S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a benchmark for institutional investors seeking a more disciplined and structured approach to digital asset allocation, the index provider said in a press release published Tuesday.
The index screens for fundamentals rather than size or momentum. It "only includes tokens and companies that show real-world use and generate actual revenue," and, unlike many crypto indexes, excludes meme coins and Bitcoin, according to the release. S&P framed the approach as a rules-based method similar to traditional finance benchmarks.
The index launches with 18 constituents weighted by float-adjusted market cap, Pantera said in its July Blockchain Letter. Those constituents had over $3 billion of annualized revenue in the trailing two quarters, and include Hyperliquid, Solana, and Aave, the firm said.
Pantera modeled the screen on the S&P 500's financial viability criterion, which requires four consecutive quarters of positive GAAP earnings. The digital asset version requires consecutive quarters of positive protocol revenue subject to a minimum threshold, verified by onchain data from Artemis, an onchain data provider, plus confirmation that revenue accrues to tokenholders through buybacks, staking yields net of inflation, distributions, or tokenholder-controlled treasuries.
