S&P Dow Jones Indices Launch Three Cryptocurrency Indexes for Bitcoin & Ether
S&P Dow Jones Indices launched its very first cryptocurrency indexes on Monday. The three crypto indexes have ticker symbols SPBTC for Bitcoin, SPETH for Ether, and SPCMC for a combo of the two crypto assets.
The three indexes will be using data from partner firm Lukka. It was in Dec. 2020 when it was first shared that a division of financial data provider S&P Global Inc, will be launching cryptocurrency indices this year. At the time, it was noted that data would be provided on more than 550 of the top traded cryptos.
These crypto indexes by S&P will be competing against existing indexes from Bloomberg and Galaxy and further normalize crypto assets’ data on Wall Street.
“Now that Bitcoin is an S&P index, asset managers cannot ignore the elephant in the room,” stated Charles Edwards, founder of Capriole Investments.
Instead of the actual price, each index measures price appreciation.