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.
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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.
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.
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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