S&P Dow Jones Indices or S&P DJI, has expanded its cryptocurrency indices to now provide a wide performance snapshot of the cryptocurrency market that includes more than 240 cryptocurrency coins at launch.
S&P DJI noted that the expansion of its Digital Market Indices family offers significant level of additional transparency to the cryptocurrency market and provides one of the broadest snapshots yet of this rapidly growing asset class with the ability to slice and dice by market cap.
In early May, the company had launched its new series of digital asset benchmarks, the S&P Digital Market Indices, which measures the performances of digital assets such as cryptocurrencies, particularly Bitcoin (BTC) and Ethereum (ETC).
This included S&P Bitcoin Index, which measures the performance of Bitcoin; S&P Ethereum Index, which measures the performance of Ethereum and the S&P Cryptocurrency MegaCap Index, which measures the performance of Bitcoin and Ethereum digital assets.
As part of its plan in May, S&P DJI has now expanded the S&P Digital Market Indices to include additional coins and broader-based indices such as large cap, mega cap and broad market benchmarks.
The new indices added now include the S&P Cryptocurrency Broad Digital Market (BDM) Index, S&P Cryptocurrency LargeCap Index, S&P Cryptocurrency BDM Ex-MegaCap Index, S&P Cryptocurrency BDM Ex-LargeCap Index and S&P Cryptocurrency LargeCap Ex-MegaCap Index.
With this roll out, investors will be able to access and assess this emerging technology-driven asset class while potentially mitigating some of the common risks associated with this traditionally speculative market. They will now have access to reliable and transparent benchmarks backed by institutional quality pricing data.
These new S&P-branded indices will measure the performance of more than 240 cryptocurrencies such as Bitcoin and Ethereum, listed on recognized open cryptocurrency exchanges.
The indices will use pricing data from crypto software and data provider Lukka to determine the eligibility universe and pricing of individual constituents. S&P DJI’s Index Committee administers the indices.
S&P DJI first announced new cryptocurrency asset index capabilities with Lukka in December 2020. It also launched customized cryptocurrency indexing solutions at the same time.
S&P DJI noted that as the market for cryptocurrency assets continues to grow, the transparent benchmarking and index-based solutions based on crypto and blockchain assets are more essential than ever.
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