S&P Global, through its S&P Dow Jones Indices (S&P DJI) division, announced on October 7, 2025, the upcoming launch of the S&P Digital Markets 50 Index, marking its first hybrid benchmark that combines cryptocurrencies with crypto-related equities.

This move represents a significant step in integrating digital assets with traditional finance, providing investors with diversified exposure to the broader crypto ecosystem in a single, rules-based product.

The index will track 50 assets total, blending: 15 cryptocurrencies selected from S&P’s existing Cryptocurrency Broad Digital Market Index. 35 publicly traded companies involved in digital asset operations, infrastructure, financial services, blockchain applications, and supporting technologies.

Cryptocurrencies must have a minimum market capitalization of $300 million. Equities must have a minimum market cap of $100 million. No single asset can exceed 5% weighting to mitigate volatility and ensure diversification.

The index will follow quarterly rebalancing, similar to other S&P benchmarks, with transparent rules for selection and maintenance. While no exact date has been specified, early indications point to going live later in 2025.

The index was developed in collaboration with Dinari, a provider of tokenized U.S. public securities. Dinari will issue a blockchain-based token that tracks the index’s performance on-chain, enabling seamless access via tokenized instruments.

This hybrid structure leverages blockchain to represent both digital assets and regulated equities, which wouldn’t be feasible in traditional finance without such infrastructure.

This index expands S&P DJI’s suite of digital asset benchmarks, including the S&P Cryptocurrency Indices and S&P Digital Market Indices, which are already used by institutional investors.

As Cameron Drinkwater, Chief Product Officer at S&P DJI, noted: Cryptocurrencies and the broader digital asset industry have moved from the margins into a more established role in global markets.

The launch aligns with Wall Street’s growing embrace of crypto, following milestones like Robinhood’s addition to the S&P 500 in September 2025.

For investors, this could serve as a standardized way to gain exposure to the crypto economy without managing individual assets, potentially attracting more institutional capital and reducing perceived risks through diversification.

The crypto community has welcomed it as validation from a TradFi giant like S&P, which oversees benchmarks like the S&P 500 and Dow Jones Industrial Average.

A hybrid index from a trusted name like S&P Dow Jones Indices signals mainstream acceptance of cryptocurrencies and blockchain-related companies, further validating digital assets as a legitimate asset class.

By combining cryptocurrencies and crypto-related equities in a single index, it creates a unified investment vehicle that bridges volatile digital assets with more stable, regulated equities, appealing to both TradFi and crypto-native investors.

The index’s diversified structure 50 assets, capped at 5% weighting each reduces the risk associated with single-asset volatility, making it more palatable for institutional investors like pension funds, hedge funds, and asset managers.

As a rules-based, transparent index, it provides a reliable benchmark for performance tracking, similar to the S&P 500, enabling institutions to allocate capital to the crypto sector with greater confidence.

The tokenized version of the index on blockchain platforms lowers barriers to entry, allowing institutions to invest in crypto markets using familiar financial instruments without navigating complex custody solutions.

Inclusion in the index could drive demand for the selected 15 cryptocurrencies and 35 equities, potentially increasing their prices and liquidity as funds and investors track the index.

The 5% cap per asset and quarterly rebalancing aim to temper the extreme volatility often associated with cryptocurrencies, creating a more stable investment option.

The index, especially through tokenized instruments, could make crypto investment more accessible to retail investors who are hesitant to directly buy cryptocurrencies or navigate crypto exchanges.

Tokenization on blockchain platforms allows investors worldwide to access the index, bypassing traditional geographic or regulatory barriers in financial markets.

The index’s reliance on regulated equities and transparent selection criteria could set a precedent for how regulators view hybrid crypto products, potentially influencing future policies on digital asset integration.

As a first-of-its-kind hybrid index, it may inspire other index providers to create similar products, fostering standardization and competition in the crypto index space. Despite diversification, cryptocurrencies remain volatile, and the index’s performance could be affected by sharp crypto market downturns or regulatory crackdowns.

