US investment company Galaxy Digital and financial media Bloomberg have now launched their fifth index together with the development of Solana index. With this, Solana has become the third cryptocurrency – after Bitcoin and Ethereum – with its own tracker developed by the two.
The announcement of the ‘Bloomberg Galaxy Solana Index’ was made by Galaxy’s head of Europe, Tim Grant, on LinkedIn. As per his post, the US-denominated index is now live on Bloomberg’s Terminal.
“This marks our fifth index in the Bloomberg Galaxy family of indices which are posted below. In addition, the launch of this index has added significance as this is the first institutional grade pricing source for Solana which will allow for registered Solana based products in certain jurisdictions that require a global pricing source,” Grant said in a statement.
Solana is currently the fourth largest crypto asset, with its price trading at $227.97, down by -5.85% in the last 24 hours. With a market cap of over $115 billion, Solana has seen a sparkling interest amongst institutional investors.
In June 2021, Swiss investment product provider 21Shares’s Solana ETP was listed on the SIX Swiss Exchange, the world’s first stock exchange. It was reported that the reference price of this ETP is being derived from multiple exchanges.
First partnered in 2018, Galaxy and Bloomberg have launched 5 crypto and DeFi-related indexes so far, including the newly developed Solana index.