Bitwise Licenses New Index To Amun To Support Swiss-Listed Exchange-Traded Product
SAN FRANCISCO, June 26, 2019 /PRNewswire/ -- Bitwise Index Services, LLC, the index calculation and dissemination subsidiary of Bitwise Asset Management, announced today that it has licensed a new index to the Swiss-based fintech firm Amun AG that will be used as the benchmark index for a new Swiss-listed exchange-traded product (ETP) available only outside the United States.
The Bitwise 10 Select Large Cap Crypto Index is designed to track the performance of up to 10 of the largest crypto assets in the world, as measured and weighted by free-float and inflation-adjusted market capitalization. Constituents must meet a variety of criteria to qualify for the Index, including rules related to security, liquidity and institutional support.
"We are thrilled to be working with Amun to help non-U.S. investors gain diversified exposure to the crypto markets," said Matt Hougan, Global Head of Research for Bitwise Asset Management. "The Index is carefully designed to capture a broad array of cryptoassets while accounting for many of the unique constraints presented by the current cryptocurrency ecosystem."
All assets in the index must be approved to serve as the underlying for an ETP by SIX, the Swiss Exchange, and must be both supported by appropriate market makers and available for custody at leading institutional custodians. The Index is rebalanced and reconstituted on a monthly basis.
As of the May 31 rebalance, the Bitwise 10 Select Large Cap Crypto Index included eight cryptoassets with the following weights:
Asset Ticker Weight
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Bitcoin
BTC 67.80%
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Ethereum
ETH 11.50%
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XRP (Ripple)
XRP 8.33%
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Bitcoin Cash
BCH 3.52%
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Litecoin
LTC 3.47%
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EOS
EOS 3.36%
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Lumens (Stellar)
XLM 1.10%
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Cardano
ADA 0.90%
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The full methodology for the Index is available here.
"We are thrilled to partner with Bitwise to bring the most broadly diversified crypto ETP to investors in Switzerland," said Hany Rashwan, CEO of Amun. "Bitwise is the global leader in crypto indexing, and we are excited to launch a product that builds on their expertise."
"It is incredibly early in the evolution of the crypto markets, and it is difficult to say at this point which assets will become the most important," said Hougan. "The Index is designed for Swiss investors who want to be sure they gain and maintain exposure to the most important crypto projects in the world."
ABOUT BITWISE
Bitwise Asset Management is the leading provider of index and beta funds for the cryptoasset space. The firm created the world's first cryptoasset index fund in 2017, and today manages multiple funds serving institutions, family offices, financial advisors, asset managers, and high net worth individuals. Its indexes serve as a benchmark for more than 30 leading crypto hedge funds, academics, and large financial institutions. Based in San Francisco, Bitwise's executive team combines decades of experience in traditional asset management and indexing with deep knowledge of software and technology. The team has backgrounds at firms including BlackRock, Goldman Sachs, Deutsche Bank, US Commodity Funds, IndexIQ, ETF.com, Facebook, and Wealthfront. Bitwise is backed by institutional investors and leading venture capital firms including Khosla Ventures, General Catalyst, and Blockchain Capital. It is a frequent commentator on crypto in publications like Institutional Investor, CNBC, Barron's, Bloomberg, The Wall Street Journal, and The New York Times.
Bitwise Index Services, LLC is a subsidiary of Bitwise Asset Management. Bitwise Index Services develops, calculates, disseminates, and licenses cryptocurrency indexes and conducts research in the area of cryptocurrency investing.
FOR MORE INFORMATION
MEDIA
Hewes Communications, Inc.
Tucker Hewes
212.207.9451
tucker@hewescomm.com
RELATED LINKS
https://www.bitwiseinvestments.com
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SOURCE Bitwise Asset Management
