S&P and Pantera launched a crypto index sorted by protocol revenue, not market cap. Ether, BNB, Solana, TRON and Hyperliquid lead the 18 constituents.
S&P Dow Jones Indices and Pantera Capital launched a digital asset index that sorts blockchain networks by protocol revenue, not market cap or token price.
The index picks from the S&P Cryptocurrency Broad Digital Asset Index but only keeps assets that clear minimum thresholds for protocol revenue, market capitalization and liquidity. Eligible networks are ranked by aggregate protocol revenue over the prior two quarters and weighted by adjusted market cap. The largest holding cannot exceed 35%; the rest are generally capped at 20%. S&P rebalances the index quarterly.
S&P said the benchmark is meant for institutional allocation and could underpin investment products or serve as a reference for actively managed digital asset portfolios. The rules-based design separates established blockchain activity from speculative exposure, the companies said in an announcement.
The index launched with 18 constituents. Ether (ETH), BNB (BNB), Solana (SOL), TRON (TRX) and Hyperliquid (HYPE) are the five largest, according to an S&P Dow Jones Indices Indexology blog post. The blog named Bitcoin (BTC) and XRP (XRP) as the biggest non-constituents compared with the S&P Cryptocurrency Broad Digital Asset Index, a gap that reflects the protocol-revenue filter.
S&P has been expanding into digital asset benchmarks. Last October it introduced the S&P Digital Markets 50 Index, which mixes 15 cryptocurrencies with 35 publicly traded companies tied to the crypto ecosystem.
The launch follows a broader push for institutional-grade crypto benchmarks as traditional finance firms add digital asset offerings and tokenized products grow. Hashdex launched the Nasdaq Crypto Index US ETF on Feb. 14, 2025, the first multi-asset spot crypto ETF in the United States. Franklin Templeton followed six days later with the Franklin Crypto Index ETF, a market-cap-weighted fund tracking Bitcoin and Ether through the US CF Institutional Digital Asset Index.
In April, MarketVector Indexes and Coinbase Asset Management launched the Coinbase Store of Value Index, combining Bitcoin and tokenized gold with an inverse-volatility weighting model.
Bitwise chief investment officer Matt Hougan said in December that "crypto index funds are going to be a big deal in 2026" as the market gets more complex and investors seek broader exposure. Predicting which blockchain networks become long-term winners is getting harder, he argued, making diversified index products a practical way to gain market exposure.
Related: Crypto Derivatives Volume Dwarfs Spot 4.4x, Cboe Report Says
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.