Index name

The MarketVector™ Bitcoin Benchmark Rate

Overview

The MarketVector™ Bitcoin Benchmark Rate is a composite reference rate for the price of bitcoin.

Summary of index calculation methodology

The MarketVector™ Bitcoin Benchmark Rate is designed to be a robust price for bitcoin in U.S. dollars. There is no component other than bitcoin in the Index. The underlying trading platforms are sourced from the industry leading CCData Centralized Exchange Benchmark review report. CCData’s Centralized Exchange Benchmark was established in 2019 as a tool designed to bring clarity to the digital asset trading platforms sector by providing a framework for assessing risk and in turn bringing transparency and accountability to a complex and rapidly evolving market. The CCData Centralized Exchange Benchmark methodology utilizes a combination of qualitative and quantitative metrics to analyze a comprehensive data set across eight categories of evaluation: legal/regulation, KYC/transaction risk, data provision, security, team/exchange, asset quality/diversity, market quality and negative events. The CCData Centralized Exchange Benchmark review report provides a framework for assessing risk of each trading platform and brings transparency and accountability to a rapidly evolving market and industry. Based on the CCData Centralized Exchange Benchmark, MarketVector initially selects the top five trading platforms by rank for inclusion in the MarketVector™ Bitcoin Benchmark Rate. If an eligible trading platform is downgraded by two or more notches in a semi-annual review and is no longer in the top five by rank, it is replaced by the highest ranked non-component trading platform. Adjustments to exchange coverage are announced four business days prior to the first business day of each of March and September at 23:00 CET. The MarketVector™ Bitcoin Benchmark Rate is rebalanced at 16:00:00 GMT/BST on the last business day of each of February and August. The current constituent trading platforms of the MarketVector™ Bitcoin Benchmark Rate are Bitstamp, Coinbase, itBit, LMAX, and Kraken.

Index provider

MarketVector Indexes GmbH (MarketVector), a related body corporate of VanEck Investments Limited, the responsible entity and issuer of VBTC. For more information about MarketVector, click here.

The MarketVector™ Bitcoin Benchmark Rate is the exclusive property of MarketVector. MarketVector makes no representation regarding the advisability of investing in VBTC. MarketVector makes no representation or warranty, express or implied, to VanEck or any member of the public regarding the advisability of investing in securities generally or in VBTC. Each The MarketVector™ Bitcoin Benchmark Rate is determined and composed by MarketVector without regard to VanEck or VBTC. MarketVector has no obligation to take the needs of VanEck or any Unitholders into consideration in determining or composing a Reference Index. MarketVector is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of ETF Units to be issued or in the determination or calculation of the equation by which a Fund is to be converted into cash. MarketVector has no obligation or liability in connection with the administration, marketing or trading of VBTC.