The index will track both digital assets and publicly traded crypto-linked companies.
S&P Global (NYSE: SPGI) announced on Tuesday, Oct. 7 that it is expanding its crypto index offerings with the launch of a new benchmark that tracks both cryptocurrencies and traditional stocks tied to the crypto industry.
Called the S&P Digital Markets 50 Index, the benchmark will include 35 publicly traded companies involved in blockchain, digital asset operations and infrastructure, and fintech, along with 15 major cryptocurrencies, according to a press release.
The index was developed by S&P Dow Jones Indices in partnership with Dinari, a company that specializes in tokenized U.S. securities with a total value locked (TVL) of $45 million. Dinari – which earlier this year was granted a U.S. broker-dealer license, and partnered with Gemini to offer tokenized Strategy (MSTR) stock to EU users – will also create a tokenized version of the index, allowing investors to access it directly on-chain.
The new crypto-focused benchmark aims to give investors a simple way to track the overall performance of the digital asset ecosystem, the release states. The announcement also highlights the rapid adoption of cryptocurrency as more investors and institutions integrate digital assets into their portfolios.
It also comes just a day after Bitcoin (BTC), the largest digital asset with a market capitalization of $2.4 trillion, broke through multiple new highs to reach over $126,000. BTC saw a sharp correction this morning, and is currently changing hands at $121,900, down 2.4% on the day, according to The Defiant’s price page.
“Cryptocurrencies and the broader digital asset industry have moved from the margins into a more established role in global markets,” said Cameron Drinkwater, chief product and operations officer at S&P Dow Jones Indices, according to the release. “S&P DJI’s expanded index suite offers market participants consistent, rules-based tools to evaluate and gain exposure.”
The new benchmark adds to S&P Dow Jones Indices’ growing family of digital asset indices, which already includes the S&P Cryptocurrency and Digital Market series. SPGI stock is currently trading at $481.60, up 1% on the day, with a market capitalization of $143 billion.
S&P Global isn’t the only major financial player expanding its presence in digital assets. Last month, Nasdaq, the second-largest stock exchange in the U.S., filed with the SEC to launch tokenized stocks.
The move was seen as a major step for Wall Street moving into on-chain trading, and showed that traditional exchanges are increasingly interested in bringing crypto to regulated markets.
