SAN FRANCISCO, Aug. 15, 2018 /PRNewswire/ -- Bitwise Index Services, LLC, a subsidiary of Bitwise Asset Management, creator of the world's first cryptocurrency index fund, today announced the launch of three additional indexes covering the mid-cap, small-cap, and total-market segments of the cryptoasset market as well as the renaming of the HOLD 10 Index.
The Bitwise Crypto Index family now features:
- Bitwise 10 Large Cap Crypto Index (ticker: BITX)
- Bitwise 20 Mid Cap Crypto Index (ticker: BITW20)
- Bitwise 70 Small Cap Crypto Index (ticker: BITW70)
- Bitwise 100 Total Market Crypto Index (ticker: BITW100)
To support the indexes, Bitwise also announced the launch of an index advisory board, featuring experts in institutional indexing and cryptoeconomics:
- Srikant Dash, CFA, is the former Global Head of Indexing for Bloomberg and the former Managing Director and Global Head of Research at Standard & Poor's Indices. Today, over $200 billion in ETF assets track indexes built by Dash. He was a long-standing member of the S&P 500 Index Committee.
- Spencer Bogart, CFA, is a Partner and Head of Research at Blockchain Capital, a leading venture capital firm focused exclusively on the blockchain technology sector and crypto ecosystem. Prior to joining Blockchain Capital, he authored Wall Street's first industry report highlighting the use cases, companies, and potential of blockchain technology as a Vice President at Needham & Company.
- Matt Hougan is the Global Head of Research at Bitwise and former CEO of both ETF.com and Inside ETFs. He helped create the world's first ETF ratings and analytics service (which now powers FactSet's ETF ratings), co-authored the CFA Institute's monograph on ETFs, and appeared three times as a member of the Barron's ETF roundtable.
The Bitwise Crypto Indexes are broadly available throughout the financial ecosystem, including via Bloomberg, Reuters, FactSet, and other data aggregators, as well as the Bitwise website and API.
Bitwise also announced the creation of API access and complimentary benchmarking for hedge funds, researchers, or others interested in high-quality crypto index data. Currently more than a dozen leading firms, including some of the best-known cryptoasset hedge funds in the world, benchmark against Bitwise indexes. Detailed information on the API is available here.
The Bitwise Crypto Indexes capture the investable cryptoasset market as measured and weighted by free-float and five-year inflation-adjusted market capitalization. The index methodology features rules that mitigate risks surrounding liquidity, security, exchange concentration, regulatory status, and more, and aim to fully capture the investable cryptomarket opportunity. Bitwise performs extensive research on more than 250 cryptoassets in the course of building its indexes, and consolidates pricing on thousands of individual crypto pairs representing 99.9% of all eligible cryptoasset volume.
"Our indexes are built from the ground up to respond specifically to the cryptomarket," said Hougan. "The methodology draws on best practices from the modern indexing of equities, bonds, commodities, and fiat currencies, and pairs them with crypto-native factors to ensure the indexes are safe and replicable. We believe they are the best representation of the investable cryptoasset market in the world."
"One unique thing about Bitwise is the firm's ability to blend deep, crypto-specific expertise with in-depth knowledge of institutional asset management and indexing," said Bogart. "The Bitwise Crypto Index Advisory Board and the family of Bitwise indexes launching today are proof of that."
"Well-constructed indexes and index-linked products are key to the development of efficient investment and risk management in any new asset class," added Dash. "I am pleased to help Bitwise bring such tools to the rapidly evolving cryptocurrency market."
In conjunction with the launch, Bitwise also announced it was changing the name of the industry's leading benchmark from the Bitwise HOLD 10 Index to the Bitwise 10 Large Cap Crypto Index.
About Srikant Dash
Srikant Dash, CFA, is one of the world's foremost experts on indexing and index construction. He spent 12 years at Standard & Poor's, where he was Managing Director and Global Head of Research & Design. While at S&P, Dash led a team that created the industry's first smart-beta products based on factors, dividends, and themes. Today, over $200 billion in ETF assets track indexes built by Dash. He also created the landmark Standard & Poor's Index vs. Active report, better known as SPIVA, which is the primary way active managers in all asset classes are benchmarked to index performance on an industrywide basis.
After leaving Standard & Poor's, Dash joined Bloomberg as Global Head of the Index Business, establishing the first truly global, truly independent index business focused on fixed income, commodity and currency (FICC) markets. He executed several acquisitions of leading index properties and built the platform that has made Bloomberg the largest FICC index provider in the world today. He currently provides strategic advice to corporations, private equity firms and asset managers on matters pertaining to benchmarks, index derivatives, portfolio analytics, and ETFs. He is also an independent director on the board of subsidiaries of the National Stock Exchange, the largest Indian exchange.
About Spencer Bogart
Spencer Bogart, CFA, is a Partner at Blockchain Capital, the general partner of Blockchain Capital's venture funds. He is a fundamental investment analyst with a rare combination of deep experience analyzing cryptocurrencies as well as traditional equity opportunities.
Prior to joining Blockchain Capital, Bogart was a Vice President at Needham & Company, where he authored Wall Street's first industry report highlighting the use cases, companies, and potential of blockchain technology. He was the most active bitcoin analyst on Wall Street, writing detailed reports and research on bitcoin's fundamental value proposition, price forecast, and technical advancements. Bogart is widely cited throughout the bitcoin and blockchain industry and is a regular speaker at industry and startup events.
About Matt Hougan
Matt Hougan is Global Head of Research for Bitwise Asset Management. He oversees the development of the Bitwise index methodologies, does fundamental research on cryptoassets, and works to educate professional investors on the role cryptoassets can play in a portfolio.
Prior to joining Bitwise, Hougan was CEO of Inside ETFs and Managing Director of Global Finance at Informa, one of the world's largest events and education companies. Before joining Informa, He was CEO of ETF.com, the world's leading independent authority on exchange-traded funds. Hougan is the co-author of the CFA Institute's monograph on ETFs, titled "A Comprehensive Guide to Exchange-Traded Funds," and a member of the ETF Hall of Fame. He was previously Editor-in-Chief of The Journal of Indexes, the first research journal devoted exclusively to indexing and index fund management.
About the API
Bitwise offers complimentary API and CSV access to its index data for benchmarking and research purposes through a simple sign-up form, available here. Entities interested in licensing Bitwise indexes to serve as the underlying for financial products may contact the firm at email@example.com.
About Bitwise Asset Management
Founded in 2017, Bitwise Asset Management is a cryptocurrency asset manager backed by institutional investors. The firm is a partner to individuals, financial advisors, family offices, investment managers, and institutions in navigating cryptocurrency. Bitwise develops funds, indexes, insight, and other services. The team behind Bitwise has expertise in technology, security, and finance. The firm is based in San Francisco. For more information, visit www.bitwiseinvestments.com.
About Bitwise Index Services
Bitwise Index Services, LLC is a subsidiary of Bitwise Asset Management. Bitwise Index Services develops cryptocurrency indexes and conducts research in the area of cryptocurrency investing.
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SOURCE Bitwise Asset Management