S&P Dow Jones Indices, in collaboration with Pantera Capital, has officially launched a fundamental digital asset benchmark designed to track blockchain networks based on protocol revenue. Moving away from traditional crypto benchmarks anchored strictly by market capitalization or token price momentum, the newly debuted index evaluates networks on their economic productivity and cash-flow viability.
Derived from the broader S&P Cryptocurrency Broad Digital Asset Index, the rules-based framework filters assets through strict minimum thresholds regarding protocol revenue, market capitalization, and market liquidity. Qualifying networks are subsequently ranked by aggregate protocol revenue over the preceding two quarters and weighted by adjusted market capitalization. To enforce portfolio diversification, single-asset holdings are capped at a maximum weight of 35%, with secondary constituents capped at 20% during quarterly rebalancings.
The benchmark debuts with 18 initial constituents. Ether (ETH), BNB, Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) represent its top five holdings. Notably, mega-cap digital assets, including Bitcoin (BTC) and XRP, were excluded from the benchmark due to the selection methodology’s emphasis on protocol-level cash generation. Institutional creators intend for the index to serve as a reference point for actively managed portfolios and structured financial products, distinguishing utility-driven protocols from speculative market assets.
Maturing Market Infrastructure and Index Competition
The launch expands S&P Dow Jones Indices’ ongoing footprint within institutional digital asset products. The firm previously rolled out its S&P Digital Markets 50 Index, which blends 15 cryptocurrencies alongside 35 equities tied directly to the digital asset ecosystem.
The debut arrives amid a broader industry push toward multi-asset crypto products.
In February 2025, Hashdex launched the Nasdaq Crypto Index US ETF, establishing the first multi-asset spot crypto ETF in the United States. In the same month, Franklin Templeton debuted the Franklin Crypto Index ETF, tracking market-cap-weighted exposures to Bitcoin and Ether.
A year later, MarketVector Indexes and Coinbase Asset Management introduced the Coinbase Store of Value Index, utilizing inverse-volatility weighting to blend Bitcoin with tokenized gold.
As Bitwise Chief Investment Officer Matt Hougan observed, index vehicles are becoming vital tools for market participants navigating an increasingly complex, multi-chain landscape. By filtering for fundamental performance indicators, the revenue-screened benchmark provides institutional allocators with a structured methodology to capture blockchain value creation.
