Jul 08 2024

Pioneer Asset Management Collaborates with CoinDesk Indices to Further Enhance the Transparency of Their Regulated Ether Staking Fund

Pioneer Asset Management Collaborates with CoinDesk Indices to Further Enhance the Transparency of Their Regulated Ether Staking Fund

Hong Kong, July 8, 2024 – Pioneer Asset Management Limited (“Pioneer”), a Hong Kong licensed virtual asset fund manager, is collaborating with CoinDesk Indices, a leading provider of digital asset indices since 2014, to further increase transparency, performance and accountability of their regulated ether staking fund.

In traditional finance, interest rates underpin the largest markets in the world and serve as a fundamental pillar of economic activity. Staking rates can do the same for the crypto industry. Pioneer launched the first ether staking fund in Hong Kong targeting professional investors, which aims to capture the long-term appreciation potential of ether through active management and the protocol staking of ether (ETH), the native cryptocurrency of the Ethereum blockchain. The fund is among the first regulated offerings in APAC to include ether staking in its investment strategy that aims to unlock the additional source of potential return from the native blockchain rewards.

Pioneer will reference CESR™ (Composite Ether Staking Rate) and the CoinDesk Ether Total Return Index (ETXTR) as a benchmark, facilitating its investment strategy in this fund. CESR is a daily benchmark rate representing the mean, annualized staking yield of the Ethereum validator population. CESR was brought to market in 2023 by CoinFund, a leading Web3 and crypto-focused investment firm and registered investment adviser, in partnership with CoinDesk Indices for calculation and benchmarking support. ETXTR reflects the performance of a position in staked ether, comprising the daily price return of ether (leveraging the CoinDesk Ether Price Index), plus the daily rewards earned from the Ethereum network (CESR).

Mr. Luo Xinghua, the responsible officer of Pioneer said: “The collaboration with CoinDesk Indices opens a new phase of our product design centering on bringing greater transparency to our investors. Going forward, Pioneer looks to leverage CoinDesk Indices’ offerings such as CESR and ETXTR to provide a more real-time benchmarking for our investors.”

Alan Campbell, President of CoinDesk Indices said: “This collaboration further reinforces our firm's dedication to the APAC region and driving the digital asset opportunity and community forward. CoinDesk Indices is committed to serving global markets and we are excited Pioneer will leverage CESR and ETXTR as a benchmark to one of the first APAC regulated ether staking products.”

Pioneer is a licensed asset management company capable of advising on virtual assets and managing portfolios investing 100% in virtual assets. Pioneer is also the first licensee permitted by the Securities and Futures Commission of Hong Kong to conduct fund tokenization businesses.

Pioneer, supported by CoinDesk Indices’ robust offerings, will continue to explore to bring forward curated investment opportunities with value-adding features such as investor education and go-to-market initiatives, leveraging the regulated infrastructure of Pioneer and the Tykhe Group, its parent company.

For more information on Pioneer and its offerings, please contact info@pioneer-am.com

About Pioneer Asset Management Limited and Tykhe Capital Group Limited

Pioneer is a subsidiary of Tykhe Capital Group Limited (“Tykhe”, the Group), which also owns a regulated virtual asset trading platform HKbitEX. HKbitEX has received the approval-in-principle for the Virtual Asset Trading Platform Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activities under the Securities and Futures Ordinance (SFO) and is deemed to be licensed under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) Virtual Asset Service Provider (VASP) regime.

Tykhe carries the mission to shape the digital finance landscape with tokenized assets through Web3 technology. We provide end-to-end services throughout the tokenization journey covering virtual asset exchange platform, capital markets and wealth management and Web3 R&D. The relevant services are supported by our subsidiaries with regulated or compliant Web3 infrastructure. 

Our capital markets and wealth management business is acting through Pioneer Asset Management Limited (“Pioneer”) and ON1ON Limited (“ON1ON Custody”). Pioneer is a licensed asset management company and the first licensee permitted by the Hong Kong SFC to conduct fund tokenization businesses. It is capable of advising on virtual assets and managing 100% virtual asset portfolios.

ON1ON Custody is a holder of the Trust or Company Service Provider (TCSP) license issued by the Hong Kong Company Registry. Its service has acquired the Service Organization Controls Type 2 (SOC2) standard developed by the American Institute of Certified Public Accountants (AICPA) and covered by virtual asset insurance.

Our virtual asset trading platform business is acting through Hong Kong Digital Asset EX Limited (“HKbitEX”).

Our Web3 R&D business is acting through Atom 8 Limited (“Atom 8”). Atom 8 is the technical arm of Tykhe, which offers Web3 SaaS solution to traditional financial institutions, including but not limited to banks and brokers, via infrastructure enablement.

About CoinDesk Indices

Since 2014, CoinDesk Indices has been at the forefront of the digital asset revolution, empowering investors globally. A subsidiary of Bullish, our indices form the foundation of the world's largest digital asset products. Known for their precision and compliance, flagships such as the CoinDesk Bitcoin Price Index (XBX) and the CoinDesk 20 Index set the industry standard for measuring, trading, and investing in digital assets.

The CoinDesk Bitcoin Price Index (XBX) is published once per second and underlies some of the largest crypto investment products globally. As the Hong Kong market moves towards spot bitcoin and ether ETFs, XBX and ETX (the CoinDesk Ether Price Index) provide valuation index levels to serve the noon and 4pm session closes that support the HKVATPs, spot ETFs and crypto fund developments in the city. With tens of billions of dollars in benchmarked assets, CoinDesk Indices is a trusted partner. Discover more at coindeskmarkets.com.

CoinDesk Indices disclaimer: CoinDesk is a portfolio company of the Bullish group. CoinDesk Indices, Inc. ("CDI") does not sponsor, endorse, sell, promote or manage any investment offered by any third party that seeks to provide an investment return based on the performance of any index. CDI is neither an investment adviser nor a commodity trading advisor and makes no representation regarding the advisability of making an investment linked to any CDI index. CDI does not act as a fiduciary. A decision to invest in any asset linked to a CDI index should not be made in reliance on any of the statements set forth in this document or elsewhere by CDI. All content contained or used in any CDI index (the "Content") is owned by CDI and/or its third-party data providers and licensors, unless stated otherwise by CDI. CDI does not guarantee the accuracy, completeness, timeliness, adequacy, validity or availability of any of the Content. CDI is not responsible for any errors or omissions, regardless of the cause, in the results obtained from the use of any of the Content. CDI does not assume any obligation to update the Content following publication in any form or format. © 2024 CoinDesk Indices, Inc. All rights reserved.

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