Billionaire Mike Novogratz and Bloomberg LP on Wednesday announced the launch of the Bloomberg Galaxy Crypto index (BGCI), which will display the basket movements of the largest digital assets on the market capitalization.
“Today’s launch of the Bloomberg Galaxy Crypto index reflects the growth of interest of our clients to cryptocurrencies,” said Alan Campbell, product manager for Bloomberg Indices. “This index will be the embodiment of our careful approach to the development of indices in the field of cryptocurrency and will provide investors with a transparent benchmark, which they can turn to monitor the behavior of the market.”
Mike Novogratz, a former manager of the hedge fund of the Fortress Investment Group, recently raised $250 million to create a “trading cryptocurrency bank.”
In his opinion, the creation of this index will give the market “unprecedented transparency.”
“The Bloomberg Galaxy Crypto index brings unprecedented transparency to the cryptocurrency market. We are happy to contribute to the flow of the decentralized revolution through the creation of the BGCI,” he said.
Since the launch, BGCI will track 10 cryptocurrencies that form its basket in the following proportions: Bitcoin (30%), Ethereum (30%), XRP (14.14%), Bitcoin Cash (10.65%), EOS (6, 11%), Litecoin (3.77%), Dash (1.67%), Monero (1.66%), Ethereum Classic (1%) and Zcash (1%).
Earlier, its own cryptocurrency indices were presented by Coinbase and Grayscale, as well as the lesser known company Bitwise Asset Management.
In January, Blockstream, a credit-based start-up, entered into an agreement with the owner of the New York Intercontinental Exchange, under which institutional investors were provided with a data channel on cryptocurrencies.
At the end of April, Fundstrat Global Advisors presented five cryptocurrency indexes, each of which tracks a separate segment of the market.
Earlier, Fundstrat analyst Tom Lee developed his own “reverse index,” which he called “the bitcoin poverty index.”