S&P Global Unveils Hybrid “Digital Markets 50” Index Blending Crypto Assets and Equities

Benchmark Brings Cryptocurrencies and Blockchain Stocks Under One Roof

TL;DR

• S&P Global introduced the S&P Digital Markets 50 Index, a benchmark tracking 15 cryptocurrencies and 35 crypto-linked equities.
• The index caps individual weights at 5 %, with strict market-cap minimums of $300 million for tokens and $100 million for equities.
• A blockchain version of the index will launch through Dinari’s tokenized “dShares,” bridging traditional finance with on-chain markets.

S&P Global has launched the S&P Digital Markets 50 Index, its first hybrid benchmark combining digital assets and publicly traded stocks tied to blockchain and digital-finance sectors. Announced on October 7, 2025, the index includes 15 cryptocurrencies and 35 listed companies whose operations directly intersect with the crypto economy—from mining and exchanges to blockchain infrastructure and payment networks. The initiative marks the first time S&P has merged crypto assets and equities in a single benchmark, signaling the index provider’s continued expansion into digital-asset analytics amid growing institutional demand for transparent, rules-based exposure.

Each asset within the index is bound by tight eligibility and weighting standards designed to mitigate volatility and ensure broad representation. No component can exceed 5 percent of total weight. To qualify, crypto tokens must maintain a minimum coin market cap of $300 million, while equities require at least $100 million in market capitalization. The index will rebalance quarterly under S&P Dow Jones Indices’ standard governance rules, applying the same compliance and oversight framework used in its traditional benchmarks such as the S&P 500.

Beyond the traditional index format, S&P has partnered with Dinari, a blockchain tokenization firm, to issue an on-chain investable version known as dShares. Each tokenized share represents proportional ownership of the index’s underlying assets, enabling investors to gain blockchain-based exposure to both cryptocurrencies and listed stocks. Dinari will hold custodial backing for the equity components and mirror each company’s shares on a one-to-one basis, giving token holders economic rights—such as dividends—derived from the actual securities.

Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices, said the project reflects a market transition from niche speculation to integrated financial participation: “Cryptocurrencies and the broader digital-asset industry have moved from the margins into a more established role in global markets.” He described the benchmark as a “consistent, rules-based tool” for institutions evaluating digital-market exposure alongside traditional portfolios. Dinari’s Chief Business Officer, Anna Wroblewska, framed the collaboration as a proof of concept for how blockchain infrastructure can modernize long-standing index frameworks by embedding transparency and programmability into financial benchmarks.

The launch arrives as digital-asset companies increasingly intersect with conventional capital markets, with multiple crypto-linked firms going public and institutional portfolios now treating bitcoin and ether as emerging macro assets. S&P already maintains several crypto-specific indices, but the new hybrid structure pushes further by uniting crypto price index methodology with equity-market analytics. Industry observers view the move as another step toward normalizing crypto assets within mainstream investment products, blending on-chain innovation with decades-old indexing discipline.

The composition of the 50 assets, including the exact cryptocurrencies and equities selected, has yet to be disclosed. S&P confirmed the benchmark will undergo regular review to reflect shifts in market capitalization, liquidity, and regulatory developments shaping the digital-asset ecosystem. While the company has not specified a public trading date for the dShares token, its hybrid model underscores how legacy index design is adapting to a landscape where crypto price movements increasingly influence global financial sentiment.

This article has been refined and enhanced by ChatGPT.