S&P, Pantera Launch Index That Excludes Meme Coins

Dan Morehead, Pantera's founder and managing partner, described the gap the index is meant to fill as the oldest problem in crypto. “The biggest friction point in crypto hasn't changed,” he said. “Investors still struggle with knowing how to allocate.” He said the collaboration was built to identify “which digital assets and infrastructure truly matter” for long-term portfolios. He described the current moment as “a pivotal moment for digital assets,” though he did not specify a catalyst.

The index applies standards closer to what S&P uses for equity and fixed-income benchmarks. Tokens that trade on hype or community sentiment are excluded. The full constituent list has not been published yet, though both firms said the remaining 13 tokens meet the same utility-and-revenue test.

The launch gives fund managers a reference point for new products and active managers a comparison tool. It also marks a shift for S&P Dow Jones Indices, which already runs crypto benchmarks but has not previously partnered with a dedicated crypto fund on a curated index. Cathy Clay said the index is designed for “diversified portfolios.”

The index is live now. S&P has not announced a specific product tied to it yet, though the structure is compatible with ETFs, separate accounts, and derivative-based strategies.