S&P Global, the company behind the S&P 500 and Dow Jones Industrial Average, has launched its first hybrid benchmark combining cryptocurrencies and crypto-linked equities, a move that shows another step in Wall Street’s gradual embrace of digital assets.
The new benchmark, called the S&P Digital Markets 50 Index, will track 50 major components across the crypto economy, including 35 publicly traded companies tied to blockchain and digital asset operations, and 15 cryptocurrencies selected from the existing S&P Cryptocurrency Broad Digital Market Index.
The index is designed to give investors a single metric to measure performance across both sides of the crypto ecosystem: traditional equity markets and decentralized networks.
S&P Partners With Dinari to Bring First Tokenized Crypto-Equity Benchmark On-Chain
According to the announcement, the index was developed in collaboration with Dinari, a U.S.-based tokenization firm that provides on-chain access to public securities.
Dinari will create a token version of the benchmark on its dShares platform, allowing investors to gain exposure to the index directly via blockchain. According to S&P Global, the tokenized index will go live by the end of the year.
“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.
“Our expanded index suite gives market participants consistent, rules-based tools to evaluate and gain exposure.
From North America to Europe to Asia, investors are beginning to treat digital assets as part of their investment toolkit, whether for diversification, growth, or innovation strategies.”
S&P said the Digital Markets 50 will follow its standard quarterly rebalancing and governance rules, with no single component allowed to exceed 5% of the index’s weight.
Constituents will be subject to minimum market capitalization requirements: $100 million for equities and $300 million for cryptocurrencies, ensuring that the index reflects the largest and most liquid assets in the market.
According to Barron’s, these thresholds currently cover about 276 cryptocurrencies. The final list of 50 components will be published at launch.
The creation of the Digital Markets 50 represents the first time S&P has combined equities and cryptocurrencies in a single benchmark.
The firm noted that such a hybrid structure would not be feasible in traditional finance without tokenization infrastructure like Dinari’s, which allows on-chain representation of both digital and regulated assets.
Anna Wroblewska, Chief Business Officer at Dinari, said the collaboration demonstrates how blockchain can modernize trusted benchmarks.
“By making the S&P Digital Markets 50 investible via dShares, we’re not just tokenizing an index; we’re showing how on-chain infrastructure can make financial standards more efficient, accessible, and globally relevant.
For the first time, investors can access both U.S. equities and digital assets in a single, transparent product,” she said.
S&P’s New Index Reflects Growing Integration of Crypto Into Global Markets
The new index adds to S&P’s growing suite of digital asset benchmarks, including the S&P Cryptocurrency Indices and S&P Digital Market Indices, both of which have become standard references for institutional investors tracking crypto market performance.
The debut also aligns with a growing trend of crypto integration into mainstream finance. In September, retail brokerage Robinhood was added to the S&P 500 after a year of strong growth driven by both stock and crypto trading.
Its inclusion reflects increasing recognition of crypto-linked companies in U.S. indices, alongside earlier additions like Coinbase Global.
Crypto-focused firms have also seen sharp market rallies in 2025. Coinbase shares are up 55% this year, while Bitcoin-holding firm Strategy has gained 24%.
Circle Internet Group, the issuer of USDC, completed one of the year’s most successful IPOs, showing institutional interest in the sector.
Meanwhile, Bitcoin itself reached a new all-time high earlier this week, buoying confidence in crypto-related equities.
S&P Global said the Digital Markets 50 will give investors “a consistent, rules-based tool” to measure the evolving relationship between traditional financial markets and blockchain-based assets.
The index’s design reflects a belief that cryptocurrencies and crypto-linked companies now represent two sides of the same emerging economy, one that increasingly influences global capital markets.
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