Home / Bitcoin / The VanEck subsidiary launches the Bitcoin OTC Performance Tracking Index

The VanEck subsidiary launches the Bitcoin OTC Performance Tracking Index

MV Index Solutions (MIVS), a subsidiary of New York's investment management company VanEck, has launched a new bitcoin index.

Announced Tuesday, the MVIS Bitcoin US OTC Spot Index (MVBTCO) is said to be the first index that covers the performance of bitcoins on selected over-the-counter (OTC) platforms in the United States.

The index represents the average spot price of bitcoin and tracks performance on the basis of three OTC liquidity providers: Circle Trade, Cumberland and Genesis Trading, the release states.

The index tracks only bitcoins and does not consider forks, according to the MVIS website.

"We are excited to be the first supplier to launch a bitcoin index based on the OTC trading counter price feed, which allows customers who trade at the counter to use this index as a reliable benchmark for their operations or potential investment products", said Thomas Kettner, CEO of MIVS.

With the new addition, the company said it now has a total of 24 digital goods indices.

Gabor Gurbacs, director of digital asset strategies at VanEck and MVIS, said:

"The index can pave the way for institutionally-oriented products, such as ETFs, as well as provide additional tools to institutional investors to execute institutional exchanges at transparent prices on OTC markets."

Already in June, VanEck partnered with the SolidX financial services company in an attempt to launch the first Bitcoin Exchange Traded Fund (ETCO), planned for listing on the CBO BZX Equities Exchange.

However, the US Securities and Exchange Commission (SEC) postponed its decision to August. Later in September, the SEC said it had initiated a procedure to decide whether to approve the proposed ETF.

Gurbacs told CoinDesk that the delay was completely expected and that the company remained committed to market "a liquid, insured and properly regulated bitcoin physical ETF".

Image of the chart via Shutterstock

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