S&P Dow Jones and Pantera debut revenue-screened digital asset index

A fundamentals-based crypto benchmark

According to the companies, the index uses a rules-based methodology intended to bring more structure to digital asset allocation. Only tokens and companies that show real-world use and generate revenue are eligible. The approach excludes meme coins as well as Bitcoin, despite Bitcoin’s dominant market position, because the screen is not built around size or momentum.

S&P Dow Jones Indices said the goal is to give investors a benchmark grounded in economics and supported by onchain data. The framework is meant to resemble the discipline of traditional market indices rather than the looser, market-cap-driven baskets often used in crypto.

Launch constituents and weighting

The index debuts with 18 constituents. Those holdings are weighted by float-adjusted market capitalization, a method commonly used in mainstream equity benchmarks. Among the initial names included are Hyperliquid, Solana, and Aave.

Pantera said the starting basket represents projects that, across the trailing two quarters, generated more than $3 billion in annualized revenue. The firms present that figure as evidence that the index is meant to capture protocols and digital asset businesses with established economic activity rather than purely speculative interest.

How the screening works

Pantera said the eligibility model was inspired by the S&P 500’s financial viability requirement, which calls for four straight quarters of positive GAAP earnings. In the digital asset version, the equivalent test is consecutive quarters of positive protocol revenue above a minimum threshold.

That revenue must also be validated through onchain data. In addition, the methodology requires evidence that value accrues to tokenholders. The article says that can take the form of buybacks, staking yields net of inflation, distributions, or tokenholder-controlled treasuries.

This structure is intended to separate projects with functioning economic models from tokens whose valuations may be driven more by narrative or trading activity than by revenue generation.

Potential products still under discussion

While the new index is live, no exchange-traded fund or other tracking product has been launched so far. Pantera said it sees the benchmark as a base for future investment products and has started discussions with asset managers about ETFs and other vehicles linked to the index.

The firm is also in talks with financial data providers about wider adoption, with the aim of positioning the benchmark as a flagship reference point for the sector. Those plans remain prospective, and the article does not indicate that any product approvals or formal launches have yet taken place.

The launch reflects a broader effort to frame parts of the digital asset market using standards more familiar to institutional investors. By centering revenue, onchain verification, and tokenholder value accrual, S&P Dow Jones Indices and Pantera are presenting the index as a more selective alternative to broad crypto market gauges.