Combining crypto and equities in a single index, especially with tokenization, introduces technical and operational challenges, such as blockchain interoperability and custody solutions. While institutional interest is growing, widespread adoption depends on the index’s performance, regulatory developments, and investor education.

Increased capital flow into crypto-related companies could accelerate advancements in blockchain technology, decentralized finance (DeFi), and other digital asset applications.

The S&P Digital Markets 50 Index could act as a catalyst for deeper integration of crypto into mainstream finance, offering diversified exposure, attracting institutional capital, and enhancing market legitimacy.

However, its success will hinge on market conditions, regulatory clarity, and the ability to balance crypto’s volatility with the stability of equities. For investors, it represents a novel way to participate in the crypto economy with reduced risk.

Rivian’s Chief Executive Officer, RJ Scaringe, says electric vehicles should not be associated with any political party — a view that stands out at a time when EVs have become an ideological flashpoint in Washington.

Speaking on The Verge’s Decoder podcast on Monday, Scaringe said that EVs “have become political,” but insisted that “they shouldn’t be.”

His remarks come as President Donald Trump’s administration moves to reverse several of the policies that previously supported the electric vehicle industry. Earlier this year, the Trump administration removed the federal EV tax credit and signed a resolution blocking California’s plan to phase out new gas-powered car sales — decisions that analysts say have slowed industry momentum and forced automakers to rethink their electrification timelines.

“Rivian employs almost 16,000 people domestically and has one of the strongest technology teams, I think, in the United States,” Scaringe said. “We spend a lot of time with the administration on that, and there’s a lot of support and enthusiasm for what we’re creating and building in that regard.”

The national focus on reshoring and domestic manufacturing — central to the Trump administration’s economic agenda — has boosted investment in gas-powered vehicle production, as automakers recalibrate their priorities. In June, General Motors announced a $4 billion investment in U.S. manufacturing plants, including expansions for internal combustion engine vehicles to “meet continued strong demand.”

That marks a sharp contrast from just a few years ago, when major automakers, including GM and Ford, had pledged to phase out combustion engines entirely by the 2030s. Scaringe lamented what he called a “reprioritization of capital towards internal combustion,” warning in August that the shift was “very bad for my kids and their kids, and very bad for the U.S. auto industry.”

While Trump’s policies have broadly applied across the EV sector, he has publicly praised select companies, most notably Tesla, which he has described as a model of American innovation. The president has even purchased one of Tesla’s vehicles himself, calling CEO Elon Musk “a great American success story.”

That endorsement, however, has not extended to the broader EV market. Trump has repeatedly criticized federal subsidies for electric vehicles, arguing they disproportionately benefit wealthy consumers and foreign manufacturers.

Rivian’s Neutral Ground

Scaringe is intent on keeping Rivian above the political fray. Drawing on a line from Michael Jordan’s iconic Nike campaign, he said: “Republicans buy sneakers, too.”

“We have a lot of Republicans who buy our vehicles and love them. We have a lot of Democrats who buy our vehicles and love them. We have people who are in the middle, and we have Independents,” Scaringe said, emphasizing that Rivian’s customer base spans the political spectrum.

He described Rivian’s mission as building a brand that is “as broad as possible,” with a “welcome mat” that invites all Americans — regardless of political affiliation — to embrace sustainable transportation.

“We try very hard not to make what we’re doing political,” Scaringe said. “At the end of the day, our vehicles are about performance, adventure, and innovation — not politics.”

Scaringe’s comments underline a broader tension in the U.S. auto industry as manufacturers navigate the intersection of industrial policy, climate goals, and consumer sentiment. The Trump administration’s rollback of EV incentives has prompted warnings from environmental groups that the U.S. risks falling behind Europe and China, where electric mobility remains a cornerstone of long-term economic and environmental strategy.

Despite the policy uncertainty, Rivian continues to expand its production capabilities and is positioning itself as one of the few independent challengers to Tesla. Scaringe thus appears to be betting that Rivian’s success will hinge less on policy and more on innovation and market appeal.