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COINBASE GLOBAL, INC.

(COIN)
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Index publisher MSCI looking at launch of crypto indexes

06/17/2021 | 07:42am EDT
Illustration of Bitcoin

(Reuters) - Global securities index publisher MSCI is looking at launching indexes for cryptocurrency assets, according to Chief Executive Henry Fernandez, in what would be another step towards mainstream acceptance for digital currencies and the companies trading in them.

Fernandez, speaking at a Clubhouse event organized by venture capital firm Andreessen Horowitz earlier this week, said MSCI has been talking to experts and is aiming to launch crypto indexes.

He gave no details on what assets any index would focus on nor any timeline for their introduction and MSCI later declined a Reuters request to elaborate on his comments.

Companies including Bank of New York Mellon Corp, Mastercard, Visa and Goldman Sachs have taken small steps towards supporting cryptocurrencies but they are still little used in day-to-day life.

In May, the S&P Dow Jones Indices unveiled new cryptocurrency indexes, bringing bitcoin and ethereum to the trading floors of Wall Street. The new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the performance of digital assets tied to them.

Crypto exchange Coinbase Global, of which Andreessen Horowitz is the biggest shareholder, also successfully listed on the tech-heavy NASDAQ in April, as bitcoin hit a record peak.

MSCI has been looking to expand its offerings, with Fernandez saying on Clubhouse the areas of private credit and environmental, social and governance (ESG) held opportunities for the company.

In April, the company launched 20 thematic indexes to help investors bet on "megatrends" in China that are aligned with the Chinese government's policy goals.

The company publishes popular indexes for global equities and other securities, used by asset managers and investors to guide the allocation of $14.5 trillion in assets globally as of the end of 2020.

Inclusion in its indexes tends to open the door to more funds investing in the asset in question.

(Reporting by Aaron Saldanha in Bengaluru and Sujata Rao in London; additional reporting by Tom Wilson, editing by Patrick Graham and Anil D'Silva)

By Aaron Saldanha


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF NEW YORK MELLON CORPORATION (THE) 0.06% 51.33 Delayed Quote.20.95%
BITCOIN - EURO 0.12% 35259.51 Real-time Quote.49.62%
BITCOIN - UNITED STATES DOLLAR 0.23% 41885.06 Real-time Quote.45.13%
COINBASE GLOBAL, INC. 0.34% 236.58 Delayed Quote.0.00%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
ETHEREUM (ETH/BTC) 2.36% 0.062405 Real-time Quote.130.28%
ETHEREUM (ETH/EUR) 2.62% 2197.5 Real-time Quote.238.43%
ETHEREUM - UNITED STATES DOLLAR 2.44% 2611.14 Real-time Quote.234.78%
MSCI INC. 0.20% 595.96 Delayed Quote.33.46%
NASDAQ COMP. -0.71% 14672.677608 Real-time Quote.14.66%
THE GOLDMAN SACHS GROUP, INC. -0.71% 374.88 Delayed Quote.42.16%
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Financials (USD)
Sales 2021 6 327 M - -
Net income 2021 2 120 M - -
Net cash 2021 2 560 M - -
P/E ratio 2021 30,0x
Yield 2021 -
Capitalization 49 365 M 49 365 M -
EV / Sales 2021 7,40x
EV / Sales 2022 7,94x
Nbr of Employees 1 717
Free-Float 66,0%
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Number of Analysts 15
Last Close Price 236,58 $
Average target price 350,57 $
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Brian Armstrong Chief Executive Officer & Director
Alesia J. Haas Chief Financial Officer
Fred Ehrsam Director
Schuler Barry Director
Frederick R. Wilson Director
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