S&P Global has unveiled plans to introduce its first hybrid benchmark combining cryptocurrencies and blockchain-related equities, signaling a notable expansion of traditional financial indexing into the digital asset space. The new product, named the S&P Digital Markets 50 Index, is being developed in collaboration with tokenization specialist Dinari and will include both on-chain and publicly traded market components.
According to the company’s announcement, the index will monitor 15 cryptocurrencies and 35 listed blockchain firms, forming a comprehensive representation of the digital markets ecosystem. Eligibility criteria have been defined to ensure liquidity and stability, with each cryptocurrency required to maintain a market capitalization above $300 million, while stocks included in the index must have valuations of at least $100 million. S&P Global has also introduced a 5% cap on individual asset weightings to prevent excessive concentration in any single constituent.
Cameron Drinkwater, who oversees product and operations at S&P Dow Jones Indices, reportedly observed that digital assets have evolved from fringe instruments into a recognized component of global markets. This development, he suggested, marks a natural progression for S&P Global as it broadens its coverage to incorporate emerging asset classes.
Broad Sector Coverage and Potential Constituents
Although S&P Global has not yet disclosed the complete list of index constituents, industry analysts anticipate the inclusion of major blockchain-focused entities across various sectors. Prospective candidates are expected to include firms such as MicroStrategy, which utilizes Bitcoin as a treasury reserve asset; Coinbase, a leading cryptocurrency exchange; and Riot Platforms, a company specializing in crypto mining operations. The index’s stock component will represent businesses engaged in infrastructure development, exchange services, financial solutions, and blockchain innovation.
This new benchmark builds on S&P’s earlier digital asset initiatives, such as the S&P Cryptocurrency Indices and the S&P Digital Market Indices, both of which provide data-driven insights into crypto performance. Like conventional equity indexes, the new hybrid index is designed to act as a performance benchmark rather than a directly tradable asset, supporting the creation of exchange-traded funds (ETFs) and structured investment products in the future.
Tokenized Access Through Dinari
Dinari, S&P’s partner in this venture, intends to issue a tokenized version of the index by the end of 2025. The token, referred to as dShare, will mirror the performance of the S&P Digital Markets 50 Index and will be available through Dinari’s platform. Anna Wroblewska, Dinari’s Chief Business Officer, stated that the initiative showcases how blockchain technology can be used to modernize established financial benchmarks and make them more accessible to investors.
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
This tokenized structure will enable global investors to gain exposure to both US-listed equities and digital assets within a single investment vehicle. Such an approach underscores the growing convergence between blockchain technology and conventional financial products. Several leading trading platforms—including Coinbase, Kraken, Gemini, and Robinhood—are also pursuing similar efforts to expand their tokenized equity offerings.
At the recent Token2049 conference in Singapore, Robinhood’s CEO, Vlad Tenev, commented on the growing adoption of tokenization, describing it as a transformative trend with the potential to reshape the global financial system.
Regulatory and Market Outlook
The S&P Digital Markets 50 Index will adhere to S&P’s quarterly rebalancing schedule and follow the company’s established governance framework for index management. Meanwhile, regulatory authorities, particularly the U.S. Securities and Exchange Commission (SEC), are reportedly examining potential frameworks to facilitate the trading of tokenized securities. This indicates an emerging policy focus on ensuring that blockchain-based instruments operate within existing financial market regulations.
With its dual exposure to both cryptocurrencies and blockchain equities, the new index is seen as a strategic step toward bridging traditional and decentralized finance. The initiative reflects S&P Global’s recognition of blockchain’s expanding influence on global capital markets and could lay the groundwork for broader institutional participation in tokenized investment products.
