S&P Dow Jones and Pantera Capital Launch Digital Asset Index Excluding Bitcoin Based on Revenue Criteria

S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, an 18-token institutional benchmark that excludes Bitcoin, XRP, and meme coins. Built on S&P 500-style financial viability standards, the index screens assets using protocol revenue data verified by Artemis. Led by Cathy Clay and Dan Morehead, the index's top holdings include Ether, BNB, Solana, TRON, and Hyperliquid, which collectively generated over $3 billion in annualized revenue.

S&P Pantera Digital Asset Index

• ▪The S&P Pantera Digital Asset Index officially launched on July 20, 2026, with the public announcement occurring on July 21, 2026.
• ▪The S&P Pantera Digital Asset Index is currently published only as a benchmark, though Pantera Capital has begun discussions with asset managers regarding potential ETFs.
• ▪S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, an 18-token benchmark designed for institutional investors.

Revenue-based screening methodology

• ▪To qualify for the S&P Pantera Digital Asset Index, new constituents must have a market capitalization above $500 million and a liquidity ratio above 0.5.
• ▪The S&P Pantera Digital Asset Index limits its largest holding to 35% and all other individual holdings to 20% at each quarterly rebalance.
• ▪The S&P Pantera Digital Asset Index screens tokens using on-chain protocol revenue data verified by blockchain analytics platform Artemis.

Bitcoin exclusion rationale

• ▪Pantera Capital stated that Bitcoin was also excluded because institutional allocators typically already have Bitcoin exposure through single-asset ETFs.
• ▪The S&P Pantera Digital Asset Index excludes Bitcoin because the network does not generate protocol-level revenue in the manner required by the index's criteria.
• ▪The S&P Pantera Digital Asset Index also excludes XRP and meme coins from its selection.

Top five index holdings

• ▪Pantera Capital confirmed that the decentralized lending protocol Aave is among the 18 constituents included in the index.
• ▪The five largest holdings of the S&P Pantera Digital Asset Index at launch are Ether, BNB, Solana, TRON, and Hyperliquid.
• ▪The combined annualized revenue of all 18 protocols in the S&P Pantera Digital Asset Index exceeded $3 billion over the previous two quarters.

Institutional crypto allocation gap

• ▪Pantera Capital cited data showing that while major firms recommend a 1% to 4% digital asset allocation, 89% of family offices surveyed by J.P. Morgan Private Bank held no digital assets.
• ▪An EY survey cited by Pantera Capital indicates that 60% of institutions prefer gaining crypto exposure through registered investment products rather than directly on-chain.