Galaxy Digital launches DeFi sector-focused index and fund

August 25, 2021

Galaxy Digital launches DeFi sector-focused index and fund

Cryptocurrency trading bank Galaxy Digital has partnered with Bloomberg to launch a new index that tracks the state of the decentralised finance (DeFi) sector.

The Bloomberg Galaxy DeFi Index benchmark includes tokens selected "based on readiness for institutional trading and storage in the US, as well as pricing quality". The index will be rebalanced on a monthly basis.

As of 1 August 2021, its basket includes:

  • Uniswap (UNI) with a 40% weighting;
  • Aave (AAVE) - 18%;
  • Maker (MKR) - 12.7%;
  • Compound (COMP) - 10%;
  • YearnFinance (YFI) - 5.4%;
  • Synthetix (SNX) - 5%;
  • SushiSwap (SUSHI) - 4.3%;
  • 0x (ZRX) - 2.8%;
  • UMA (UMA) - 1.8%.
Ethereum bull run in the starting blocks

At the same time, Galaxy Fund Management launched the DeFi-focused passively managed Galaxy DeFi Index Fund. Its units are priced based on the new index.

The minimum investment threshold is set at $1 million. The fund is open for weekly subscription to accredited investors.

The structure charges a 2% capital management fee. Its custodian is Gemini Custody and the administrator is MG Stover. Deloitte is responsible for the audit.

In July, digital asset manager Grayscale Investments also launched an investment fund focused on the DeFi sector. The entity tracks the CoinDesk DeFi Index.

As a reminder, Galaxy Digital Holdings reported a combined loss of $175.8m for Q2 2021, compared to a profit of $35.3m in the same period last year.

See our full guide to trading Ethereum, or start your research with reviews of these regulated crypto brokers and exchanges available.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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