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  • Bletchley Indexes Methodology


    Introduction

    It is the objective of the Bletchley Indexes to provide accurate benchmarks for the financial performance of cryptocurrencies and other digital assets to investors through both market capitalization and equal weighted indexes.

    The Bletchley family of indexes are intended to help facilitate communication between the cryptocurrency community and both the professional investment industry and individuals interested in exploring this new asset class.

    The indexes are reflective of the returns an investor would achieve by purchasing all of the assets at the corresponding weights for each index and are rebalanced monthly to account for the inflation rate of each asset, changes in market pricing, and the addition and deletion of index members. Constructed in this way, the Bletchley indexes are a much more accurate benchmark for performance of the industry to an investor than simple gross market capitalizations.


    Bletchley 10 Indexes

    The Bletchley 10 Index is a market capitalization weighted index composed of 10 of the most valuable digital assets by market capitalization. The market capitalization of each member is calculated off of the expected total supply in 2050 (pulled from onchainfx.com) for each asset, then adjusted to reflect the publicly available amount (float) of each asset available today. There are no limits set on the weight of any individual constituent. The market capitalization of each asset spans from $2 billion to $100 billion USD.

    It is understood that some will disagree with the decision to have no cap on the weight of bitcoin or ethereum in the Bletchley 10 Index. After much consideration, we decided that providing a pure market cap weighted index would best capture the asset class, especially when considering that the great majority of people are unaware of or just beginning to explore the industry. For those who disagree, we provide the Bletchley 10 Even Index, which will better capture the performance of the rest of the market.

    The Bletchley 10 Even Index is an equal weighted index composed of the same constituents as the Bletchley 10 Index. At each monthly rebalance, every asset will have a weighting of exactly 10% of the total index, and the constituent weighting will then fluctuate based on changes in market pricing until the next rebalance.


    Bletchley 20 Indexes

    The Bletchley 20 Index is a market cap weighted index composed of 20 medium sized digital assets by market capitilization. The market capitalization of each member is calculated off of the expected total supply in 2050 (pulled from onchainfx.com) for each asset, then adjusted to reflect the publicly available amount (float) of each asset available today. There are no limits set on the weight of any individual constituent. The market cap of each asset spans from $200 million to $2 billion USD.

    The Bletchley 20 Even Index is an equal weighted index composed of the same constituents as the Bletchley 20 Index. At each monthly rebalance, every asset will have a weighting of exactly 5% of the total index, and the constituent weighting will then fluctuate based on changes in market pricing until the next rebalance.


    Bletchley 40 Indexes

    The Bletchley 40 Index is a market cap weighted index composed of 40 small sized digital assets by market capitilization. The market capitalization of each member is calculated off of the expected total supply in 2050 (pulled from onchainfx.com) for each asset, then adjusted to reflect the publicly available amount (float) of each asset available today. There are no limits set on the weight of any individual constituent. The market cap of each asset spans from $30 million to $200 million USD.

    The Bletchley 40 Even Index is an equal weighted index composed of the same constituents as the Bletchley 40 Index. At each monthly rebalance, every asset will have a weighting of exactly 2.5% of the total index, and the constituent weighting will then fluctuate based on changes in market pricing until the next rebalance.


    Bletchley Ethereum Token Indexes

    The Bletchley Ethereum Token Index is a market cap weighted index composed of a variable number of assets that are run on the ethereum platform. The market capitalization of each member is calculated off of the expected total supply in 2050 (pulled from onchainfx.com) for each asset, then adjusted to reflect the publicly available amount (float) of each asset available today. There are no limits set on the weight of any individual constituent. Ethereum itself, along with ethereum classic, are not included in this index. It is composed of every token that meets all other eligibility criteria in addition to being listed in the top 30 assets on coinmarketcap.com.

