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XRP Brief overview:
The S & P Dow Jones Indices and Pantra Capital have jointly launched a cryptocurrency benchmark with 18 assets that uses negotiated revenue rather than market value as a measure. Bitcoin and Ripple failed to generate agreed revenue. Although their market value reached the standard, they still did not meet the selection criteria. The benchmark is readjusted quarterly, setting a cap on component weights, providing institutional investors with an income-based reference standard rather than investment funds.
Bitcoin and Ripple are excluded
In the newly launched S & P Pantra Digital Assets Index, neither Bitcoin nor Ripple are included because neither cryptocurrency meets the benchmark's negotiated revenue requirements. In a recent CNBC interview, Casey Clay, CEO of S & P Dow Jones Indices, explained that the index uses financial and operational criteria to evaluate blockchain networks, and revenue generation capabilities are one of the key entry conditions.
New S & P Cryptography Index introduces different benchmarks
S & P Dow Jones Indices and Pantra Capital have partnered to launch the S & P Pantra Digital Assets Index as a new benchmark for digital assets. The index does not rank cryptocurrencies based solely on market capitalisation, but rather measures blockchain networks in conjunction with agreement revenue and other institutional investment criteria. Currently, the benchmark tracks 18 digital assets, of which Ethereum, BNB, Solana, wavefield and Hyperliquid are the five most weighted components. The index is designed as a market-weighted benchmark rather than an investment fund, which means it serves as a reference indicator for investors rather than directly holding cryptocurrencies.
In addition, the index has a diversification limit on positions: the weight of the largest component must not exceed 35%, and the upper limit for each remaining asset is 20%. S & P also confirmed that the index will be rebalanced quarterly to ensure its configuration and calculation methods are consistent.
Casey Clay explains why Bitcoin and Ripple are excluded
In an interview with CNBC, Clay said S & P applied similar principles to its stock index when designing the benchmark. Eligible digital assets must meet multiple requirements, including duration, negotiated revenue generation, listing criteria and sufficient market liquidity. Bitcoin and Ripple are not eligible because under the benchmark methodology, they are not revenue-generating agreements. In addition, Clay pointed out that these standards are designed to identify blockchain networks with measurable economic activity, rather than selecting assets based solely on market value or popularity. This approach distinguishes the S & P Pantra Digital Assets Index from benchmarks that track only the largest cryptocurrencies.
This benchmark is not an exchange-traded fund, Clay emphasized that it serves as a performance benchmark for investors and asset managers that evaluates digital assets through standardized methods.
Conclusion
The S & P Pantra Digital Assets Index introduces a new framework for measuring digital assets that emphasizes negotiated revenue while taking into account liquidity, listing standards and operational maturity. Casey Clay made it clear in an interview with CNBC that although Bitcoin and Ripple are still among the largest cryptocurrencies by market capitalisation, they were excluded due to failure to meet the above entry conditions.
