Standard & Poor's and Pantra Capital jointly launch a negotiated revenue digital asset index coveri

S & P and Pantera Capital launch a digital asset index based on protocol revenue, covering 18 tokens

S & P Dow Jones Indices and Pantera Capital have jointly launched a new digital asset index that focuses on tracking blockchain networks and protocols based on protocol revenue. This approach marks a major shift from traditional cryptocurrency benchmarks that rely on market cap or token price.

Agreed revenue as a core indicator

The index is derived from the S & P Cryptocurrency Broad Digital Assets Index and sets minimum screening thresholds for assets for agreed revenue, market value and liquidity. Assets that meet the conditions will be ranked by total agreed revenue over the past two quarters. The final composition is weighted based on adjusted market value, with a maximum weight limit of 35% for the largest position and a maximum weight limit of 20% for most other constituent stocks. The index is rebalanced quarterly.

Standard & Poor's Dow Jones Indices and Pantera Capital said the benchmark is open to institutional investors and can be used as a basis for investment products or as a reference for actively managed portfolios. According to S & P, the index's rules-based structure aims to distinguish mature blockchain activity from more speculative digital assets.

The index's methodology prioritizes blockchain networks with significant protocol revenue and aims to expose investors to projects that generate substantial economic activity rather than just speculative value.

Constituent stocks and methodology

At launch, the index contained 18 digital assets, with Ethereum (ETH), BNB (BNB), Solana (SOL), TRON (TRX) and Hyperliquid (HYPE) being the largest positions. Bitcoin (BTC) and Ripple (XRP), while ranking high in the broader S & P cryptocurrency broad digital assets index, are excluded due to agreement revenue screening criteria.

(The following is a textual description of the table content: )

Index Name: S & P Digital Assets Index
Number of Components: 18 Tokens
Maximum Positions: ETH, BNB, SOL, TRX, HYPE
Weighting Method: Adjusted Market Value, Cap 35%

Index Name: S & P Cryptocurrency Broad Digital Assets Index
Number of Components: Wider options
Maximum positions: including BTC, XRP
Weighting method: Market capitalization

The latest trends in digital asset benchmarks

This release further expands the deployment of S & P Dow Jones Indices in the crypto space. In October last year, the index provider launched the S & P Digital Markets 50 Index, which mixes 15 cryptocurrencies and 35 listed companies involved in the crypto space.

This latest index is part of a growing industry trend to create institutional digital asset benchmarks. As traditional financial institutions continue to expand their crypto products and tokenized assets become increasingly popular, the demand for reliable indicators continues to increase.

Earlier this year, Hashdex launched the Nasdaq Crypto Index U.S. ETF, the first multi-asset spot crypto ETF in the United States. Franklin Templeton followed suit, launching his own index fund, which provides exposure to Bitcoin and Ethereum on a market-weighted basis.

In April this year, MarketVector Indexes and Coinbase Asset Management jointly released the Coinbase Value Storage Index. The new benchmark combines Bitcoin and tokenized gold, using reverse volatility weighting to obtain diversified exposure.

Matt Hougan, chief investment officer of Bitwise, pointed out in December last year that crypto index funds are expected to achieve significant growth in 2026. Hougan believes that as the asset class matures and becomes more complex, diversified index products will become more attractive to investors who want to gain exposure to digital assets but do not want to try to pick individual winners.

Given the rapid development of blockchain networks and the uncertainty of long-term leaders, diversified index products may appeal to investors seeking broader market exposure.