Points of Focus

• S&P and Pantera launched an 18-asset crypto index built around protocol revenue instead of price momentum.
• ETH, BNB, SOL, TRX, and HYPE lead the benchmark’s inaugural holdings.
• The index excludes Bitcoin, targeting institutional investors seeking fundamentals-driven crypto exposure.

S&P Dow Jones Indices and Pantera Capital have introduced a new benchmark that shifts institutional crypto investing beyond market capitalization and price momentum by selecting digital assets based on protocol revenue. The S&P Pantera Digital Asset Index launches with 18 constituents led by Ether (ETH), BNB (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE), using revenue, liquidity, and market capitalization to screen blockchain networks with measurable economic activity.

The benchmark gives institutional investors a different way to evaluate digital assets by favoring protocols generating recurring onchain revenue instead of weighting assets primarily by market capitalization or trading activity. It is also intended to serve as a reference for active managers and future investment products, according to S&P Dow Jones Indices.

S&P Dow Jones and Pantera Launch Fundamental-Based Digital Asset Index, Top Holdings Include ETH, BNB and SOL

S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, designed to provide institutional investors with a more disciplined and… pic.twitter.com/GCiBMvdnQG

— Wu Blockchain (@WuBlockchain) July 22, 2026

Revenue screening changes how digital assets qualify

The index starts with assets from the S&P Cryptocurrency Broad Digital Asset Index before applying investability filters. New constituents must exceed a $500-million market capitalization and meet minimum liquidity requirements, while existing members can remain eligible with a $250-million market cap.

Eligible assets are then ranked by protocol revenue generated during the previous two quarters using onchain data from Artemis. Constituents are added until they represent 99% of the eligible revenue universe before being weighted by adjusted market capitalization. The largest holding is capped at 35%, while every remaining constituent is limited to 20% during quarterly rebalances.

S&P CEO Cathy Clay said the methodology adapts the same disciplined framework used across the company’s established equity benchmarks to digital assets, allowing investors to evaluate blockchain protocols using measurable economic activity rather than price-driven selection criteria.

Why the benchmark stands apart from existing crypto indexes

The methodology produces a noticeably different portfolio than conventional crypto benchmarks. Bitcoin, despite remaining the largest cryptocurrency by market capitalization, isn’t included because the index requires consecutive quarters of qualifying protocol revenue and evidence that value accrues to tokenholders. XRP also falls outside the methodology for the same reason.

That distinction makes the benchmark more specialized than broad market indexes rather than a replacement for them. Investors seeking broader market exposure would still need benchmarks that include assets outside the index’s revenue-based methodology.

Pantera said the 18 constituents generated more than $3 billion in annualized revenue across the trailing two quarters and confirmed discussions have begun with asset managers about exchange-traded funds and other products linked to the index, although none have been announced.

The index officially launched on July 20, while S&P announced it publicly on July 21. It joins a growing list of institutional crypto benchmarks as traditional financial firms expand their digital asset products.