Bitwise Announces Results of October 2021 Month-End Crypto Index Reconstitution

Rhea-AI Summary

Bitwise Asset Management announced that Algorand (ALGO) will replace Cosmos (ATOM) in the Bitwise 10 Large Cap Crypto Index, effective October 29, 2021, at 4 PM ET. The index now consists of 62.04% Bitcoin, 27.36% Ethereum, and smaller percentages of other cryptocurrencies, including 0.62% Algorand. Algorand was also added to the Bitwise 10 ex Bitcoin Crypto Index. No changes were made to the Bitwise Decentralized Finance Crypto Index during this reconstitution.

Positive

• Algorand (ALGO) enters the Bitwise 10 Large Cap Crypto Index, which could boost visibility and credibility.
• Bitwise manages over $1.7 billion in cryptocurrency assets, indicating strong market presence.

Negative

• Replacement of Cosmos (ATOM) with Algorand (ALGO) may indicate a decline in Cosmos' performance or relevance.

Algorand (ALGO) enters Bitwise 10 Large Cap Crypto Index, replacing Cosmos (ATOM); no changes to Bitwise Decentralized Finance Crypto Index.

SAN FRANCISCO--(BUSINESS WIRE)-- Bitwise Index Services, the indexing subsidiary of Bitwise Asset Management, today announced the results of the monthly reconstitution of the Bitwise Crypto Indexes, which took place on October 29, 2021, at 4pm ET.

There was one change to the constituents of the Bitwise 10 Large Cap Crypto Index as a result of the October 29, 2021 reconstitution: Algorand (ALGR) entered the index, replacing Cosmos (ATOM). As of October 29, 2021, at 4pm ET, the Bitwise 10 Large Cap Crypto Index held the following constituents: 62.04% Bitcoin (BTC), 27.36% Ethereum (ETH), 3.52% Cardano (ADA), 3.18% Solana (SOL), 0.75% Chainlink (LINK), 0.71% Polygon (MATIC), 0.71% Litecoin (LTC), 0.62% Algorand (ALGO), 0.59% Bitcoin Cash (BCH), and 0.54% Uniswap (UNI).

Algorand (ALGO) was also added to the Bitwise 10 ex Bitcoin Crypto Index, which holds the same constituents as the Bitwise 10 Crypto Index, excluding bitcoin.

There were no changes to the constituents of the Bitwise Decentralized Finance Crypto Index as a result of the October 29, 2021 reconstitution. As of October 29, 2021, at 4pm ET, the Bitwise Decentralized Finance Crypto Index held the following constituents: 38.15% Uniswap (UNI), 16.35% Aave (AAVE), 9.01% Maker (MKR), 7.73% Curve (CRV), 7.37% Compound (COMP), 5.51% SushiSwap (SUSHI), 4.80% Yearn.Finance (YFI), 3.96% Ren (REN), 3.81% Bancor (BNT), and 3.31% 0x (ZRX).

The Bitwise Crypto Indexes are reconstituted on a monthly basis according to the rules of the Bitwise Crypto Index Methodology as applied by the Bitwise Crypto Index Committee. Minutes of the October 2021 Bitwise Crypto Index Committee meeting are publicly available here.

The Bitwise Crypto Innovators 30 Index of equities reconstitutes quarterly and as a result had no changes as of October 29, 2021. As of October 29 at 4pm ET, the following were the 10 largest constituents of the Bitwise Crypto Innovators 30 Index: 12.22% Galaxy Digital Holdings (GLXY CN), 10.99% Coinbase Global Inc. (COIN), 9.62% MicroStrategy (MSTR), 5.59% Silvergate Capital (SI), 5.43% Hut 8 Mining (HUT CN), 5.19% Marathon Digital Holdings (MARA), 4.23% HIVE Blockchain Technologies (HIVE CN), 4.10% Voyager Digital (VOYG CN), 3.88% Canaan (CAN), and 3.71% Bit Digital (BTBT). The index methodology for the Bitwise Crypto Innovators 30 Index of equities is available here.

