BitGo to Offer Custody of Underlying Assets of CoinDesk 20 Index

“By leveraging our institutional expertise as custodians, we’re excited to partner with CoinDesk Indices and provide our customer base with access to the top digital assets within the CoinDesk 20 Index, as investors seek to increase exposure to digital assets beyond Bitcoin.”

BitGo, a leading digital asset custodian, has announced that it will now offer custody of the underlying assets that comprise the CoinDesk 20 Index, thanks to a partnership with CoinDesk Indices.

The CoinDesk 20 Index is designed to provide a broader portfolio that tracks the performance of top digital assets, moving beyond the Bitcoin ETF and applying a capped market capitalization-weighted methodology to ensure diversification.

The index is intended to capture a wider representation of the digital asset market, complementing the narrow focus on Bitcoin with a more diverse portfolio.

With institutional demand running high, thanks to the generation of roughly $5 billion in perpetual futures volume since January 2024, the CoinDesk 20 Index is likely to garner further attention as the crypto market experiences a new bull run, spearheaded by Bitcoin's approach to the $70,000 mark.

The CoinDesk 20 perpetual futures contract was introduced by Bullish, a digital asset exchange, following the launch of the original CoinDesk 20 earlier this year.

According to Adam Sporn, Head of Prime Brokerage and U.S. Institutional Sales at BitGo, there has been a strong demand for a turnkey broad-based digital asset solution.

By leveraging their expertise as custodians, BitGo is excited to partner with CoinDesk Indices and provide their customers with access to the top digital assets within the CoinDesk 20 Index, catering to investors seeking to expand their exposure beyond Bitcoin.

Alan Campbell, President of CoinDesk Indices, highlighted the increasing interest from institutional investors in accessing the broader market, which led to the creation of the CoinDesk 20 to complement the largest and most traded financial products.

They are thrilled to collaborate with a market leader like BitGo to facilitate access to the CoinDesk 20, offering a seamless way to measure, trade, invest, and stake in the growing digital asset class.

CoinDesk Indices is a subsidiary of Bullish, which acquired 100% ownership of CoinCoinDesk in an all-cash transaction.

This deal came after a failed acquisition bid in 2023 by a consortium led by investor Matthew Roszak, which valued the company at $125 million.

CoinDesk executive reshuffle after Bullish buyout

In other news, following the acquisition of CoinDesk by Bullish, several key executives have departed the company.

As part of a major restructuring by CoinDesk, several executives have departed the media, events, and information company following its acquisition by Bullish.

Among those affected by the restructuring is Kevin Worth, the long-serving CEO of CoinDesk, who has stepped down from his role. Sara Stratoberdha, formerly responsible for business development at Bullish, will now lead CoinDesk.

The restructuring also impacted several key positions within CoinDesk. Departures include Elinor Hirschhorn, the Chief Operating Officer and President of Media; John DeGuenther, Vice President of Engineering; and Emily Parker, Executive Director of Global Strategy.

Bullish CEO Tom Farley announced the organizational changes in a memo to CoinDesk and Bullish employees.

He outlined plans for a flatter organizational structure and integration of certain CoinDesk functions, such as Human Resources, with their Bullish counterparts. The tech and product teams of CoinDesk will also be integrated with those at Bullish.