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S&P and Pantera debut revenue-screened digital asset index

The 18-constituent benchmark excludes Bitcoin and meme coins and requires tokens to clear trailing-two-quarter annualized revenue above $3 billion based on onchain verification.

Reported · Written up by our desk · Market Structure

S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a rules-based benchmark designed for institutional investors that want a more fundamental approach to digital asset allocation, according to a press release published Tuesday by S&P Dow Jones Indices.

The index screens for fundamentals rather than size or momentum. It “only includes tokens and companies” that show real-world use and generate actual revenue, and it excludes meme coins and Bitcoin. Pantera said the index starts with 18 constituents, weighted by float-adjusted market cap, including Hyperliquid, Solana, and Aave.

To qualify, protocols must show over $3 billion of annualized revenue in the trailing two quarters. Pantera modeled the screen on the S&P 500 viability criterion, but adapted it for digital assets, requiring consecutive quarters of positive protocol revenue above a minimum threshold, verified via Artemis onchain data.

Pantera said it will use additional checks to confirm that revenue accrues to tokenholders through mechanisms such as buybacks, staking yields net of inflation, distributions, or tokenholder-controlled treasuries. The index is launching without a tracking product, but Pantera said it has begun discussions with asset managers about creating ETFs and other products and with financial data providers about adopting it as a flagship benchmark.

Latest closeBitcoin $66,247.01 ▲1.6%|Solana $77.83 ▲0.1%|S&P 500 7,533.77 ▼0.5%

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