MarketVector Indexes Licenses its flagship Bitcoin Benchmark Rate to VanEck for HODL, the pioneering Spot Bitcoin ETF
Business Wire Jan 11, 2024 16:00FRANKFURT, Germany--(BUSINESS WIRE)--MarketVector IndexesTM (“MarketVector”) announces the licensing of the MarketVector™ Bitcoin Benchmark Rate (BBR) to VanEck. The firm today launched the VanEck Bitcoin Trust (CBOEBZX Ticker: HODL), a first-of-its-kind ETF that provides exposure to spot Bitcoin.
The BBR is a robust tool for understanding the market value of Bitcoin. The index methodology is designed with a focus on accuracy, reliability, and resilience against market manipulation. MarketVector has been providing quality information to digital assets investors since 2017, and its indexes help the investment community make informed decisions, on this dynamic asset class.
“Bitcoin trades 24 hours a day on multiple exchanges and over-the-counter. It is important for ETFs to have a precise ‘end-of-day price’ even though trading never stops. We are proud to use MarketVector’s flagship BBR as the benchmark for the VanEck Bitcoin Trust,” stated Kyle DaCruz, Director of Digital Asset Product at VanEck Associates Corp. “Furthermore, one of the vital attributes of MarketVector’s cryptocurrency indexes is their status as a regulated benchmark provider under Germany’s BaFin regulations as well as the European BMR framework,” he added.
“We are honored to partner with VanEck to support the launch of their innovative and pioneering Spot Bitcoin ETF, HODL,” said Steven Schoenfeld, CEO of MarketVector. “Benchmarked to the MarketVectorTM Bitcoin Benchmark Rate, we are confident that investors will gain efficient exposure to Bitcoin. With more than seven years of experience in developing and managing Digital Asset Indexes, MarketVector is uniquely qualified to benchmark the dynamic and growing field of Crypto assets,” he continued.
The BBR calculates the volume-weighted median price average from 20 three-minute intervals, based on trades from the top five exchanges as ranked by CCData's Exchange Benchmark. This method offers a more accurate and manipulation-resistant measure of Bitcoin's price, enhancing the trust and transparency for investors. Additionally, the index exclusively includes BTC-USD trades, which further bolsters its reliability.
BBR’s robustness and accuracy are essential for maintaining integrity and trust in the dynamic cryptocurrency market. Its design and methodology ensure that it provides highly accurate price signals, keeping pricing anomalies in check, much like the precision of a Swiss watch in the world of timekeeping.
For more information on the index, visit MarketVector’s index page. For more information about the ETF, visit VanEck’s index page.
Key Index Features
MarketVectorTM Bitcoin Benchmark Rate Index (BBR)
Number of Components: 1
Base Date: December 31, 2015
Base Value: 425
About MarketVector Indexes - www.marketvector.com
MarketVector IndexesTM (“MarketVector”) is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS®, and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange-Traded Product (ETP) issuers and index fund managers in markets throughout the world, with more than USD 32 billion in assets under management.
About VanEck – www.VanEck.com
VanEck has a history of looking beyond the financial markets to identify trends likely to create impactful investment opportunities since its founding in 1955. As one of the first US asset managers to offer investors access to international markets, setting the tone for the firm’s drive to identify asset classes and trends that subsequently shaped the investment industry – including gold investing in 1968, emerging markets in 1993, ETFs in 2006 and Digital Assets in 2017.
Today VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes, with more than USD 88 billion in assets under management, including mutual funds, ETFs, and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification.
Contacts
Media
Eunjeong Kang, MarketVector
+49 (0) 69 4056 695 38
media-enquiries@marketvector.com
Sam Marinelli, Gregory FCA on behalf of MarketVector
610-246-9928
sam@gregoryfca.com