Crypto News

FTX created a Wall Street Bets index including GME, DOGE and others

The FTX crypto exchange’s new index is called the Wall Street Bets Index.

Following numerous headlines about the meteoric price rise of several assets, including GameStop (GME), AMC Entertainment (AMC) stocks, and Dogecoin (DOGE), crypto exchange FTX has listed an index following the assets. FTX named the index after Wall Street Bets — the Reddit group thought to be associated with pumping the prices of those assets. 

“We’re happy to announce that we have launched trading for a basket of Wall Street Bets markets,” FTX said in a public statement on Thursday. The index trades as a futures contract with expiration on March 26, 2021.

When asked if the product is just a short-term offering on FTX, the exchange’s CEO, Sam Bankman-Fried, said it depends. “We’ll see,” he told Cointelegraph. “If there’s enough demand we’ll list Junes!”

Bankman-Fried also explained that the WSB index futures contract is “cash settled vs the index of tokenized share markets on FTX.”

The Wall Street Bets, or WSB, index, officially trading under the ticker WSB-0326, “tracks the price of NOK, BB, AMC, GME, SLV, DOGE, and FTT using a weighed average of their prices,” FTX says in the product’s description on the exchange.

Each asset price holds a weight of 16.5% in the basket, except for FTT, which has a weight of just 1%. Adding the six assets with a weight of 16.5%, and FTT with a weight of 1%, gives a total of 100%.

Over the last several days, the Reddit group known as Wall Street Bets has reportedly worked to pump the prices of multiple stocks, including GME and AMC, in light of larger entities’ efforts to short those assets. Yesterday, DOGE also pumped massively in line with chatter from the group.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...
Make Following Crypto Easy On Your Coinbench HomePage
With the crypto industry growing at a massive rate, it is becoming more and more difficult to keep up...
Square Invests Another $170 Million In Bitcoin
Surging interest in trading among Square Cash App customers helped revenue more than double in the fourth quarter. The...

Featured Crypto News

Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...
Square Invests Another $170 Million In Bitcoin
Surging interest in trading among Square Cash App customers helped revenue more than double in the fourth quarter. The...
MicroStrategy’s Michael Saylor Believes Bitcoin Will One Day Reach A $100 Trillion Market Value
The price of Bitcoin fell below $50,000 on Tuesday, taking its market value back below $1 trillion. Just last...