First Crypto Index From S&P: What It Includes, Excludes, and Why It Matters
Key Insights:
- For the first time, the S&P Pantera crypto index ranks blockchain networks based on their fundamentals.
- BTC and XRP are excluded from the index because they do not generate protocol revenue. That’s a requirement of the index’s methodology.
The world’s most recognized index provider, S&P, just signalled a green flag to the crypto market through its new crypto index. It ranks blockchain networks by revenue, just like equity analysts rank listed businesses.
S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index on July 20, 2026. The crypto index selects and weights its constituents based on protocol revenue. This revenue is generated from their actual economic activity rather than their market capitalization or price momentum.
It has launched with 18 constituents and is especially designed for institutional capital allocation. It can support investment products including ETFs and index funds in the future.
What This Crypto Index Actually Measures?
Most crypto indexes weigh their constituents by market value, giving more weight to larger tokens. That means price movements and recognition sometimes matter more than the actual underlying fundamentals. It puts memecoins and real infrastructure projects in the same index.
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