Bitcoin US OTC Spot Index Created By VanEck Subsidiary MVISbr>
MV Index Solutions (MVIS), a subsidiary of investment management firm VanEck, has created a new bitcoin index based on US price feeds from major over-the-counter (OTC) digital asset trading operations.
MVIS develops, monitors and licenses the MVIS Indices, a selection of focused, investable and diversified benchmark indices that are designed to underlie financial products. MVIS Indices cover several asset classes, including equity, fixed income markets and digital assets and are licensed to serve as underlying indices for financial products.
The company’s new bitcoin index, called MVIS Bitcoin US OTC Spot Index (MVBTCO), expands MVIS’ portfolio to a total of 24 digital assets indices. MVBTCO shows the spot price of bitcoin by tracking its performance based on US price feeds from major OTC liquidity providers, including Circle Trade, Cumberland and Genesis Trading. Clients who trade over the counter will be able to use this index as a reliable benchmark for their trades or potential investment products.
Gabor Gurbacs, Director of Digital Asset Strategies at VanEck/MVIS, said that MVBTCO may pave the way for institutionally oriented products, such as exchange traded funds (ETF) as well as provide further tools to institutional investors to execute institutional size trades at transparent prices on the OTC markets.
“VanEck continues to support market structure developments in the digital asset space,” Gurbacs said. “MVIS’ work with our core OTC partners, Cumberland, Circle Trade and Genesis Trading, is a major step forward towards greater transparency and price discovery in the institutional bitcoin market.”
Elisabeth Carpenter, COO of Circle, said that MVIS is making significant advancements in providing the institutional community with reliable and transparent data for the bitcoin market.
“We are happy to have Circle’s OTC platform, Circle Trade, participate in the MVIS spot index for the cryptocurrency,” Carpenter said.