Blab Crypto
S&P Dow Jones and Pantera Launch Revenue-Based Crypto Index Excluding Bitcoin and XRP
S&P Dow Jones Indices and Pantera Capital announced the launch of the S&P Pantera Digital Asset Index on 20 July 2026. The benchmark tracks 18 digital assets that generate measurable protocol revenue and distribute that income to token holders. Bitcoin (BTC) and XRP (XRP) were omitted because they do not meet the index’s revenue‑distribution criteria.
The index departs from the typical market‑cap weighting used in most crypto indices. Instead, a protocol must first produce recurring revenue for at least four consecutive quarters, and that revenue must be routed to holders through mechanisms such as buy‑backs, token burns, staking payouts or a treasury controlled by holders. The rule mirrors the S&P 500’s requirement that a company post four straight quarters of positive earnings.
According to the S&P Pantera brochure, the 18 tokens that qualified generate more than $3 billion in annual revenue. Solana (SOL) alone is expected to bring in roughly $1.3 billion in 2025, while Ethereum (ETH) is projected to earn about $524 million over the same period. The index weights each token by market value, but caps the largest holding at 35 percent and all others at 20 percent. It is rebalanced quarterly to reflect changes in market value.
The index’s composition is not fully disclosed, but it includes leading protocols such as Ethereum, Binance Coin (BNB), Solana, Tron (TRX), Hyperliquid, and the lending platform Aave. Pantera has begun discussions with asset managers about products that could track the benchmark, but no exchange‑traded fund has been filed yet.
Bitcoin’s exclusion is explained by its revenue structure. While Bitcoin does collect transaction fees, the majority of its income goes to miners as block subsidies and fee revenue. The protocol does not distribute this income to holders, so it fails the second condition of the index. XRP is excluded for a different reason. The XRP Ledger burns a small amount of XRP with each transaction, but the total burn—about 14 million XRP since 2012—amounts to roughly $16 million at current prices, far below the index’s annual revenue threshold. Moreover, the fees generated by cross‑border payments on the XRP Ledger go to Ripple and participating banks, not to holders.
Cathy Clay, who runs S&P Dow Jones Indices, told CNBC that Bitcoin is “not one of those revenue‑generating protocols” the index was built for, and that both Bitcoin and XRP failed the test.
Despite their exclusion from this particular benchmark, Bitcoin and XRP remain covered by other S&P reference indices. The S&P Pantera index is a new tool aimed at investors who want a fundamentals‑driven view of the crypto market, rather than a purely market‑cap‑based one.
The launch has not yet triggered a market reaction. Bitcoin trades around $65,800 and XRP around $1.14, both largely influenced by geopolitical developments such as the U.S.–Iran conflict. The index itself is not investable; it serves as a benchmark that could later underpin ETFs or other structured products.
In summary, the S&P Pantera Digital Asset Index introduces a revenue‑based methodology to crypto benchmarking, excludes the two largest tokens for not distributing revenue to holders, and offers a new framework for evaluating the productive side of the blockchain economy.
The index departs from the typical market‑cap weighting used in most crypto indices. Instead, a protocol must first produce recurring revenue for at least four consecutive quarters, and that revenue must be routed to holders through mechanisms such as buy‑backs, token burns, staking payouts or a treasury controlled by holders. The rule mirrors the S&P 500’s requirement that a company post four straight quarters of positive earnings.
According to the S&P Pantera brochure, the 18 tokens that qualified generate more than $3 billion in annual revenue. Solana (SOL) alone is expected to bring in roughly $1.3 billion in 2025, while Ethereum (ETH) is projected to earn about $524 million over the same period. The index weights each token by market value, but caps the largest holding at 35 percent and all others at 20 percent. It is rebalanced quarterly to reflect changes in market value.
The index’s composition is not fully disclosed, but it includes leading protocols such as Ethereum, Binance Coin (BNB), Solana, Tron (TRX), Hyperliquid, and the lending platform Aave. Pantera has begun discussions with asset managers about products that could track the benchmark, but no exchange‑traded fund has been filed yet.
Bitcoin’s exclusion is explained by its revenue structure. While Bitcoin does collect transaction fees, the majority of its income goes to miners as block subsidies and fee revenue. The protocol does not distribute this income to holders, so it fails the second condition of the index. XRP is excluded for a different reason. The XRP Ledger burns a small amount of XRP with each transaction, but the total burn—about 14 million XRP since 2012—amounts to roughly $16 million at current prices, far below the index’s annual revenue threshold. Moreover, the fees generated by cross‑border payments on the XRP Ledger go to Ripple and participating banks, not to holders.
Cathy Clay, who runs S&P Dow Jones Indices, told CNBC that Bitcoin is “not one of those revenue‑generating protocols” the index was built for, and that both Bitcoin and XRP failed the test.
Despite their exclusion from this particular benchmark, Bitcoin and XRP remain covered by other S&P reference indices. The S&P Pantera index is a new tool aimed at investors who want a fundamentals‑driven view of the crypto market, rather than a purely market‑cap‑based one.
The launch has not yet triggered a market reaction. Bitcoin trades around $65,800 and XRP around $1.14, both largely influenced by geopolitical developments such as the U.S.–Iran conflict. The index itself is not investable; it serves as a benchmark that could later underpin ETFs or other structured products.
In summary, the S&P Pantera Digital Asset Index introduces a revenue‑based methodology to crypto benchmarking, excludes the two largest tokens for not distributing revenue to holders, and offers a new framework for evaluating the productive side of the blockchain economy.