    The Bletchley Ethereum Token Even Index is an equal weighted index composed of the same constituents as the Ethereum Token Index. At each monthly rebalance, every asset will have a weighting of exactly 1 divided by the total number of members of the index, and the constituent weighting will then fluctuate based on changes in market pricing until the next rebalance.


    Eligibility Criteria

    Free floating prices are a requirement of inclusion in the Bletchley Indexes. Any digital asset that is pegged to the value of any other asset, digital or otherwise, is excluded from index membership.

    Volume minimums are put in place to insure that any asset in a index has appropriate liquidity to be an investable asset. The ratio of the previous 30 days cumulative on exchange volume to the adjusted market capitalization of an asset must be greater than 0.1 to be considered for inclusion in the indexes. In addition, for membership in the Bletchley 10 Index, no single exchange can have larger than a 95% volume share of trading in an eligible asset summed across all traded currency pairs.

    A free float, or publicly available supply requirement, of at least 10% must be met, as determined by onchainfx.com.

    Initial coin offerings will be treated in the same manner as all other assets, with the only added criteria that the ICO token is ineligible for the first rebalance following the close of fundraising of the asset.

    An asset must be listed on at least one of what is considered quality exchanges by Bletchley Indexes. This test helps prevent fraudulent assets from being eligible for inclusion in the indexes. These are currently Coinbase, Bitfinex, Bittrex, Kraken, Binance, and Poloniex. Additionally, Binance alone is not sufficient for entry into our ten index.

    An asset meeting all of these criteria will be added to our selection list. All of the rankings on this page reference the location on an asset on the selection list.


    Index Calculation

    The index value is defined as the quotient of the sum of the adjusted market capitalization of each member by the divisor of the index. All of these calculations are done in units of bitcoin, and after arriving at an index value in bitcoin, the current exchange rates are then used to determine the US Dollar denominated values.

    Continuity of the index value is maintained by changing the divisor to keep the index value the same at the moment preceding any change, and then immediately following any change. The divisor is only regularly edited at the monthly rebalances, but could also be updated due to any special changes in the indexes.

    The market capitalization of an asset is adjusted to reflect only the currently circulating supply of that asset publicly available for purchase, also called the float.


    Index Rebalancing

    All of the Bletchley indexes will be rebalanced at 3:00 PM US Central time on the third Wednesday of every month. The monthly rebalance will update both the amount of each asset publicly available and any additions and deletions from the indexes. The values used to determine eligibility for each rebalance will be prices, asset counts, and volume 48 hours prior to the rebalance. There will be no changes made to the weights and asset counts outside of the monthly rebalances.

    A buffer rule is used when determining constituent selection at each rebalance to reduce turnover of the index. The rule is applied to the Bletchley 10 Indexes such that all companies in the eligible investment universe ranked in the top 8 by total market capitalization are always included in the index. Then, if any current index member is ranked within the top 12, those members will be selected by rank until the index reaches its membership mandate of 10. If those steps fail to produce 10 members, the highest ranking non member will be added to the index.

    Similarly, the Bletchley 20 Indexes use the same methodology with an automatic addition rank of 16 or higher and automatic deletion for those members ranked 25 and below. The Bletchley 40 Indexes use an automatic addition threshold of 30 and automatic deletion of 50. The Ethereum Token Indexes use buffer bands of rank 25 and higher for automatic addition and 35 and below for removal based on the coinmarketcap.com asset rankings.

    In the event of a hard fork in the blockchain of any constituent asset, the fork will be treated as an asset split with both unique forks remaining in the index with the original asset counts up until the next rebalancing. At which point all normal eligibility and ranking rules will be enforced on the two unique assets. This will give the potential for an index to have more than its set number of constituents following any contentious hard forks in a member. If the first rebalance after a hard fork occurs within seven days of the fork, any add or delete changes to the assets created by the fork will be delayed until the following rebalance. Asset counts will still be updated in this case.

    Any other unique situations, extreme circumstances surrounding the already described events, or unobtainable asset counts or prices will be handled at the discretion of the Bletchley Indexes.


