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.
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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.