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Chinese cryptocurrency mining giant Bitmain released several price indices Nov. 30, aiming to track the largest assets for both institutional and retail investors.
The Bitmain Crypto Index (BCI) includes real-time spot price reading. The spot index covers the 17 largest cryptocurrencies by market cap.
In a methodology overview, Bitmain said the product was "to provide institutional and retail investors with a transparent, timely, methodology-based, and investable benchmark of the most active cryptocurrencies traded globally," explaining:
Bitmaintech Pte. Ltd. and is administered by the Bitmain Index Operating Committee ('BIOC') which will conduct a regular review and engagement with external stakeholders for feedbacks to keep the Index methodology as updated and representative as possible. "
BCI forms the latest branching out for Bitmain as the company undergoes a significant period in its history.
Bitcoin mining participant, controversy around both the company and co-founder Jihan Wu has increased in recent weeks due to the content of both the Bitcoin Cash (BCH) contentious hard fork.
In addition, it is reportedly intending to hold an IPO in Hong Kong, but doubts remain as such.
Regarding hard forks, the BCI will treat fresh forks of cryptocurrencies. The overview states:
"For the purpose of indexation and dissemination"
Other requirements include the coin trading at least 2 constituent exchanges with at least 200 daily trades in the new token USD or equivalent pairs on all constituent exchanges. "
Earlier this month, a subsidiary of VanEck, launched the first cryptocurrency index based on over-the-counter (OTC) rates.
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