S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new benchmark that selects digital assets using revenue, market size and liquidity measures.
Summary
- S&P and Pantera launched an 18-token index focused on revenue-generating digital assets for institutional investors.
- ETH, BNB, SOL, TRX and HYPE rank as the index’s five largest confirmed current holdings.
- The benchmark screens tokens by revenue, liquidity and market size before applying capped market-cap weightings.
The firms announced the product on July 21, while S&P index materials list July 20 as its official launch date. The index currently holds 18 digital assets and targets institutional investors seeking a structured way to track a broader part of the crypto market, according to the official announcement.
The five largest constituents are Ether (ETH), BNB, Solana (SOL), TRON (TRX) and Hyperliquid (HYPE), according to S&P Dow Jones Indices. The selection gives the benchmark a different profile from crypto products that concentrate heavily on Bitcoin or rank assets mainly by market capitalization. S&P says the index focuses on protocols that show recurring economic activity through protocol-level revenue.
Revenue rules shape the S&P Pantera Digital Asset Index
The index starts with assets from the S&P Cryptocurrency Broad Digital Asset Index and then applies several eligibility tests. New constituents must have a market capitalization above $500 million and meet a liquidity ratio above 0.5. Existing constituents receive a lower $250 million market-cap threshold. The screening process then narrows the eligible universe to assets that meet the benchmark’s economic activity requirements.
After the initial screening, the index ranks eligible assets by revenue generated over the previous two quarters. It adds assets until the selected group represents 99% of the eligible universe’s total revenue. S&P uses data from Artemis to measure protocol-level revenue. The index then weights constituents by adjusted market capitalization, while limiting the largest holding to 35% and every other holding to 20% at each rebalance.
Cathy Clay, CEO of S&P Dow Jones Indices, said the company built the benchmark around “using a fundamentals-driven, economics-based framework built for diversified portfolios.” The structure allows the index to serve as a benchmark for active strategies and as a possible base for future index-linked investment products. S&P also states that protocol revenue acts as a rules-based measure of economic activity rather than a forecast of future investor returns.
ETH, BNB and SOL lead the 18-token basket
The current top holdings show how the revenue screen changes the composition of a broad crypto benchmark. Ether sits among the largest constituents alongside BNB and SOL, while TRX and HYPE complete the top five. The basket therefore includes smart-contract platforms and trading infrastructure that generate measurable activity across their networks.
The approach also places less weight on token popularity alone. Dan Morehead, Pantera Capital’s founder and managing partner, said “the biggest friction point in crypto hasn’t changed; it’s knowing how to allocate.” Pantera contributed digital-asset research and governance experience to the project, while S&P supplied its index design and administration framework.
The launch follows other moves by S&P Dow Jones Indices to expand its digital-asset products. As previously reported by crypto.news, S&P announced plans for the S&P Digital Markets 50 Index in 2025, combining 15 cryptocurrencies with 35 crypto-linked public companies. That product takes a wider ecosystem approach, while the new Pantera index narrows its selection around recurring protocol revenue and economic activity.
Institutional crypto benchmarks continue to expand
Other financial market operators have also introduced basket-based crypto products for professional investors. As crypto.news reported in June, CME Group launched Nasdaq CME Crypto Index futures tied to eight major digital assets. The cash-settled contract gives investors a regulated way to gain or hedge exposure to several cryptocurrencies without holding each underlying token directly.
Meanwhile, S&P has continued work that connects established benchmarks with blockchain infrastructure. As crypto.news reported in April, S&P Dow Jones Indices and Kaiko announced plans to bring the iBoxx U.S. Treasury index onto the Canton Network. The project aims to support index-linked products through on-chain index data, licensing terms and access controls.
The S&P Pantera Digital Asset Index adds another model to this growing set of benchmark products. Rather than building the basket around market capitalization alone, it uses revenue and liquidity screens before assigning capped market-cap weights. Its 18-token composition and current top holdings place ETH, BNB, SOL, TRX and HYPE at the center of the benchmark at launch.
S&P says the index can act as a reference point for active managers and potential index-linked products. However, investors cannot invest directly in an index, and third parties would separately issue any investment products based on the benchmark. The index’s composition can also change at future rebalances as assets meet or fall outside its selection rules.
