The MVIS® Global Digital Assets Equity Index, known by its ticker MVDAPP, is a benchmark that captures the performance of leading publicly traded companies deeply involved in the digital assets ecosystem. Designed for investors seeking exposure to the fast-evolving blockchain and cryptocurrency sector, this index offers a transparent, rules-based methodology focused on pure-play digital asset firms with strong market presence and liquidity.
MVDAPP includes companies deriving at least 50% of their revenue from digital asset-related activities such as cryptocurrency exchanges, mining operations, blockchain infrastructure, digital payment solutions, software development, and related technologies. By focusing on revenue contribution and market fundamentals, the index ensures meaningful exposure to the core digital assets economy—excluding peripheral or incidental participants.
With a base date of February 26, 2021, and a base value of 1,000.00, MVDAPP reflects the growth trajectory of one of the most innovative sectors in modern finance. It is calculated and disseminated in real-time by Solactive AG, a leading index provider, and operates in USD between 01:00 and 22:40 CET.
Index Methodology and Eligibility Criteria
To ensure robustness and investability, MVDAPP applies strict inclusion criteria:
Size and Liquidity Requirements
- Minimum full market capitalization: $150 million USD.
- Three-month average daily trading volume: At least $1 million USD at the time of review and the two prior reviews.
- Minimum share turnover: 250,000 shares traded per month over the past six months, verified at each review.
These thresholds guarantee that only financially stable and actively traded companies are included—enhancing tradability and reducing volatility risks for index-linked products.
Pure-Play Revenue Threshold
Companies must generate at least 50% of their revenue from digital asset services or products. This includes:
- Cryptocurrency exchanges
- Mining hardware and operations
- Blockchain software and infrastructure
- Digital asset payment gateways
- Technology enabling digital commerce via cryptocurrencies
This criterion ensures the index remains focused on true digital asset innovators rather than diversified tech firms with minor crypto exposure.
Diversification Rules
To prevent concentration risk, no single company can exceed an 8% weighting in the index. This cap promotes balanced representation across the sector and mitigates overreliance on any one entity—even dominant players.
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Quarterly Review Process
MVDAPP undergoes quarterly reviews to maintain relevance and accuracy. The next scheduled review is set for September 12, 2025, with changes taking effect on the following trading day. During each review, Solactive reassesses all components based on updated financials, market data, and eligibility metrics.
Review dates for 2025 include:
- Q1: Implementation on March 21, 2025
- Q2: Implementation on June 20, 2025
- Q3: Implementation on September 19, 2025
- Q4: Implementation on December 19, 2025
Results are published in Excel format at 23:00 CET on announcement days, ensuring transparency for institutional users and product issuers.
Performance Overview
As of the latest data:
- Last Close: 569.565
- 52-Week Range: 281.87 – 676.38
- All-Time High/Low: 1,246.11 / 89.07
Despite a challenging macro environment since inception, the index has demonstrated strong cyclical performance:
| Period | Price Return | Total Return (Net) |
|---|---|---|
| Year-to-Date | 13.38% | 13.38% |
| 1-Year | 33.04% | 33.05% |
| 3-Year | 255.56% | 255.62% |
| Since Inception (Feb 26, 2021) | -43.04% | -43.01% |
While the long-term inception return remains negative due to early volatility, the three-year surge highlights significant recovery and growth momentum during bull cycles.
Risk and Volatility Metrics
Digital asset equities are inherently volatile. MVDAPP reflects this with:
- 1-Month Volatility: 52.45%
- 1-Year Volatility: 71.66%
These figures underscore the sector’s sensitivity to regulatory news, macroeconomic shifts, and crypto market cycles. Investors should consider these dynamics when allocating capital.
Top Holdings and Sector Exposure
The index comprises 21 components, with significant weightings in high-impact firms shaping the digital economy.
Top 10 Components
- Coinbase Global Inc (Class A) – 9.68%
- Circle Internet Group Inc – 8.17%
- MicroStrategy Inc (Class A) – 6.98%
- Block Inc – 6.75%
- Metaplanet Inc (Japan) – 6.26%
- Iris Energy Ltd (Australia) – 6.02%
- Core Scientific Inc – 5.73%
- Marathon Digital Holdings Inc – 5.21%
- Riot Platforms Inc – 4.83%
- Galaxy Digital Inc – 4.60%
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Geographic Distribution
The index is heavily concentrated in North America but includes global innovators:
- United States: 68.34%
- Canada: 8.36%
- Cayman Islands: 8.00%
- Japan: 6.26%
- Australia: 6.02%
- Germany: 3.03%
This blend balances U.S. leadership with international diversification.
Sector Allocation
- Information Technology: 66.69%
- Financials: 27.05%
- Consumer Discretionary: 6.26%
Tech dominates due to blockchain infrastructure and software firms, while financials reflect exchange and custody platforms.
Market Capitalization Breakdown
- Large-Cap (> $6B): 37.84% (5 companies)
- Mid-Cap ($1.5B–$6B): 53.19% (12 companies)
- Small-Cap ($200M–$1.5B): 8.97% (4 companies)
- Micro-Cap (< $200M): Not represented
This structure emphasizes scalability and stability while retaining exposure to emerging leaders.
Key Index Fundamentals
Monthly updated fundamentals provide insight into valuation trends:
| Metric | Value |
|---|---|
| Trailing P/E (incl. negative) | -11.17 |
| Trailing P/E (excl. negative) | 40.99 |
| Price/Book | 2.41 |
| Price/Sales | 6.26 |
| Price/Cash Flow | 36.82 |
| Dividend Yield | 0.00% |
| Net Debt to Equity | -0.03 |
The negative P/E ratio indicates sector-wide losses among some key players, common in high-growth industries reinvesting heavily. However, positive cash flow and low leverage suggest underlying financial resilience.
Frequently Asked Questions
Q: What makes MVDAPP different from other crypto-related indices?
A: Unlike broad blockchain indices, MVDAPP focuses exclusively on pure-play companies earning at least half their revenue from digital assets—ensuring direct exposure to the crypto economy.
Q: How often is the index rebalanced?
A: MVDAPP is reviewed quarterly—in March, June, September, and December—with updates effective the day after announcement.
Q: Can I invest directly in MVDAPP?
A: No direct investment is possible, but financial products like ETFs or structured notes may be linked to the index. Check with your broker for available offerings.
Q: Why does MicroStrategy have a lower cap than Coinbase despite higher weight?
A: The index applies an 8% cap, but Coinbase exceeds it slightly due to rounding policies during rebalance adjustments within acceptable tolerance ranges.
Q: Is there dividend exposure in this index?
A: Currently, the dividend yield is 0.00%, as most component companies reinvest profits into growth rather than distributing dividends.
Q: What role does Solactive play in maintaining the index?
A: Solactive AG acts as the calculation agent, responsible for daily computation, data validation, and dissemination of MVDAPP in real time.
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Core Keywords
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