Bloomberg and Galaxy Digital Capital Management Launch Cryptocurrency Benchmark Index
Bloomberg, together with Galaxy Digital Capital Management LP, a leading digital asset management firm founded by Michael Novogratz, today launched the Bloomberg Galaxy Crypto Index (BGCI). The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including Bitcoin, Ethereum, Monero, Ripple, and Zcash. The index constituents are diversified across different categories of digital assets, including stores of value, mediums of exchange, smart contract protocols, and privacy assets.
The creation of the index marks an important step in the evolution of the digital assets space, facilitating diversified exposure as well as independent benchmarking for investors, the companies said. The BGCI utilizes a rules-based methodology and data from sources that have passed both Bloomberg and Galaxy Digital Capital Management’s due diligence processes.
The index is owned and administered by Bloomberg Index Services Limited and is co-branded with Galaxy Digital Capital Management. As a new member of the Bloomberg index family, the BGCI offers the first institutional grade benchmark for the cryptocurrency market.
“Today’s launch of the Bloomberg Galaxy Crypto Index reflects our clients’ growing interest in cryptocurrencies,” said Alan Campbell, Global Product Manager for Bloomberg Indices. “The index brings our 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, said, “The Bloomberg Galaxy Crypto Index brings unprecedented transparency to the crypto markets. We are excited to help drive the decentralized revolution forward through the creation of BGCI.”
Steve Kurz, Head of Asset Management at Galaxy Digital Capital Management, added, “We are thrilled to partner with Bloomberg on the BGCI. The index’s independent, rules-based methodology provides a strong foundation on which the cryptocurrency ecosystem will continue to grow and mature.”
The BGCI contains the following ten cryptocurrencies at inception:
Current Cryptocurrency Weightings
Bitcoin -quote30.00%
Ethereum -30.00%
Ripple -14.14%
Bitcoin Cash -10.65%
EOS -6.11%
Litecoin -3.77%
Dash -1.67%
Monero -1.66%
Ethereum Classic -1.00%
Zcash -1.00%
For additional information on the methodology, rebalancing, pricing, and governance of the BGCI, visit: Bloombergindices.com
Bloomberg clients can access the index using the ticker BGCI Index .
About Bloomberg
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About Galaxy Digital Capital Management LP
Galaxy Digital Capital Management LP is a diversified asset management firm dedicated to the digital currency and blockchain sectors. The firm manages capital on behalf of external clients in three distinct business lines: Index Fund Management, Blockchain Ecosystem Funds, and Opportunistic Funds. Galaxy Digital Capital Management’s multi-disciplinary team has deep experience across active and passive portfolio management, capital markets, operations, and blockchain technology. The firm was founded by Michael Novogratz, a former Principal and Chief Investment Officer of the Fortress Macro Funds, and a former Partner at Goldman Sachs.
