S&P Global launched the S&P Digital Markets 50 Index a hybrid benchmark combining 15 cryptocurrencies with 35 listed companies. Designed as a regulated, rules-based reference, it aims to measure the convergence between traditional markets and crypto. With potential effects on institutional investors, index managers, ETFs, and corporate treasuries.
The index arises from a collaboration with tokenization firm Dinari and operates as a rules-based benchmark. Wich intended to capture both protocols and public firms that enable the digital economy, according to S&P Global and Dinari press releases. A rules-based benchmark is an index whose composition and weightings follow predefined, transparent criteria to avoid discretionary biases.
To limit concentration, no position can exceed 5% of the index weight. Minimum capitalization thresholds are set at $300 million for new cryptoassets and $100 million for new stocks. Rules that seek to improve liquidity and representativeness given the sector’s high volatility.
Context, methodology and composition
S&P already had exposure to digital assets with its S&P Cryptocurrency Broad Digital Market (BDM) Index launched in June 2024. The Digital Markets 50 represents an additional step by mixing tokens and equities in a single benchmark.
With a precedent in flows observed when Coinbase was included in the S&P 500 on May 19, 2025. Which accelerated passive and active purchases and facilitated the entry of traditional capital into crypto companies.
By offering a regulated benchmark, the index can reduce frictions for funds or ETFs that require auditable references. The 5% cap per asset and capitalization minimums aim to mitigate concentration and liquidity issues.
The inclusion of relevant tokens and stocks may trigger passive buying similar to flows observed after Coinbase’s entry into the S&P 500.
Mixing assets with different liquidity and volatility profiles increases valuation and rebalancing complexity for synthetic products or funds that replicate the index.
The S&P Digital Markets 50 Index formalizes the intersection between crypto and traditional markets. Its immediate impact will depend on adoption by managers and the volume of assets that replicate the benchmark in upcoming rebalances.
