Coinbase Inc. COIN has introduced the Coinbase 50 Index (COIN50), a new benchmark tracking the performance of the top 50 digital assets listed on the exchange.
What Happened: Leading the index, Bitcoin BTC/USD holds a weight of 50.3%, followed by Ethereum ETH/USD at 27.5%, collectively making up a substantial portion.
Other notable assets include Solana SOL/USD at 6.4%, XRP at 3.1%, and Dogecoin DOGE/USD at 1.5%, while the remaining 45 assets collectively represent 11.2%.
Developed in collaboration with Coinbase Asset Management and Market Vector Indexes, COIN50 aims to cover approximately 80% of the crypto market, excluding stablecoins.
The index is rebalanced quarterly to account for evolving market dynamics and includes only assets that meet Coinbase’s rigorous legal, compliance, and security criteria.
Coinbase is also launching the COIN50 perpetual futures contract (COIN50-PERP) on its International Exchange, available for institutional traders and select retail users, adding another option for those looking to manage market volatility.
“By updating the index weighting quarterly, we are ensuring an accurate representation of the market so traders can properly benchmark performance," a Coinbase spokesperson said, emphasizing the value of regularly rebalancing amid the crypto market’s rapid fluctuations.
What’s Next: As Coinbase readies for further innovation, such as its appearance at Benzinga's Future of Digital Assets event on Nov. 19, the COIN50 Index marks another strategic move to streamline crypto market analysis and offer transparent performance benchmarks to investors.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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