As we reported , Galaxy Digital and Bloomberg have added a new index to their crypto data products with the Solana (SOL) index. Thus, the altcoin project, which ranks 5th in terms of market value, has taken its place in a new index list. Galaxy Digital was founded in 2018 by former hedge fund manager Michael Novogratz. Galaxy Digital is an investment company that aims to institutionalize the digital asset and Blockchain space, providing asset management, investment, advisory and trading services, as well as major investments.
How will the creation of an index affect the altcoin price?
Tim Grant, Europe Director of Galaxy Digital company, stated that the “Bloomberg Galaxy Solana Index”, which will be listed with the code “SOL”, has been added to the Bloomberg Galaxy indices. Tim Grant states that the creation of such an index will facilitate the creation of products based on SOL in certain decision regions that require global pricing for Solana (SOL). According to Tim Grant, the index was the first source of corporate-level pricing.
Meanwhile, Galaxy and Bloomberg have been collaborating on cryptocurrency indices since 2018. The two companies most recently established an index-linked DeFi fund, consisting of 9 altcoin projects, last August. Solana (SOL), one of the top 10 cryptocurrencies with a market cap of approximately $72.5 billion, according to CoinMarketCap data, was trading at $238.47 today after reaching an all-time high (ATH) of $260 on November 6.