VanEck has launched the PYTH Exchange Traded Note (ETN) on Euronext Amsterdam and Euronext Paris, providing access to the Pyth Network for investors across 15 European countries.

This new offering aims to attract both institutional and retail investors interested in Solana, allowing them to benefit from price changes and network activity without the need to manage digital wallets.

The PYTH ETN is part of VanEck's broader strategy, which includes a recently established $30 million venture fund aimed at investing in early-stage crypto and AI startups.

VanEck's dual strategy combines new investment products like the PYTH ETN with funding for blockchain projects, reflecting its commitment to expanding access to decentralized financial infrastructure.

The Pyth Network serves as a decentralized oracle protocol that connects smart contracts to real-world data, which is crucial for decentralized finance (DeFi) applications.

The governance token PYTH has a fully diluted market capitalization of approximately $3.4 billion, underscoring its significance within the crypto ecosystem.

Despite withdrawing a filing for a Solana ETF from the CBOE, VanEck remains dedicated to advancing the approval of this ETF and continues to engage with exchange partners and regulators.

The launch of the PYTH ETN is expected to increase demand for Solana-based solutions in Europe, potentially driving up the price of SOL.

Following the announcement of the PYTH ETN, Solana's price rose by 4%, reaching $168, accompanied by a 16.95% increase in trading volume.

VanEck has cautioned investors about the risks of extreme volatility associated with the ETN, although the specific underlying assets remain somewhat unclear.

The PYTH ETN tracks the value of the PYTH token, which is fully collateralized and securely stored by Bank Frick in Liechtenstein using cold storage solutions.

In the United States, VanEck has also introduced spot crypto ETFs focused on Bitcoin and Ethereum, with plans to expand into altcoins like Solana, XRP, and Litecoin.