TLDR
- S&P Global announced the S&P Digital Markets 50 Index, combining 15 cryptocurrencies and 35 blockchain-related stocks
- Each asset is capped at 5% of the index, with minimum market caps of $300 million for cryptos and $100 million for stocks
- Dinari will launch a tokenized version called dShare by the end of 2025 for direct investment
- The index follows S&P’s quarterly rebalancing rules and governance standards
- This marks S&P’s first hybrid index merging traditional stocks with digital assets
S&P Global announced Tuesday the launch of its first hybrid index tracking both cryptocurrencies and blockchain-related companies. The S&P Digital Markets 50 Index was developed in partnership with tokenization company Dinari.
S&P Global is excited to announce plans to expand its S&P Dow Jones Indices crypto index offering with the launch of the S&P Digital Markets 50 Index. Dinari, a leading provider of tokenized U.S. public securities has licensed the new index to create a #token tracking the… pic.twitter.com/AfES0n7AGY
— S&P Global (@SPGlobal) October 7, 2025
The new benchmark will track 15 cryptocurrencies with market capitalizations of at least $300 million. It will also include 35 publicly traded companies with minimum market caps of $100 million that are involved in digital asset operations, infrastructure, financial services, blockchain applications, and supporting technologies.
Cameron Drinkwater serves as chief product and operations officer at S&P Dow Jones Indices. He said cryptocurrencies and digital assets have moved “from the margins into a more established role in global markets.”
The index imposes a 5% cap on any single component. This prevents overconcentration in any one asset or stock.
S&P has not yet published the full list of constituents. Based on current market capitalizations, the crypto threshold would apply to the top 276 digital assets.
The company sector includes major players like Strategy, which holds Bitcoin on its balance sheet. Coinbase operates as a crypto exchange while Riot Platforms runs Bitcoin mining operations.
Index Structure and Methodology
The S&P Digital Markets 50 follows standard quarterly rebalancing procedures. It adheres to S&P’s established governance rules for index management.
The index joins S&P’s existing digital asset benchmarks. These include the S&P Cryptocurrency Indices and S&P Digital Market Indices.
Indexes themselves are not directly investable products. They serve as benchmarks for tracking market performance and often form the basis for exchange-traded funds and other investment vehicles.
Several crypto index funds already exist in the market. The Bitwise 10 Crypto Index Fund tracks major digital assets by market capitalization.
Hashdex offers products tracking the Nasdaq Crypto Index. These include HASH11 in Brazil and the Hashdex Nasdaq Crypto Index US ETF in the United States.
Tokenized Access Coming
Dinari plans to issue a tokenized version of the index through its dShares platform. This product would allow direct investment exposure to the benchmark.
Anna Wroblewska is chief business officer at Dinari. She said the launch demonstrates “how blockchain infrastructure can modernize trusted benchmarks.”
The tokenized version is scheduled to launch by the end of 2025. It will represent the first time investors can access both US equities and digital assets in a single product.
Multiple crypto exchanges are expanding into tokenized equities. Coinbase, Kraken, Gemini, and Robinhood are all growing these businesses.
Robinhood CEO Vlad Tenev spoke at Singapore’s Token2049 conference last week. He compared tokenization to “a freight train” that “can’t be stopped.”
The US Securities and Exchange Commission is exploring frameworks for tokenized securities. Reports suggest the agency is examining ways to allow stocks to trade as blockchain-based assets.
