Overview
- S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, which began trading as a live benchmark after a July 21 announcement and holds 18 tokens.
- Selection uses a fundamentals-first screen that ranks assets by protocol revenue over the prior two quarters, with revenue measured by Artemis and additions made until 99% of eligible-universe revenue is covered.
- The index applies market-cap and liquidity minimums (new entrants $500 million, existing constituents $250 million, liquidity ratio >0.5), then weights by adjusted market capitalization with a 35% cap on the largest holding and 20% caps on others at each quarterly rebalance.
- Bitcoin and XRP were excluded because they do not meet the index’s rule that a protocol must generate recurring revenue and return some of it to token holders, while Ether, BNB, Solana, TRON and Hyperliquid are the five confirmed largest positions.
- S&P says the benchmark is intended as an institutional reference and a basis for future index-linked products, meaning third parties would need to create investable funds or instruments that could direct capital toward revenue-generating networks.