MV Index Solutions (MIVS), a subsidiary of New York-based investment management firm VanEck, has launched a new bitcoin index.

Announced Tuesday, the MVIS Bitcoin US OTC Spot Index (MVBTCO) is said to be the first index that covers the performance of bitcoin on selected over-the-counter (OTC) platforms in the U.S.

The index represents the average spot price of bitcoin and tracks performance based on three providers in OTC liquidity: Circle Trade, Cumberland and Genesis Trading, the release states.

The index tracks just bitcoin and does not consider forks, according to the MVIS website.

“We are excited to be the first provider to launch a bitcoin index based on the pricing feed of OTC trading desks. This enables clients who trade over the counter to use this index as a reliable benchmark for their trades or potential investment products,” said Thomas Kettner, managing director at MIVS.

With the new addition, the firm said it now has a total of 24 digital asset indices.

Gabor Gurbacs, director of digital asset strategies at VanEck and MVIS, said:

“The index may pave the way for institutionally oriented products, such as ETFs as well as provide further tools to institutional investors to execute institutional size trades at transparent prices on the OTC markets.”

Back in June, VanEck partnered with financial services company SolidX in an attempt to launch the first bitcoin exchange-traded fund (ETF), planned for listing on the Cboe BZX Equities Exchange.

However, the U.S. Securities and Exchange Commission (SEC) delayed its decision in August. Later in September, the SEC said that it has begun proceedings to decide whether to approve the proposed ETF.

Gurbacs told CoinDesk at the time that delay was entirely expected and that the company remained committed to bringing to market “a liquid, insured and appropriately regulated physical bitcoin ETF.”

Van Eck image via Twitter