S&P Dow Jones Indices, a major global resource for index-based data and research, has introduced its first cryptocurrency indexes amid a renewed surge on crypto markets.
The company announced on Monday that it had launched three crypto indexes tied to the performance of the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH).
The newly introduced indexes include Bitcoin-based S&P Bitcoin Index (SPBTC), Ether-based S&P Ethereum Index (SPETH), and S&P Cryptocurrency MegaCap Index (SPCMC), which is designed to track the performance of BTC and ETH weighted by market capitalization. All three indexes are immediately available on the S&P’s website.
The company stressed that the new crypto indexes are designed to measure the performance of crypto assets listed on recognized, open exchanges that meet minimum liquidity and market capitalization requirements. “The indices aim to bring transparency to the emerging cryptocurrency market,” the S&P Dow Jones Indices noted.
According to the announcement, S&P crypto pricing and reference data is provided by crypto accounting and data company Lukka. The firm is backed by S&P DJI’s parent company S&P Global as well as billionaire investor George Soros and accounting advisor CPA.com.
S&P DJI initially announced its plan to launch cryptocurrency indexes in late 2021, reportedly targeting coverage of up to 550 digital assets.
S&P DJI’s latest move into the crypto market marks an important milestone for cryptocurrency adoption by traditional finance. The move comes amid a renewed rally on crypto markets, with Ether — the second-largest crypto by market cap — hitting a new all-time high above $3,400 on Monday.