S&P Dow Jones Indices and Pantera Capital Launch Digital Asset Index for Institutional Investors

Jul 21, 2026

S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index on July 20, 2026. Designed for institutional investors, this rules-based benchmark filters assets using a financial viability standard powered by Artemis data, requiring consecutive quarters of positiS&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index on July 21, 2026. Designed for institutional investors, the rules-based benchmark uses Artemis data and focuses on tokens and companies that demonstrate real-world use and generate revenue rather than relying primarily on price momentum or popularity. The index is intended to provide a disciplined and transparent way to measure digital asset investments and to serve as a reference for new investment products or active managers.ve protocol revenue. The index launched with 18 constituents, including Ethereum and Solana, while excluding Bitcoin and XRP. Back-testing shows a 25% annualized return over three years ending June 30, 2026.

Pantera Digital Asset Index

▪The S&P Pantera Digital Asset Index uses a rules-based, fundamentals-driven framework powered by Artemis onchain data to measure digital assets with real-world utility.
▪S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index on July 21, 2026, to serve as an institutional benchmark.

Protocol Revenue Selection Criteria

▪To qualify for the S&P Pantera Digital Asset Index, a protocol's revenue must accrue to tokenholders via buybacks, staking yields, distributions, or controlled treasuries.
▪The constituents of the S&P Pantera Digital Asset Index generated over $3 billion of annualized revenue in the trailing two quarters prior to July 20, 2026.
▪The S&P Pantera Digital Asset Index requires constituent protocols to generate consecutive quarters of positive protocol revenue verified by Artemis onchain data.

Index Constituent Filtering Process

▪Bitcoin and XRP are excluded from the S&P Pantera Digital Asset Index because they do not meet the index's revenue-generation criteria.
▪The largest five constituents of the S&P Pantera Digital Asset Index as of June 2026 were Ethereum, Binance Coin, Solana, TRON, and Hyperliquid.
▪The S&P Pantera Digital Asset Index applies a three-month seasoning rule and requires constituents to be listed on a vetted exchange.
▪The S&P Pantera Digital Asset Index launched with 18 constituents weighted by float-adjusted market capitalization, with a minimum constituent count of five.

Crypto Index Performance Comparison

▪The S&P Pantera Digital Asset Index outperformed the S&P Cryptocurrency Broad Digital Asset Index, which returned 14% over the three-year back-tested period ending June 30, 2026.