Bullish launches Bitcoin benchmark tool for ETFs and index funds

Bullish has introduced the Bullish Closing Cross, the first daily closing auction for spot Bitcoin offered by an NYSE-listed digital asset platform. The service aims to establish a deterministic daily closing price for BTC/USDC, supporting institutional investors, ETFs, and index funds that require reliable valuation benchmarks.

Held each day at 4:00 p.m. Eastern Time, the auction concentrates global trading interest into a single liquidity event, with order imbalance data published before execution. Simultaneous USD/USDC and USDT/USD auctions will also allow participants to manage currency conversions within the same process.

According to Bullish, the Closing Cross introduces an equity-style closing auction to Bitcoin markets, creating a transparent benchmark that can enhance price discovery, fund valuation, index rebalancing, and institutional trading workflows.