S&P Dow Jones and Pantera Launch Revenue-Based Crypto Index, Excluding Bitcoin

S&P Dow Jones Indices and Pantera Capital have launched a novel digital asset index that evaluates blockchain networks based on the revenue their protocols generate, marking a significant shift away from traditional benchmarks focused solely on market capitalization or token price.

The newly introduced index aims to provide institutional investors with a metrics-driven framework to separate speculative assets from networks with active, fee-generating utility. By focusing on protocol revenue, the index treats blockchain networks more like traditional businesses that generate cash flow.

To qualify for the index, assets are drawn from the broader S&P Cryptocurrency Broad Digital Asset Index but must meet strict minimum thresholds for liquidity, market capitalization, and protocol revenue. Eligible assets are ranked by their aggregate protocol revenue over the preceding two quarters. The holdings are then weighted by their adjusted market capitalization, with the largest single asset capped at 35% and all other constituents capped at 20%. The index undergoes a rebalancing process every quarter.

At launch, the index features 18 constituents. Its five largest holdings are Ether (ETH), BNB (BNB), Solana (SOL), TRON (TRX), and Hyperliquid (HYPE). Notably, the revenue-centric methodology means that major digital assets like Bitcoin (BTC) and XRP (XRP)—which dominate traditional market-cap-weighted indexes—are excluded from the benchmark due to their lack of direct protocol-level revenue generation.

This launch represents an expansion of S&P Dow Jones Indices’ footprint in the digital asset space. The firm previously introduced the S&P Digital Markets 50 Index, which blends 15 cryptocurrencies with 35 publicly traded companies exposed to the digital asset sector.

The partnership with Pantera Capital comes amid a broader industry push to establish sophisticated, institutional-grade benchmarks. As traditional financial institutions expand their digital asset offerings, the demand for diversified index products has grown.

In early 2025, the market saw several key product launches. Hashdex introduced the Nasdaq Crypto Index US ETF, which became the first multi-asset spot crypto exchange-traded fund in the United States. Shortly after, Franklin Templeton launched its own Crypto Index ETF, a market-cap-weighted fund tracking Bitcoin and Ether.

Other asset managers have experimented with alternative weighting models. MarketVector Indexes and Coinbase Asset Management launched the Coinbase Store of Value Index, which pairs Bitcoin with tokenized gold using an inverse-volatility weighting model to manage risk.

Industry analysts suggest that the complexity of the digital asset market is driving this shift toward diversified index products. Matt Hougan, chief investment officer at Bitwise, previously noted that predicting which individual blockchain networks will ultimately succeed is becoming increasingly difficult for investors. Consequently, diversified index funds are expected to play a much larger role in institutional portfolios as the market matures.