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SAXO BANK ANNOUNCES ADDITION OF 5 NEW COMPANIES TO THEIR CRYPTO THEMED BASKET


Saxo Bank, one of the largest brokers in the world serving retail and institutional traders alike, has announced that it has added 5 more blockchain and crypto-based companies to its crypto-themed basket.

Saxo bank has many equity themes which are basically baskets of equities based on a specific theme. They add and remove stocks to these themes, just like a fund, and monitor their performance closely to ensure good returns on them. 

Clients can invest in any of these themes, based on their performance and monitor the growth of their investments.

They have themes based on Indian equities or travel companies, semi-conductor companies, etc. Likewise, they also have an equity theme based on companies working on blockchain and crypto.

This equity theme had one of its worst-performing months in May as the prices of cryptos fell hard and hence the prices of the crypto-based companies also followed suit. 

The theme was down by 18.1% month-to-date and was by far the worst-performing theme for the month of May.

Cryptos are generally very volatile and so the investors need to be well aware of this fact before they stick their neck out and invest in such themes or funds. 

Due to its volatility, the risks are high but the returns are commensurate as well. 

To prove that fact, the crypto-based theme is up by over 90% on a year-to-date basis for 2021 which is by far the highest returns among all the themes and this is despite the bad performance in May.

To this fund, they have now chosen to add 5 more companies that include Safello group, a Swedish crypto exchange that had its IPO recently. 

The other companies are Northern Data, Quickbit, Taal Distributed, and Digihost which now expands the theme to 23 companies with a combined market value of $97.7 billion.

With the bitcoin and other crypto prices expected to recover from their lows in May, it is believed that the returns on this theme would get even better in due course of time.  

It is to be noted that there are some major names in the theme which include Coinbase, Microstrategy, Signature Bank, etc. which are  all well known within the crypto circles. 

Their stock values are likely to be highly dependent on the prices of various cryptos like blockchain and ethereum and so their price and the theme overall is also expected to be highly volatile.

Source: financefeeds.com

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