S&P Digital Markets 50 Index is a financial benchmark created by S&P Dow Jones Indices to track the performance of a hybrid portfolio of publicly traded companies involved in the digital asset industry and a selection of leading cryptocurrencies. The index is designed to provide a comprehensive, rules-based measure of the broader crypto ecosystem. ^{[6] [2]}

Overview

The S&P Digital Markets 50 Index was developed by S&P Dow Jones Indices, a division of S&P Global, to address growing demand from market participants for a diversified benchmark for the digital asset sector. Its creation signifies an increasing integration of cryptocurrencies and blockchain-related equities into the framework of traditional finance by major Wall Street institutions. The index aims to offer a standardized tool for investors to evaluate and gain exposure to the crypto ecosystem, which includes not only digital assets themselves but also the public companies building the industry's infrastructure. ^{[3] [6]}

The index is structured as a hybrid, combining two distinct asset classes into a single performance measure. This approach is intended to provide a more balanced representation of the market, blending the high-growth potential of cryptocurrencies with the relative stability of established public equities. By including both, the index seeks to offer a more stable investment environment compared to benchmarks focused solely on the volatile crypto market. The index is not directly investible itself but is designed to serve as the underlying basis for various financial products, including a tokenized version developed in partnership with the blockchain firm Dinari. ^{[4] [5]}

Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices, stated that the index suite was created because the digital asset industry has "moved from the margins into a more established role in global markets." He added, "From North America to Europe to Asia, market participants are beginning to treat digital assets as part of their investment toolkit." ^[3] This sentiment reflects the index's primary goal: to provide credible, transparent, and rules-based tools for an asset class that is maturing and attracting significant institutional interest. ^[6]

History

S&P Dow Jones Indices officially announced its plan to launch the S&P Digital Markets 50 Index on October 7, 2025. The announcement detailed the index's structure and its development in collaboration with Dinari. The launch was timed during a period of significant positive momentum in the cryptocurrency market, with Bitcoin having reached a new all-time high of $126,080 on October 6, 2025, the day before the announcement. This market context highlighted the increasing relevance and institutional appetite for digital assets, which the index was designed to serve. The index was presented as an expansion of S&P DJI's existing digital asset benchmarks, which include the S&P Cryptocurrency Indices and S&P Digital Market Indices. ^{[6] [2]}

Technology and Composition

The S&P Digital Markets 50 Index is a rules-based benchmark governed by S&P’s established framework. It is designed to be rebalanced on a quarterly basis to ensure its composition remains representative of the evolving digital asset market. ^[3]

Index Structure and Rules

The index is composed of 50 constituents, which are divided between cryptocurrencies and publicly traded companies. The specific breakdown is as follows:

• 35 Public Companies: This component consists of publicly traded equities of firms involved in the crypto and blockchain ecosystem. Eligible companies include those focused on digital asset operations, infrastructure provision, financial services, blockchain applications, and supporting technologies. Examples of included company types are crypto exchanges like Coinbase, Bitcoin mining firms such as Riot Platforms, and companies holding significant Bitcoin treasuries. ^{[5] [6]}
• 15 Cryptocurrencies: This component includes influential digital assets selected from the broader S&P Cryptocurrency Broad Digital Market Index, which tracks over 300 cryptocurrencies. The index explicitly excludes meme coins from its selection criteria. While the full list of 15 cryptocurrencies has not been disclosed, the initial announcement revealed ten of the included assets: Bitcoin (BTC), Ethereum (ETH), XRP, Binance Coin (BNB), Solana (SOL), Tron (TRX), Cardano (ADA), Chainlink (LINK), and Avalanche (AVAX). ^{[2] [4] [7]}

To ensure diversification and prevent concentration, the index methodology includes several key rules. A cap is placed on the weight of any single constituent, limiting it to a maximum of 5% of the index's total weight. Furthermore, there are minimum market capitalization requirements for inclusion: publicly traded companies must have a market cap of at least $100 million, while cryptocurrencies must have a market cap of at least $300 million. ^[5]

Partnerships

The creation and launch of the S&P Digital Markets 50 Index involved a strategic collaboration between S&P Dow Jones Indices and Dinari, a company specializing in the tokenization of U.S. securities. The partnership was multifaceted, with Dinari contributing to the initial design of the index and also taking on the role of issuing an investible on-chain product tied to it. This collaboration bridges the gap between traditional financial indexing and modern blockchain infrastructure. ^{[6] [3]}

Tokenization and the Dinari dShare

A key innovation associated with the index is its accessibility in a tokenized format. Dinari is responsible for creating and issuing a token, known as a "dShare," that directly tracks the performance of the S&P Digital Markets 50 Index. This tokenized version is designed to make the index directly investible for the first time, allowing individuals and institutions to gain exposure to its blended portfolio of U.S. equities and digital assets through a single, transparent on-chain product. ^[2]

The tokenization aims to enhance the index's liquidity and accessibility, particularly for investors operating within the digital asset ecosystem. Anna Wroblewska, Chief Business Officer at Dinari, commented on the initiative, stating, "By making the S&P Digital Markets 50 investible via dShares, we are not just tokenizing an index, we are demonstrating how blockchain infrastructure can modernize trusted benchmarks." She further added that the product shows "how onchain technology can expand the reach of established financial standards, making them more efficient, accessible, and globally relevant." The tokenized dShare was projected to launch by the end of 2025. ^{[6] [5]}

Use Cases and Market Context

The primary function of the S&P Digital Markets 50 Index is to serve as a key benchmark for the performance of the broader digital asset ecosystem. It is aimed at both institutional and retail investors seeking a structured and credible tool to track the sector. By providing a single, unified measure, it simplifies the process of monitoring a market that includes diverse assets like cryptocurrencies and crypto-related stocks. ^[4]

While the index itself is a benchmark and not a directly tradable asset, it is designed to be the foundation for other financial products. Its structure makes it suitable to serve as the underlying asset for Exchange-Traded Funds (ETFs) and other index funds that would allow investors to buy into the performance of the 50 constituents. The tokenized dShare by Dinari is the first announced product to be based on the index. ^[5]

The S&P Digital Markets 50 Index enters a market with existing crypto index products, positioning it as a competitor to benchmarks such as the Bitwise 10 Crypto Index Fund (BITW) and the Hashdex Nasdaq Crypto Index ETF (NCIQ). However, its hybrid nature, combining equities with digital assets, differentiates it from many purely crypto-focused indices. This hybrid approach is intended to lend legitimacy to mainstream digital assets by including them alongside traditional equities in a benchmark from a globally recognized provider like S&P Global. ^{[5] [4]}