    Creation Dates and Values

    Index Creation Date Base Value USD Base Value BTC
    Bletchley 10 3/18/2017 100 0.1
    Bletchley 10 Even 3/18/2017 100 0.1
    Bletchley 20 4/19/2017 100 0.08317
    Bletchley 20 Even 4/19/2017 100 0.08317
    Bletchley 40 10/18/2017 100 0.018078
    Bletchley 40 Even 10/18/2017 100 0.018078
    Bletchley Ethereum Token 6/21/2017 100 0.03617
    Bletchley Ethereum Token Even 6/21/2017 100 0.03617


    Index Weights - Please note these are historical tables, find links to more recent rebalances on our updates page.

    Bletchley 10 Index Creation April May June July August September
    Bitcoin 75.60% 71.25% 54.03% 45.86% 53.67% 57.87% 54.60%
    Ethereum 15.46% 16.51% 15.31% 32.54% 26.68% 22.89% 22.70%
    Ripple 1.18% 4.54% 22.31% 11.64% 9.04% 4.93% 5.97%
    Litecoin 0.92% 2.01% 2.33% 2.33% 3.05% 1.88% 2.36%
    Dash 3.59% 1.89% 1.18% 1.40% 1.67% 1.45% 2.18%
    Monero 1.34% 1.09% 0.73% 0.78% 0.74% ------ 1.23%
    Ethereum Classic 0.70% 0.97% 1.08% 1.93% 1.99% 1.08% 0.93%
    NEM 0.48% 0.90% 1.85% 1.90% 1.65% 1.85% 1.76%
    Augur 0.39% 0.50% 0.32% ------ ------ ------ ------
    MaidSafeCoin ------ 0.35% ------ ------ ------ ------ ------
    Zcash 0.35% ------ ------ ------ ------ ------ ------
    Stellar Lumens ------ ------ 0.85% ------ ------ ------ ------
    Stratis ------ ------ ------ 0.79% 0.57% ------ ------
    BitShares ------ ------ ------ 0.84% ------ ------ ------
    IOTA ------ ------ ------ ------ 0.95% 2.20% 1.34%
    NEO ------ ------ ------ ------ ------ 1.94% ------
    Bitcoin Cash ------ ------ ------ ------ ------ 3.92% 6.92%

    Bletchley 10 Even Index Creation April May June July August September
    Bitcoin 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
    Ethereum 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
    Ripple 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
    Litecoin 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
    Dash 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
    Monero 10.00% 10.00% 10.00% 10.00% 10.00% ------ 10.00%
    Ethereum Classic 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
    NEM 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
    Augur 10.00% 10.00% 10.00% ------ ------ ------ ------
    MaidSafeCoin ------ 10.00% ------ ------ ------ ------ ------
    Zcash 10.00% ------ ------ ------ ------ ------ ------
    Stellar Lumens ------ ------ 10.00% ------ ------ ------ ------
    Stratis ------ ------ ------ 10.00% 10.00% ------ ------
    BitShares ------ ------ ------ 10.00% ------ ------ ------
    IOTA ------ ------ ------ ------ 10.00% 10.00% 10.00%
    NEO ------ ------ ------ ------ ------ 10.00% ------
    Bitcoin Cash ------ ------ ------ ------ ------ 10.00% 10.00%

