S&P launches blockchain fundamentals index for digital assets
S&P Dow Jones Indices and Pantera Capital launched a digital asset index that selects blockchain networks and protocols based on protocol revenue, shifting away from benchmarks centered on market cap or token price. The index starts from the S&P Cryptocurrency Broad Digital Asset Index, then filters for minimum revenue, market cap, and liquidity. Constituents are ranked by protocol revenue from the prior two quarters and weighted by adjusted market cap, with caps of 35% for the largest holding and about 20% for others. It rebalances quarterly. The benchmark is aimed at institutional use and could support investment products or active portfolio management. It launched with 18 constituents; Ether, BNB, Solana, TRON, and Hyperliquid are the top five. Bitcoin and XRP were the largest excluded names relative to the broader crypto index, reflecting the revenue-based methodology. The launch fits a wider trend of firms creating institutional crypto benchmarks and index products as digital asset investing expands.
