thecryptobasic.com
S&P Global has announced plans to debut an index fund tracking the performance of XRP, Bitcoin, and 13 other cryptocurrencies alongside 35 crypto stocks.
The launch further expands the growing adoption of cryptocurrencies in the traditional financial market. According to a press release today, the new funds, known as the S&P Digital Markets 50, offer investors a diversified means of exposure to major digital assets alongside crypto stocks.
A New Means of Exposure to XRP and Crypto
Specifically, the funds will provide investors with access to major cryptocurrencies, including Bitcoin, XRP, and Ethereum. It will also benchmark other major assets like Solana, Cardano, Chainlink, AAVE, and Polkadot.
Moreover, the emerging digital asset treasury (DAT) firms further support this narrative. These funds have raised billions of dollars from the capital market to buy several cryptocurrencies, suggesting a strong interest in this maturing sector.
Remarkably, S&P Group is looking to leverage this momentum to roll out its funds offering access beyond just major cryptocurrencies. Its inclusion of over 35 crypto stocks aims to appeal more to institutional investors to look its way.
Reacting to the development, Cameron Drinkwater, the Chief Product & Operations Officer at S&P Dow Jones Indices, noted that cryptocurrencies and related entities have become a major part of the global markets. He further stated that the new product would provide enthusiasts “rules-based tools to evaluate and gain exposure” to the digital asset sector.
Meanwhile, the S&P Digital Markets 50 will become the latest crypto product released by the firm. It already has the S&P Cryptocurrency Indices and the S&P Digital Market Indices.