S&P, Pantera Launch Index Tracking Protocol Revenue

S&P Dow Jones Indices and Pantera Capital launched a digital asset index that ranks blockchain networks by protocol revenue and assigns weights using adjusted market capitalization. The index aims to reflect on-chain economic activity rather than rely solely on token price or simple market-cap measures.

The index uses the S&P Cryptocurrency Broad Digital Asset Index as its starting universe but includes only networks that meet minimum thresholds for protocol revenue, market capitalization and liquidity. Eligible networks are ranked by aggregate protocol revenue over the previous two quarters. Constituents receive weights based on adjusted market capitalization, with a single-constituent cap of 35% and general caps around 20% for other holdings. Rebalancing occurs quarterly.

At launch the index included 18 constituents. The five largest holdings were Ether, BNB, Solana, TRON and Hyperliquid. Bitcoin and XRP were among the largest omissions relative to the broader S&P digital-asset benchmark, a result of the revenue-based selection criteria.

The protocol revenue measure aggregates fees and other on-chain income across the two preceding quarters. The announcement from the firms notes the index is designed for institutional allocation and may be licensed for exchange-traded products or used as a performance reference for active managers.

The launch follows industry activity earlier in the year as asset managers and index providers introduced new crypto benchmarks and ETFs. Hashdex launched the Nasdaq Crypto Index US ETF on Feb. 14, 2025, followed six days later by Franklin Templeton’s Franklin Crypto Index ETF. In April, MarketVector Indexes and Coinbase Asset Management introduced an index that combines Bitcoin and tokenized gold.

Bitwise chief investment officer Matt Hougan predicted, “crypto index funds are going to be a big deal in 2026,” saying diversified index products can help investors when identifying long-term winners among blockchain networks is difficult.

The index builds on S&P Dow Jones Indices’ recent expansion into digital asset benchmarks, including the S&P Digital Markets 50 Index introduced last October, which combined cryptocurrencies and publicly traded companies tied to the crypto ecosystem.