S&P Launches Revenue-Based Crypto Index Weighing ETH, SOL, BNB

S&P Dow Jones Indices and Pantera Capital are betting that institutional investors will judge crypto assets by business fundamentals rather than price momentum.

The two firms launched the S&P Pantera Digital Asset Index (SPPDA) on July 21, an 18-constituent benchmark that selects digital assets based on the revenue generated by their underlying blockchain networks. The index weights constituents by adjusted market capitalization.

Ether (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE) are the five largest current holdings, according to the index brochure. Pantera did not disclose the full list of 18 constituents in launch materials.

The SPPDA builds on the existing S&P Cryptocurrency Broad Digital Asset Index, filtering for protocols that generated positive revenue in the previous two fiscal quarters. Eligible assets must meet a minimum market capitalization of $500 million and a liquidity ratio above 0.5. Meme coins and inactive projects are excluded.

Each asset's weight is based on its adjusted market capitalization. The largest holding is capped at 35%, and all other holdings are capped at 20%. The index rebalances quarterly, effective after the close on the third Friday of March, June, September, and December.

Lukka Inc. provides pricing and reference data. Artemis Analytics supplies the revenue and supply data used in the selection process.