S&P, Pantera Launch Revenue-Screened Digital Asset Index

Most crypto benchmarks rank tokens by market capitalization or price performance, offering limited insight into whether their underlying networks generate sustainable economic activity. S&P Dow Jones Indices and Pantera Capital created the S&P Pantera Digital Asset Index to apply an equity-style fundamentals test to blockchain protocols. Eligible assets must post consecutive quarters of positive protocol revenue and demonstrate that value reaches tokenholders through mechanisms such as buybacks, distributions, net-of-inflation staking yields or tokenholder-controlled treasuries.

The benchmark launched on July 20, 2026, and was announced on July 21 with 18 constituents. Ether, BNB, Solana, TRON and Hyperliquid were the five largest holdings, while Bitcoin and XRP were excluded under the revenue-based screen. The constituent protocols generated more than $3 billion in combined annualized revenue over the two most recent quarters, according to Pantera. Artemis supplies onchain data for the eligibility review; after selection, constituents are weighted by float-adjusted market capitalization rather than protocol revenue.