MarketVector Indexes and Coinbase Asset Management have jointly launched a new benchmark index designed to track two assets widely associated with wealth preservation. The product, called the Coinbase Store of Value Index, was unveiled on Thursday and combines exposure to Bitcoin and Pax Gold, one of the largest gold-backed digital tokens. The index is intended to serve as a benchmark that bridges traditional and digital store-of-value instruments.
The index applies an inverse volatility weighting model to determine allocations between the two assets, meaning the asset exhibiting lower volatility receives a proportionally larger share. It is rebalanced on a quarterly basis and calculated as a price-return index denominated in US dollars. This methodology is designed to adjust dynamically as the relative volatility of each asset shifts over time.
MarketVector is a Europe-based regulated benchmark administrator with roots in traditional indexing that has expanded its offerings into digital assets. Its existing products in the space include the MarketVector Digital Assets 100 Index and the Coinbase 50 Index. The firm’s involvement signals continued institutional interest in creating structured benchmarks for the digital asset class.
Both companies stated that the new index reflects a broadening definition of what constitutes a store of value, one that now encompasses Bitcoin alongside gold. Bitcoin has long been considered a potential store of value, supported by its strong long-term performance relative to traditional assets and its perceived role as a hedge against inflation. However, that characterization has faced increasing scrutiny over the past year.
Critics and analysts have noted that Bitcoin has at times traded more like a risk asset, frequently moving in line with equities, particularly those in the technology sector. Research published in February by Grayscale Investments found that Bitcoin has behaved more similarly to a growth stock than a conventional store of value, especially amid ongoing macroeconomic and geopolitical uncertainty. This has complicated the narrative that underpins the new index’s core premise.
Investors have also highlighted Bitcoin’s diminishing return profile in recent cycles, with gold outperforming the digital asset in 2025. After reaching a peak above $69,000 in 2021, Bitcoin’s subsequent cycle high came in at approximately $126,000 in October of the following year — a gain of less than double its prior record. That relatively modest multiple has prompted some to question whether Bitcoin’s growth trajectory is moderating.
Originally reported by CoinTelegraph.