About Bitwise Asset Management

Based in San Francisco, Bitwise is one of the largest and fastest-growing cryptoasset managers. As of October 31, 2021, Bitwise managed over $1.7 billion across an expanding suite of investment solutions. The firm is known for managing the world’s largest crypto index fund (OTCQX: BITW) and pioneering products spanning bitcoin, ethereum, DeFi and crypto-focused equity indexes. Bitwise focuses on partnering with financial advisors and investment professionals to provide quality education and research. The team at Bitwise combines expertise in technology with decades of experience in traditional asset management and indexing, coming from firms including BlackRock, Blackstone, Facebook and Google, as well as the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and asset management executives, and has been profiled in Institutional Investor, CNBC, Barron’s, Bloomberg and The Wall Street Journal.

RISK DISCLOSURE AND IMPORTANT INFORMATION

Carefully consider the investment objectives, risk factors, and charges and expenses of any Bitwise investment product before investing. Investing involves risk, including the possible loss of principal. There is no guarantee or assurance that the methodology used by Bitwise or any of the Bitwise investment products will result in any Bitwise investment product achieving positive investment returns or outperforming other investment products. There is no guarantee or assurance that an investor’s investment objectives will be met through an investment into any Bitwise investment product, and an investor may lose money. Investors into any Bitwise investment product should be willing to accept a high degree of volatility in the price of such investment product and the possibility of significant losses. Bitwise investment products involve a substantial degree of risk and are available only to institutional and individual accredited investors.

Certain of the Bitwise investment products may be subject to the risks associated with investing in cryptoassets, including cryptocurrencies and crypto tokens. Because cryptoassets are a new technological innovation with a limited history, they are a highly speculative asset. Future regulatory actions or policies may limit the ability to sell, exchange or use a cryptoasset. The price of a cryptoasset may be impacted by the transactions of a small number of holders of such cryptoasset. Cryptoassets may decline in popularity, acceptance or use, which may impact their price. The technology relating to cryptoassets and blockchain is new and developing. Currently, there are a limited number of publicly listed or quoted companies for which cryptoassets and blockchain technology represent an attributable and significant revenue stream.

The opinions expressed herein are intended to provide insight or education and are not intended as individual investment advice. Bitwise does not represent that this information is accurate and complete and it should not be relied upon as such.

This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular. Past performance is no guarantee of future results.

Diversification may not protect against market risk. Diversification does not ensure a profit or protect against a loss in a declining market.

Bitwise may attempt to have shares of its investment products quoted on a secondary market. However, there is no guarantee this will be successful. Although the shares of certain Bitwise investment products have been approved for trading on a secondary market, investors in any other Bitwise investment product should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions that regulators such as the SEC, FINRA or other regulatory bodies may have regarding the investment product. Shareholders of such investment products should be prepared to bear the risk of investment in the shares indefinitely.

This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The offer and sale of these investment products have not been registered with or approved or disapproved of by the Securities and Exchange Commission or the securities commission or regulatory authority of any state or foreign jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211102005570/en/

Media Contact

Frank Taylor/Ryan Dicovitsky

Dukas Linden Public Relations

Bitwise@DLPR.com

Source: Bitwise Asset Management

FAQ

What change occurred in the Bitwise 10 Large Cap Crypto Index on October 29, 2021?

Algorand (ALGO) replaced Cosmos (ATOM) in the index.

What is the current percentage of Algorand in the Bitwise 10 Large Cap Crypto Index?

Algorand makes up 0.62% of the Bitwise 10 Large Cap Crypto Index.

How much assets does Bitwise manage as of October 31, 2021?

Bitwise manages over $1.7 billion in cryptocurrency assets.

What are the top constituents of the Bitwise 10 Large Cap Crypto Index?

The index holds 62.04% Bitcoin and 27.36% Ethereum, along with other cryptocurrencies.