Author: Gan Jia Ci
Bloomberg and Galaxy Digital Capital have just launched a cryptocurrency benchmark index, known as the Bloomberg Galaxy Crypto Index (BGCI), on Wednesday. The index is reportedly “designed to track the performance of the largest, most liquid portion of the cryptocurrency market.”
According the Bloomberg’s announcement, The BGCI is “market captitalization-weighted and measures the performance of ten USD-traded cryptocurrencies”. The coins that will be listed are Bitcoin (BTC), Ethereum (ETH), Ripple, Bitcoin Cash, EOS, Litecoin, Dash, Monero, Ethereum Classic, and Zcash.
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” Alex Campbell, Global Product Manager for Bloomberg Indices, said of the BGCI. He affirmed that the index will bring their “rigorous approach to index construction to cryptos and will provide investors with a transparent benchmark to gauge the performance of the broader market.”
Michael Novogratz, CEO and Founder of Galaxy Digital Capital Management, expressed his excitement regarding this partnership on his Twitter on Wednesday, saying, “The herd is on the move. This is an important piece of the architecture that institutional accounts need to treat crypto as a new asset class.”
Michael Novogratz is a billionaire and ex-hedge fund manager of investment company Fortress Investment Group. He recently raised $250 million for Galaxy Digital in February.