NYXBT will represent the dollar value of one bitcoin unit
The first exchange-calculated and disseminated bitcoin index has been launched by the New York Stock Exchange (NYSE).
Entitled the NYSE Bitcoin Index (NYXBT), the index will represent the US dollar value of one bitcoin unit based upon actual transactions occurring on select bitcoin exchanges that have been evaluated and meet NYSE’s quality standards.
“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging-asset class,” said NYSE group president Thomas Farley. “We are pleased to bring transparency to this market.”
NYXBT makes use of a unique methodology that relies on rules-based logic to analyse a dataset of matched transactions and verify the integrity of the data to ultimately produce an objective and fair daily value for one bitcoin in US dollars as of 4pm London time. The index will be published within a short period of that time via the widely distributed NYSE Global Index Feed as well as made publicly available for an initial period on the NYSE index page.
The NYSE Bitcoin Index will initially feature data from transactions from Coinbase Exchange, the leading US-based bitcoin exchange in which NYSE holds a minority investment.
NYSE’s Index Committee will oversee the rules and methodology behind the benchmark, working to ensure that it continuously reflects the current nature of the evolving bitcoin market.
