S&P Dow Jones Indices, which is a major global resource for index-based data and research has now introduced its first crypto indices amid a new surge on cryptocurrency markets. S&P introduced three crypto indices to bring transparency to the emerging crypto sector.
On May 3, the company announced that it introduced the three indices tied to the performance of the two biggest cryptos, Ether (ETH) and Bitcoin (BTC). They include the Ether-based S&P Ethereum Index (SPETH), Bitcoin-based S&P Bitcoin Index (SPBTC), and S&P Cryptocurrency MegaCap Index (SPCMC). They are designed to track the performance of ETH and BTC weighted by market capitalization.
All of these indices are instantly available on the S&P DJI website.
The firm insisted that the new cryptocurrency indices are designed ideally to measure the performance of crypto assets listed on recognized open exchanges that meet minimum liquidity and market capitalization needs. S&P DJI noted:
“The indices aim to bring transparency to the emerging cryptocurrency market.”
Based on the latest announcement, S&P crypto pricing and reference data are offered by cryptocurrency accounting and data firm Lukka. The company is backed by S&P DJI’s parent company S&P Global and billionaire investor George Soros as well as accounting advisor CPA.com.
S&P DJI originally announced its plan to launch crypto indices in late 2021, allegedly targeting coverage of nearly 550 digital assets. S&P DJI’s most recent move into the cryptocurrency market marks a critical milestone for crypto adoption by traditional finance institutions.
Notably, this move comes amid a renewed rally on crypto markets, with Ether reaching a new all-time high above $3,400 on May 3, 2021.