pyth Network VWAP Close Index (MVPYTHV), ensuring it mirrors the performance of the Pyth token