In brief
- S&P Dow Jones Indices, a segment of S&P Global focused on market data, is introducing a fresh index that monitors the performance of 15 digital currencies and 35 companies heavily involved in the crypto sector.
- Dinari, a firm specializing in tokenized versions of U.S. securities, will also launch a token designed to mirror the new index’s movements.
- Shares of crypto-related companies have seen significant gains this year, coinciding with a broader market upswing.
A new index from S&P Dow Jones Indices, set to track both leading cryptocurrencies and prominent businesses within the digital asset landscape, was revealed Tuesday.
Called the S&P Digital Markets 50 Index, it will follow the activity of 35 companies operating in the cryptocurrency sphere – including those involved in infrastructure, financial services, and blockchain applications – in addition to 15 cryptocurrencies chosen from the S&P Cryptocurrency Broad Digital Market Index, which itself tracks more than 300 digital coins and tokens.
S&P Global informed *Decrypt* that the official launch is still several weeks away. Company names involved won’t be shared just yet, though they noted that treasury-focused businesses would be considered. They also clarified that meme coins will not be eligible for inclusion in this particular index.
Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices, stated, “Cryptocurrencies and the wider digital asset industry are no longer just fringe elements; they’re becoming more firmly rooted in global markets.” He added that this new range of indexes “provides participants with consistent, rule-based tools to understand and engage with this asset class.”
Dinari, which specializes in offering tokenized versions of publicly traded U.S. securities, announced a collaboration with S&P Global to develop a token reflecting the performance of this new benchmark.
“For the very first time, investors gain access to both U.S. stocks and digital assets through a single, clear-cut product,” explained Anna Wroblewska, Chief Business Officer at Dinari. “By enabling investment in the S&P Digital Markets 50 via dShares, we’re doing more than just tokenizing an index; we’re showcasing how blockchain technology can modernize established market benchmarks.”
The S&P Global announcement comes at a time when cryptocurrency markets are experiencing a positive trend, and shares of companies in the digital asset space, particularly those involved in Bitcoin mining, are increasing in value.
Bitcoin achieved a new peak value of $126,080 on Monday, according to CoinGecko, after gaining 34% since the beginning of the year.
The rise of this dominant digital currency has happened as gold prices surpassed $4,000 per ounce for the first time, driven by investor unease concerning the U.S. economy and the strength of its currency.
Bitcoin was most recently trading at around $121,575, showing a 3% decrease over the last day. Ethereum, the second-largest digital asset, was valued at $4,510, reflecting a 3.6% decline during the same period.
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