Why S&P Global Stock Beat the Market on Monday
Key Points
The target company specializes in data and information about digital financial assets, such as cryptocurrencies.
S&P Global, however, didn't provide key details of its investment.
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It tends to be newsworthy when S&P Global (NYSE: SPGI) stock does far better than the high-profile equity index it manages.
On Monday, that was the dynamic following the financial information and analysis company's announcement of a new strategic investment. Market players clearly found it encouraging, and they traded S&P Global's stock up by nearly 2%, on a day when the S&P 500 index slumped by 0.5%.
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Venturing forth
That morning, S&P Global announced it had made an equity investment in privately held Kaiko, considered by many to be the leading data and information company for cryptocurrencies and other digital financial assets. It was one participant in a funding round that included companies such as Coinbase Ventures and Nasdaq Ventures.
Image source: Getty Images.
S&P Global did not disclose the size of the current investment. In Kaiko's press release, the company said the latest round of investment brought its Series B funding to $110 million. Kaiko recently bulked up through acquisitions and is in the process of increasing its global presence.
S&P Global added that it and Kaiko have a significant business partnership. As part of this, the two collaborate on a co-branded set of market gauges, the S&P Kaiko Digital Asset Indices.
The digital age
"As digital assets accelerate, S&P Global is investing for the future -- and this investment underscores that conviction," the company quoted its CEO, Cathy Clay, as saying.
Market players obviously agree, and I'd be inclined to side with them. S&P Global is essentially an incumbent in indexes, and its investment in Kaiko demonstrates its aim to track next-generation financial assets. Although I would have liked to see more details on the company's investment, I rate it as a positive move for its business.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends S&P Global. The Motley Fool recommends Coinbase Global and Nasdaq. The Motley Fool has a disclosure policy.
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