Bitmain has released the Bitmain Crypto Index which follows and records the assets from investors from institutional and retail entities while focusing on the seventeen largest market caps in cryptocurrency.
Bitmain explained that the “The Index is solely owned by Bitmaintech Pte. Ltd. and is administered by Bitmain Index Operating Committee (‘BIOC’) which will conduct regular review and engagement with external stakeholders for feedbacks to keep the Index methodology as updated and representative as possible.”
The Index acts as a concept to for Bitmain to explore other aspects in the industry at a time when it is going through a critical time in the company’s life. The Index further considers newly split hard forks a little differently to other newly launched tokens, and will grant the forks with a ten-day grace period, stating:
“For the purpose of Index calculation and dissemination, a hard forked new token will be measured against a set of criteria on its 10th day post-fork to determine whether it is a ‘significant’ one.”
To be listed, coins are also expected to be trading on “at least 2 constituent exchanges” with “at least 200 daily trades in the new token vs. USD or equivalent pairs on all constituent exchanges.”
Earlier this year in September, we announced that Bitmain had filed for an application to hold an initial public offering (IPO). At the time, Bitmain claimed that the funds that are raised in the IPO will be put into researching and development in order to increase its production output.
It has yet to be revealed what the financial target the company is hoping to achieve in the IPO and any more news on the IPO still remains to be seen.