The Block Backs New Digital Asset Indices Firm Amid ETF Boom
GMCI introduces GMCI 30, a benchmark index tracking the market performance of large-cap cryptocurrencies
The Block, a premier provider of information services in the digital asset industry, together with Wintermute, a digital asset liquidity provider and OTC trading desk, today announced the backing of GMCI. This new company aims to deliver comprehensive index products for the crypto asset management market.
GMCI is led by Maarten Botman, who brings over 15 years of experience from Optiver to his role as CEO. The company's board of directors includes Larry Cermak, CEO of The Block, and Evgeny Gaevoy, CEO of Wintermute, leveraging their industry expertise.
The company's first major initiative is the launch of the GMCI 30 index, designed to track the price performance of the top 30 crypto assets, offering a benchmark for evaluating investment returns and market performance for both crypto and traditional finance investors.
The GMCI 30 flagship index represents a top 30 crypto asset index by market capitalization with a structure that caps the weighting of the top asset at a maximum of 25% of the index's total value. Assets must meet specific criteria to be included in the index. The asset must be listed on at least one of the eight selected centralized exchanges (CEXs) and supported by at least one of the three selected custodians. Additionally, there must also be comprehensive Market Capitalization data available for the asset. The detailed index methodology will be published on the GMCI website.
The Block's industry-leading research team played a pivotal role in the successful launch of the GMCI 30 index by developing a comprehensive token classification taxonomy, conducting diligence on trusted crypto-specific data sources, and devising calculation methodologies that seamlessly blend cryptocurrency market insights with traditional market analysis.
GMCI plans to extend its index offerings beyond the GMCI 30 to include sector-specific indices for digital assets, supporting a broad range of financial products and investment strategies.
The launch of GMCI addresses the growing interest in crypto-tied financial products, as seen with the introduction of Bitcoin spot ETFs. Despite this interest, a universally accepted crypto asset index has been missing, a gap GMCI intends to fill.
GMCI indices, developed in collaboration with experts from the crypto-native and TradFi sectors, will be transparent and governed by strict standards. The company is also working towards BMR compliance to ensure the highest levels of integrity and investability.
GMCI's strategy includes enabling the creation of financial products based on its indices, with Wintermute providing liquidity support and The Block facilitating tracking through a dedicated website.
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