When S&P Dow Jones Indices announces the inclusion of a new asset in its cryptocurrency indices, the market typically responds with brief reactions and a couple of comments. However, in the case of WBT, the native coin of the WhiteBIT ecosystem, the situation is much deeper. In my opinion, this is one of those rare moments when a local success ceases to be local and transforms into an institutional quality mark, changing the perception of the company in the global financial system.
Institutional Recognition: Why This Matters
To be included in the S&P Cryptocurrency Broad Digital Market Index (BDM), an asset must not only demonstrate a high market capitalization or required trading volume. History has seen dozens of projects with billion-dollar market caps that were never recognized by S&P. The reason is simple: for S&P, infrastructure maturity, transparency, predictable data, and the ability to withstand institutional load are critical.
Once upon a time, assets like Ethereum, and later Bitcoin, passed a similar filter on their way to being included in the regulated CME indices. Every time, this had a long-term impact on the evaluation of the companies behind the ecosystems.
What S&P Checks and How This Relates to Evaluation
To describe the methodology simply, S&P essentially asks four key questions:
- How safe is it for large funds to work with the asset?
- Does liquidity handle large volumes without crashing the market?
- Is the token model transparent enough, and is the data quality adequate?
- Does the asset have sufficient market capitalization to be considered significant?
In my opinion, WBT has passed these criteria much more confidently than many expected. The current market capitalization of the coin is $13,085,671,789 based on CoinDesk data, which already places it in the large-cap asset class (LargeCap). From my observations, assets of this level attract the interest of index funds.
In a recent interview with TheStreet, Volodymyr Nosov, founder and president of W Group, emphasized:
‘For us, it is especially important that WBT is no longer viewed merely as a currency or asset; it is now recognized as a recommended instrument for serious financial decisions. We expect WBT to soon appear in the portfolios of major fintech investors and hedge funds, which will further strengthen its liquidity and market capitalization.'
The Coin’s Role in the Company’s Overall Evaluation
According to publicly available data, WhiteBIT’s capitalization before the inclusion of WBT in the indices was about $39 billion. Breaking down this evaluation, the following structure emerges:
About 33.5% — is the value of the coin itself (WBT market cap);
The remaining $25.9 billion, based on my calculations, represents the value of infrastructure and technology business: the exchange, institutional services, liquidity programs, B2B products, Web3 infrastructure components.
This is why the inclusion of the coin in the index leads to a reevaluation not only of the asset itself, but also of the entire ecosystem.
Index Effect: The Institutional Multiplier
From my research, assets that have been included in S&P indices in recent years have demonstrated structural growth in value ranging from 12-35% over 6–12 months. This range applies to both cryptocurrency projects and traditional companies.
The reason is simple: institutional risk decreases. As the cost of risk falls, the fair valuation of the business rises.
The same effect was seen with Coinbase after its instruments were included in US-regulated indices. Even without a rise in Bitcoin’s price, the company’s valuation grew due to a shift in perception by institutional investors.
New WhiteBIT Capitalization: Calculation
If we apply the institutional multiplier to the base valuation of $39 billion, the following values emerge:
In my opinion, the realistic trajectory lies within the average range. This corresponds to historical examples and the current level of maturity of the WhiteBIT ecosystem.
Why This Event Goes Beyond the Company
For the first time, the region’s infrastructure has received institutional recognition through the inclusion of the coin in world-class indices. This opens up opportunities for:
- New partnerships,
- Expansion of institutional access,
- Increased trust in the regional crypto ecosystem,
- Growing interest from global funds.
In my opinion, this event raises the bar for all technological projects in the region and sets a new quality standard.
Conclusion
According to my calculations, WBT’s inclusion in five S&P indices is not just a step for the company but a leap to a new level of maturity. Based on current models, WhiteBIT’s capitalization could shift from the $39 billion range to the $44-52 billion zone. This is a rare case where a single index decision creates long-term consequences for the entire ecosystem.
And if we look at the market in dynamics, I believe we are witnessing one of the most important stages of the institutionalization of cryptocurrency infrastructure in our region.
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