What Is the S&P Digital Markets 50 Index?

S&P Global made waves with its October 2025 announcement of a new, groundbreaking crypto index called the S&P Digital Markets 50 Index.⁽¹⁾ It came on the heels of bitcoin’s record-shattering highs the day before, feeding investors hungry for crypto with an all-new index built for the modern investor.

But what is it, and how does it work?

What is the S&P Digital Markets 50 Index?

In October 2025, S&P Global announced plans to launch the S&P Digital Markets 50 Index, which officially went live in November 2025.^(1),(2)

The index tracks 15 major cryptocurrencies and 35 crypto-related stocks, all within a single performance measure.⁽¹⁾ However, the index itself is not an investment product, and there is currently no SEC-registered ETF or mutual fund offering direct investor access to it.

Instead, the S&P Digital Markets 50 Index functions as a benchmarking and analytics tool for the broader crypto market. That said, Dinari, a US-based tokenization firm that collaborated with S&P on the index design, issues a tokenized “dShare” that offers on-chain exposure to the full 50-asset basket for eligible global investors.⁽¹⁾,⁽³⁾

What does the S&P Digital Markets 50 Index include?

The S&P Digital Markets 50 Index tracks fifty companies and digital assets in the crypto ecosystem. For eligibility, there is a minimum market capitalization requirement of $100 million for publicly traded companies and $300 million for cryptocurrencies.⁽⁴⁾ The equity component carries a 70% weight in the index and the cryptocurrency component carries 30%. The index rebalances quarterly with no single constituent allowed to exceed approximately 5% of total weight.⁽⁴⁾

This index operates in line with existing industry regulations, with guidelines regularly updated to accommodate the evolving crypto industry.

“S&P DJI’s expanded index suite offers market participants consistent, rules-based tools to evaluate and gain exposure,” says Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices.⁽¹⁾

“With this latest expansion,” she continues, “S&P DJI reinforces its role as a trusted provider of benchmarks across traditional and alternative asset classes — offering market participants clarity and confidence as new markets like cryptocurrency emerge.”⁽¹⁾

Company constituents

The S&P Digital Markets 50 Index combines 35 companies from the S&P Global BMI.⁽⁴⁾ They span several areas, including:

• Digital asset operations
• Infrastructure providers
• Financial services
• Blockchain applications and supporting technologies

Its top constituents include recognizable names such as Visa (V), Coinbase (COIN) and even Robinhood (HOOD).⁽²⁾

Crypto constituents

These companies are joined by 15 cryptocurrencies from the S&P Cryptocurrency Broad Digital Asset Index, including these popular crypto coins:⁽⁵⁾

S&P Digital Markets 50 Index: Top 10 constituents by index weight

Source: S&P Dow Jones Indices, as of May 29, 2026.⁽²⁾ Based on GICS® sectors.

How is the S&P Digital Markets 50 Index calculated?

The end-of-day index calculation for the crypto component of the S&P Digital Markets 50 Index is based on the Lukka Prime Fair Market Value (FMV). The equity component is priced off standard US stock market closes.⁽⁶⁾

This pricing is calculated using a ranking approach that considers several factors, including jurisdiction, volume, oversight and intra-day trading liquidity. Based on this, it offers the best executable price for each crypto pair. The pairs can then be traded against currencies or cryptocurrencies, such as BTC/USD or BTC/ETH.⁽⁶⁾

The final end-of-day price is taken at 4:00 pm ET.⁽⁶⁾

Source: S&P Global, as of November 28, 2025.

What is the difference between the S&P 500 and the S&P Digital Markets 50?

The S&P 500 is one of the most widely used stock market indexes in the world. Launched in 1957, it tracks 500 of the largest publicly traded companies in the US. Combined, they represent roughly 80% of the stock market’s total capitalization.⁽⁷⁾ In short, the S&P 500 is designed to measure the performance of the large-cap US equities and is commonly used as a benchmark for the broader stock market.

The S&P Digital Markets 50 Index, on the other hand, combines cryptocurrencies and crypto-related public companies into a single hybrid benchmark. Its goal is to measure performance across the broader digital assets ecosystem rather than the traditional equity market.

In short, the S&P 500 tracks the core US stock market, while the S&P Digital Markets 50 Index tracks a blended market that includes both cryptocurrencies and companies tied to the crypto industry.

Source: S&P Global, as of November 28, 2025.^(2),(7)

How to invest in the S&P Digital Markets 50 Index

The S&P Digital Markets 50 Index is not yet available for direct investing through a traditional US brokerage. As of the time of writing, there is no exchange-traded fund (ETF) or mutual fund that tracks the index. The exception is Dinari’s dShare, a tokenized version of the index issued on blockchain infrastructure that offers on-chain exposure to the full 50-asset basket for eligible global investors.⁽³⁾ The S&P Digital Markets 50 otherwise exists primarily as a benchmark for institutions and investors to monitor the performance of the broader crypto market, including major currencies and several crypto-related stocks.

If an ETF or fund launches in the future to track the index, it will likely be available to investors through a traditional brokerage and not a crypto exchange.

Bottom line

The S&P Digital Markets 50 Index is a new benchmark designed to track the top cryptocurrencies and leading crypto-related public companies, offering investors a snapshot of the crypto market’s overall performance.

While there isn’t yet a US-registered fund tracking the index, you can gain exposure by buying crypto-related stocks through a top brokerage or purchasing cryptocurrencies directly through a crypto exchange.

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Lena Borrelli

Contributor

Lena Borrelli is an experienced finance writer with a deep understanding of personal finance, investing and consumer banking. Her work has been featured in top-tier publications such as Forbes, TIME, Bankrate, Moneywise and Annuity.org, where she provides expert insights on financial trends, smart money management and emerging fintech solutions. With a background in personal finance and content strategy, Lena specializes in breaking down complex financial topics into clear, actionable advice for readers. When she is not writing or scanning the news for the latest headlines, she is happiest spending time in the Florida sunshine with her husband and two pups. See full bio