MarketVector and Coinbase launch index tracking Bitcoin and tokenized gold

MarketVector Indexes and Coinbase Asset Management have launched a new index tracking Bitcoin and tokenized gold, offering investors exposure to assets commonly associated with wealth preservation.

The companies unveiled the Coinbase Store of Value Index on Thursday, which tracks Bitcoin (BTC) and Pax Gold (PAXG) — one of the largest gold-backed tokens. The index is designed as a benchmark combining digital assets with traditional store-of-value instruments.

Bitcoin and gold are weighted using an inverse volatility model, meaning lower-volatility assets receive a higher allocation.

The benchmark is rebalanced quarterly and calculated as a price-return index in US dollars.

Pax Gold, which tracks the price of physical gold, has a market capitalization of roughly $2.5 billion. Source: CoinMarketCap

MarketVector is a Europe-based regulated benchmark administrator with a background in traditional indexing, though it has expanded into digital assets through products such as the MarketVector Digital Assets 100 Index and the Coinbase 50 Index.

Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets

Bitcoin’s store-of-value narrative faces renewed scrutiny

MarketVector and Coinbase said the index reflects an evolving definition of “store of value,” one that extends beyond gold to include BTC.

Bitcoin has long been viewed as a potential store of value, underpinned by its strong long-term performance relative to traditional assets and its perceived hedge against inflation.

However, that narrative has come under pressure over the past year, as Bitcoin has at times traded more like a risk asset — often moving in tandem with equities, particularly in the technology sector.

Bitcoin has exhibited a strong correlation with US software stocks since at least early 2024. Source: Grayscale

This dynamic was highlighted in February research from Grayscale Investments, which found that Bitcoin has behaved more like a growth stock than a traditional store of value amid ongoing macroeconomic and geopolitical uncertainty.

Investors have also pointed to Bitcoin’s diminishing returns, with gold outperforming the biggest digital asset in 2025. After peaking above $69,000 in 2021, Bitcoin’s next cycle topped out at around $126,000 last October — a price that was less than double its previous high.

Related: Digital gold or tech stock? Bitcoin’s identity crisis deepens