S&P Dow Jones Indices launches new cryptocurrency indexes

S&P Dow Jones Indices, the leading index provider of some of the world’s largest stock standards, has launched a new cryptocurrency index that tracks the performance of the broader digital stock market.

The S&P Cryptocurrency Broad Digital Market Index, labeled BDM, tracks more than 240 digital assets at launch and represents an expansion of the company’s newly launched crypto references.

In addition to BDM, the company also launched four other crypto-focused indexes on Tuesday, each tracking various items from the broad digital market benchmark. These include:

• Index S&P Cryptocurrency LargeCap
• S&P Cryptocurrency BDM Ex-MegaCap Index
• S&P Cryptocurrency BDM Ex-LargeCap Index
• Index S&P Cryptocurrency LargeCap Ex-MegaCap

All indexes depend on prices from Lukka, a crypto focus data provider, to determine the composition of each respective reference.

“The expansion of our family of Digital Market Indices gives one of the most extensive snapshots yet of this rapidly growing active class with the ability to cut and roll down a market cap,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices. .

S&P Dow Jones Indices first revealed its intention to track cryptocurrency prices in December 2020. Indices tracking the price of Bitcoin and Ether debuted in May of this year.

Related: S&P is launching cryptocurrencies, debuting with Bitcoin and Ether

By recognizing cryptocurrencies and developing pricing for investor users, Dow Jones Indices bring new legitimacy to the evolving market of digital assets. For many investors in the cryptocurrency space, wider recognition of Wall Street could catalyze the sector to new highs in terms of adoption and value.