Bloomberg, Galaxy partner to create new index that tracks the price of Solana
November 15, 2021, 10:46AM EST
1 min read
Bloomberg and Galaxy Digital have added a new index to their suite of crypto data products, one focused on the digital asset Solana.
The Bloomberg Galaxy Solana Index is now live on Bloomberg's Terminal, according to an announcement on LinkedIn by Tim Grant, head of Europe for Galaxy. According to Grant, the index is denominated in U.S. dollars.
"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.
Galaxy and Bloomberg's index partnership dates back to 2018. In August, the two firms debuted an index focused on decentralized finance or DeFi. Such indexes are used to route pricing information for use in financial products.
Solana is currently trading at roughly $241, according to data from CoinGecko.
In this example historical case study, Bitcoin mining with Blockware Solutions was a potential way to accelerate the returns of investing in Bitcoin in 2021. All data in this case study was sourced publicly from The Hash Rate Index (historical rig prices) and Glassnode (Bitcoin price and network difficulty).