Galaxy Digital Will Introduce Cryptocurrency Indexes In Partnership With Alerian
27 August 2021 - 07:30AM
NEWSBTC
Galaxy Digital has announced the launch of passive cryptocurrency
indexes with Alerian. These passive crypto indexes are eight in
number; they will be weighted equally and re-balanced monthly.
Galaxy Digital Holdings has partnered with S-Network Global indexes
and Alerian to launch eight blockchain indexes focused on crypto.
Galaxy Digital Holdings Ltd is a financial services and
investment management company that offers cryptocurrency and
digital assets services. The Company also provides services in
blockchain technology with business lines, including Principal
investments, trading, advisory services, and asset management.
Related Reading | Kraken To Re-Enter The European Market By
Applying For A New License According to an announcement made on
August 24th, the duo developed two families of the crypto index.
They are referred to as the Alerian Galaxy Global
Cryptocurrency-Focused Blockchain Indexes and Alerian Galaxy Global
Blockchain Indexes. The eight offerings have their listing under
Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes.
The passive indexes enable access to few selected investment
vehicles and public companies. The companies and selected vehicles
should be actively involved in the blockchain and crypto sectors
like cryptocurrency miners. Related Reading | Number Of
Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The
Price Other good examples are companies with crypto on their
balance sheets, blockchains researchers, and infrastructure tech
developers. The indexes are equally weighted and rebalanced
monthly. Comments From Galaxy Digital Head of Asset Management
Steve Kurz, Partner and Head of Asset Management at Galaxy Digital,
said: ” We have a goal to keep on empowering investors with
institutional, seamless, and innovative access points. We intend to
channel it to the upcoming digital assets ecosystem”. The Alerian
Galaxy Global Cryptocurrency-Focused Blockchain CRYPTE Index is one
of the eight latest products. It tracks crypto companies like Argo
Blockchain, Square Inc., Voyager Digital, Coinbase, and Marathon
Digital holdings, etc. Although, the Alerian Galaxy Global
Blockchain Index (BCHAIN) is tracking Facebook, Microsoft,
Mastercard, Grayscale’s Bitcoin, and Ethereum Trusts. Other indexes
include CRYPTP, BLKCHN, and BLKCNP. Galaxy has increased its
offerings early this month by partnering with Bloomberg to create a
Defi Index tracking various projects. These projects include Aave
(AAVE), Uniswap (UNI), and Compound (COMP). In 2018, Galaxy had a
partnership with Bloomberg to launch a Crypto Benchmark Index.
The Index aims to track the liquidity of the top 10 cryptos.
Related Reading | Why An 18% Drop In Bitcoin Could Still Be
Bullish According to an August 18th report, Galaxy posted a loss of
$175.8 million in Q2. The Galaxy CEO and founder Mike Novogratz
expressed that he isn’t disturbed by the development. He referred
to factors like blue-chip strategic partnerships and increased
counterparty trading volume as reasons to be bullish. He added that
the goal was simply an adoption. “We believe that the adoption
battle will over time be a stickier, hard, and more financially
impactful compared to short-term price moves.” – Mike Novogratz At
the time of writing, cryptocurrency market is down by 2% | Source:
Crypto Total Market Cap on TradingView.com Featured image from The
Block, chart from TradingView.com
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