S&P Pantera Index Screens Crypto Assets by On-Chain Revenue

The crypto market's structural friction with institutional capital is the lack of a benchmark that screens for underlying asset quality. S&P Dow Jones Indices and Pantera Capital are launching the S&P Pantera Digital Asset Index to address it. The index uses data from Artemis and screens digital assets by on-chain revenue and economic utility rather than market capitalization, the firms said.

Tokens that lack verifiable economic activity, including most memecoins and purely speculative projects, do not qualify. The index applies the same governance standards as an S&P 500 sector index, the companies said.

For projects with measurable fee generation and an active user base, the index creates a path to institutional portfolios. Pantera said a transparent, utility-weighted benchmark is a prerequisite for exchange-traded products.

Neither firm outlined a timeline for products tied to the index. The index will be rebalanced quarterly, the firms said.