    Bletchley 20 Index Creation May June July August September
    PIVX 10.96% 2.77% ------ ------ ------ 2.38%
    Zcash 8.52% 5.60% 8.89% 8.07% 5.43% 5.63%
    Stratis 7.39% 6.20% ------ ------ 7.84% 6.51%
    Golem 6.91% 8.26% 7.39% 4.88% 2.77% 3.10%
    Factom 6.87% 3.67% 4.39% 3.15% ------ ------
    Decred 6.16% 3.95% 2.83% 3.04% ------ ------
    Steem 5.93% 10.91% 7.21% 6.83% 3.52% 3.69%
    GameCredits 5.47% 6.81% 3.64% 2.63% ------ ------
    Dogecoin 5.23% 5.58% 4.90% 4.57% ------ ------
    Waves 4.57% 6.66% 7.18% 6.56% 6.11% 5.50%
    Bytecoin 3.79% 5.47% 8.72% 6.17% 3.23% 3.05%
    Lisk 3.77% 2.92% 5.14% 4.43% 3.15% 9.21%
    Iconomi 4.34% 3.33% 3.26% 5.05% 3.28% ------
    Siacoin 2.29% 3.68% 7.49% 5.05% 2.77% ------
    Stellar Lumens 3.49% ------ 5.25% 4.76% 2.54% 3.72%
    Ardor 3.27% 4.38% 3.83% 2.44% ------ ------
    Bitshares 3.13% 5.83% --- 6.82% 4.61% 2.82%
    Ark 2.83% ------ ------ ------ ------ 4.34%
    First Blood 2.76% ------ ------ ------ ------ ------
    Einsteinium 2.32% ------ ------ ------ ------ ------
    MaidSafeCoin ------ 7.13% 3.45% 3.34% ------ 3.39%
    NXT ------ 3.01% 2.42% ------ ------ ------
    Peercoin ------ 2.00% ------ ------ ------ ------
    DigiByte ------ 1.46% 3.68% ------ ------ ------
    Augur ------ ------ 4.89% 4.83% 3.03% 2.68%
    NEO ------ ------ 1.69% 7.44% ------ 13.21%
    Gnosis ------ ------ 3.74% 5.58% 2.62% ------
    Byteball ------ ------ ------ 4.35% ------ ------
    Qtum ------ ------ ------ ------ 11.11% 6.94%
    Omise Go ------ ------ ------ ------ 7.84% 12.26%
    TenX ------ ------ ------ ------ 6.35% 2.67%
    EOS ------ ------ ------ ------ 5.78% 3.52%
    Civic ------ ------ ------ ------ 2.78% ------
    Monero ------ ------ ------ ------ 9.33% ------
    Basic Attention Token ------ ------ ------ ------ 2.64% 2.85%
    Komodo ------ ------ ------ ------ ------ 2.52%

    Bletchley 20 Even Index Creation May June July August September
    PIVX 5.00% 5.00% ------ ------ ------ 5.00%
    Zcash 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
    Stratis 5.00% 5.00% ------ ------ 5.00% 5.00%
    Golem 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
    Factom 5.00% 5.00% 5.00% 5.00% ------ ------
    Decred 5.00% 5.00% 5.00% 5.00% ------ ------
    Steem 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
    GameCredits 5.00% 5.00% 5.00% 5.00% ------ ------
    Dogecoin 5.00% 5.00% 5.00% 5.00% ------ ------
    Waves 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
    Bytecoin 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
    Lisk 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
    Iconomi 5.00% 5.00% 5.00% 5.00% 5.00% ------
    Siacoin 5.00% 5.00% 5.00% 5.00% 5.00% ------
    Stellar Lumens 5.00% ------ 5.00% 5.00% 5.00% 5.00%
    Ardor 5.00% 5.00% 5.00% 5.00% ------ ------
    Bitshares 5.00% 5.00% ------ 5.00% 5.00% 5.00%
    Ark 5.00% ------ ------ ------ ------ 5.00%
    First Blood 5.00% ------ ------ ------ ------ ------
    Einsteinium 5.00% ------ ------ ------ ------ ------
    MaidSafeCoin ------ 5.00% 5.00% 5.00% ------ 5.00%
    NXT ------ 5.00% 5.00% ------ ------ ------
    Peercoin ------ 5.00% ------ ------ ------ ------
    DigiByte ------ 5.00% 5.00% ------ ------ ------
    Augur ------ ------ 5.00% 5.00% 5.00% 5.00%
    NEO ------ ------ 5.00% 5.00% ------ 5.00%
    Gnosis ------ ------ 5.00% 5.00% 5.00% ------
    Byteball ------ ------ ------ 5.00% ------ ------
    Qtum ------ ------ ------ ------ 5.00% 5.00%
    Omise Go ------ ------ ------ ------ 5.00% 5.00%
    TenX ------ ------ ------ ------ 5.00% 5.00%
    EOS ------ ------ ------ ------ 5.00% 5.00%
    Civic ------ ------ ------ ------ 5.00% ------
    Monero ------ ------ ------ ------ 5.00% ------
    Basic Attention Token ------ ------ ------ ------ 5.00% 5.00%
    Komodo ------ ------ ------ ------ ------ 5.00%

