London-based crypto-data provider, CryptoCompare, has announced the launch of the MVIS CryptoCompare Institutional Bitcoin Index [ticker: MVIBTC], in partnership with MV Index Solutions, the indexing division of U.S. asset manager, VanEck.
Thomas Kettner, Managing Director at MVIS, stated,
“We are pleased to launch this index with our partner CryptoCompare. The index follows our long-term mission in supporting new product developments with the aim of providing investors access to bitcoin.”
MVIS CryptoCompare Institutional Bitcoin Index is essentially an index designed to measure the performance of a digital assets portfolio which invests in Bitcoin, priced on select exchanges. According to the official press release, this index will be used by Canadian investment fund manager, 3iQ Corp., for the purpose of NAV calculation of the publicly-traded “Bitcoin Fund.”
3iQ Corp recently received a “favorable ruling” from the Ontario Securities Commission [OSC] for “The Bitcoin Fund,” a non-redeemable investment fund that is expected to be listed for trading on major Canadian stock exchanges. The country’s market regulator had previously ruled against the Toronto-based investment fund manager’s proposal, back in February.
3iQ manages digital asset funds, including the two private investment funds, 3iQ Bitcoin Trust and the 3iQ Global Cryptoasset Fund, which are eligible for investment by accredited investors in Canada.
Following the launch of the Bitcoin performance tracking index, Charles Hayter, CEO and Co-Founder of CryptoCompare, stated,
“Our mission is to bring greater transparency to the digital asset class by providing high quality, trusted data and indices. Together with our partner MVIS, we are excited to offer investors a reliable tool to better measure the performance of their Bitcoin exposure.”
