S&P and Pantera Launch New Index Ranking Crypto by Protocol Revenue

S&P Dow Jones Indices and Pantera Capital have introduced a digital asset index that ranks blockchain networks by protocol revenue instead of market capitalization, offering investors a different way to measure crypto exposure.

How the Index Works

The benchmark pulls from the S&P Crypto Broad Digital Asset Index but only includes assets meeting minimum thresholds for protocol revenue, market cap and liquidity. Networks are ranked by revenue generated over the previous two quarters, then weighted by adjusted market cap, with the top holding capped at 35% and others generally capped at 20%. The index rebalances every quarter.

Built for Institutional Use

S&P said the rules-based approach is meant to separate genuine blockchain activity from speculative trading, and the index may serve as a base for investment products or a reference point for actively managed portfolios.

The index launched with 18 constituents. Ether, BNB, Solana, TRON and Hyperliquid make up the five largest holdings. Bitcoin and XRP are notably absent, ranking as the biggest exclusions compared with the broader S&P crypto benchmark.

Part of a Wider Industry Trend

The launch follows S&P’s October debut of the Digital Markets 50 Index and comes as firms like Hashdex, Franklin Templeton and MarketVector roll out competing crypto index products for institutional investors.