Saxo Bank announces addition of 5 new companies to their crypto themed basket

Karthik Subramanian

Saxo Bank, one of the largest brokers in the world serving retail and institutional traders alike, has announced that it has added 5 more blockchain and crypto-based companies to its crypto-themed basket.

Saxo bank has many equity themes which are basically baskets of equities based on a specific theme. They add and remove stocks to these themes, just like a fund, and monitor their performance closely to ensure good returns on them. Clients can invest in any of these themes, based on their performance and monitor the growth of their investments.

They have themes based on Indian equities or travel companies, semi-conductor companies, etc. Likewise, they also have an equity theme based on companies working on blockchain and crypto.

This equity theme had one of its worst-performing months in May as the prices of cryptos fell hard and hence the prices of the crypto-based companies also followed suit. The theme was down by 18.1% month-to-date and was by far the worst-performing theme for the month of May.

Cryptos are generally very volatile and so the investors need to be well aware of this fact before they stick their neck out and invest in such themes or funds. Due to its volatility, the risks are high but the returns are commensurate as well. To prove that fact, the crypto-based theme is up by over 90% on a year-to-date basis for 2021 which is by far the highest returns among all the themes and this is despite the bad performance in May.

To this fund, they have now chosen to add 5 more companies that include Safello group, a Swedish crypto exchange that had its IPO recently. The other companies are Northern Data, Quickbit, Taal Distributed, and Digihost which now expands the theme to 23 companies with a combined market value of $97.7 billion.

With the bitcoin and other crypto prices expected to recover from their lows in May, it is believed that the returns on this theme would get even better in due course of time.  It is to be noted that there are some major names in the theme which include Coinbase, Microstrategy, Signature Bank, etc. which are  all well known within the crypto circles. Their stock values are likely to be highly dependent on the prices of various cryptos like blockchain and ethereum and so their price and the theme overall is also expected to be highly volatile.

Read this next

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

Opinion

Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

Institutional FX

Finalto launches Prime of Prime offering on LSEG’s FX Matching venue

“By combining our expertise in Prime of Prime services with LSEG’s robust trading platform, we aim to empower clients with the tools and resources needed to navigate the FX market with confidence.”

Digital Assets

Tether’s USDT stablecoin nears 100 billion in circulating supply

USDT, the world’s largest stablecoin, has reached close to 100 billion in circulating supply, currently sitting at around 99.5 billion. Its market capitalization, which reached over $100 billion at one point, is calculated by multiplying the supply by the price.

Market News

5 Hot Stocks For March 2024

Entering March 2024 marks the beginning of the final stretch of the first quarter of the year, seemingly passing swiftly amidst market anticipation and global economic factors.

<