    Bletchley Ethereum Token Index Creation July August September
    Golem 26.16% 13.21% 5.26% 6.29%
    Gnosis 13.23% 15.10% 4.98% 3.21%
    Augur 17.31% 13.06% 5.75% 5.44%
    Iconomi 11.53% 13.65% 6.22% 4.09%
    First Blood 11.00% 5.03% 1.50% ------
    DigixDAO 9.91% 7.86% ------ 3.72%
    SingularDTV 6.15% 4.30% 2.23% 3.07%
    Aragon 4.71% 4.21% 2.08% 1.60%
    Status ------ 6.46% 5.09% 2.33%
    Basic Attention Token ------ 5.97% 5.00% 5.78%
    Metal ------ 4.87% 3.82% 4.52%
    Edgeless ------ 2.46% ------ 1.85%
    Wings ------ 2.01% ------ 1.57%
    Melon ------ 1.81% 1.18% ------
    Omise Go ------ ------ 21.07% 24.88%
    TenX ------ ------ 12.05% 5.42%
    EOS ------ ------ 10.96% 7.14%
    Civic ------ ------ 5.28% 3.62%
    Bancor ------ ------ 2.67% 2.37%
    Funfair ------ ------ 2.43% 2.36%
    Storj ------ ------ 2.41% 1.25%
    Populous ------ ------ 2.41% 3.19%
    Monaco ------ ------ 2.41% 2.31%
    Aeternity ------ ------ 2.41% 2.45%
    Cofound.it ------ ------ 2.41% 1.52%

    Bletchley Ethereum Token Even Index Creation July August September
    Golem 12.50% 7.14% 5.56% 4.35%
    Gnosis 12.50% 7.14% 5.56% 4.35%
    Augur 12.50% 7.14% 5.56% 4.35%
    Iconomi 12.50% 7.14% 5.56% 4.35%
    First Blood 12.50% 7.14% 5.56% ------
    DigixDAO 12.50% 7.14% ------ 4.35%
    SingularDTV 12.50% 7.14% 5.56% 4.35%
    Aragon 12.50% 7.14% 5.56% 4.35%
    Status ------ 7.14% 5.56% 4.35%
    Basic Attention Token ------ 7.14% 5.56% 4.35%
    Metal ------ 7.14% 5.56% 4.35%
    Edgeless ------ 7.14% ------ 4.35%
    Wings ------ 7.14% ------ 4.35%
    Melon ------ 7.14% 5.56% ------
    Omise Go ------ ------ 5.56% 4.35%
    TenX ------ ------ 5.56% 4.35%
    EOS ------ ------ 5.56% 4.35%
    Civic ------ ------ 5.56% 4.35%
    Bancor ------ ------ 5.56% 4.35%
    Funfair ------ ------ 5.56% 4.35%
    Storj ------ ------ 5.56% 4.35%
    Populous ------ ------ ------ 4.35%
    Monaco ------ ------ ------ 4.35%
    Aeternity ------ ------ ------ 4.35%
    Cofound.it ------ ------ ------ 4.35%

     

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