S&P Dow Jones Indices went live with a group of new digital asset-focused products on Tuesday, including one that tracks more than 240 cryptos at launch.
Tuesday's launches build on the products released in May, when S&P went to market with three indices focused on bitcoin, ether, and one that tracks both of those major cryptocurrencies. Among those going live today is the Cryptocurrency Broad Digital Market (BDM) Index, which S&P said "provides a wide performance snapshot of the cryptocurrency market and includes more than 240 coins at launch."
"For more than a century, our indices have offered insight into how the markets are performing. Now, with the introduction of the S&P Cryptocurrency Broad Digital Market Index, we’re providing that answer to cryptocurrency investors,” Peter Roffman, Global Head of Innovation and Strategy at S&P Dow Jones Indices, said in a statement.
As with the earlier products, data is being provisioned by industry data provider Lukka.
In May, Roffman told The Block in an interview that S&P had ambitions beyond its initial trial of indices, with a focus on the cryptocurrencies that have attracted institutional interest to date. At the time, Roffman referred to the original debut as a "first step."
“The expansion of our Digital Market Indices family gives one of the broadest snapshots yet of this rapidly growing asset class with the ability to slice and dice by market cap," Roffman said Tuesday.