S&P Dow Jones Indices and Pantera Capital have launched a digital asset index that tracks blockchain networks and protocols based on protocol revenue, marking a shift away from crypto benchmarks built around market capitalization or token prices.

The index draws from the S&P Cryptocurrency Broad Digital Asset Index, but only includes assets that meet minimum protocol revenue, market capitalization and liquidity thresholds. Eligible networks are then ranked by total protocol revenue from the previous two quarters and weighted by adjusted market capitalization, with the largest share capped at 35% and other components typically capped at 20%. The index is rebalanced quarterly.

According to announcement from companies, the benchmark is intended for institutional allocation and can serve as a basis for investment products or as a reference point for actively managed digital asset portfolios. S&P said the principles-based framework aims to distinguish established blockchain activity from speculative exposure.

The index launched with 18 components, including Ether (ETH), BNB (BNB), Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) as the top five holdings, as indexed by S&P Dow Jones Indexes blog post. The blog identified Bitcoin (BTC) and XRP (XRP) as the largest non-constituents compared to the S&P Cryptocurrency Broad Digital Asset Index, reflecting its revenue-based protocol selection methodology.

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The launch also builds on the broader expansion of S&P Dow Jones Indices into digital asset benchmarks. Last October, the index provider launched the S&P Digital Markets 50 Index, which combines 15 cryptocurrencies with 35 publicly traded companies associated with the cryptocurrency ecosystem.

Source: Trona DAO

Asset managers expand their cryptocurrency index offerings

The debut follows a broader industry push to develop institutional benchmarks for digital assets as classic financial firms expand their cryptocurrency offerings and tokenized assets gain popularity.

On February 14, 2025, Hashdex launched the Nasdaq Crypto Index US ETF, the first multi-asset cryptocurrency spot fund in the United States. Six days later, Franklin Templeton launched the Franklin Crypto Index ETF, a market capitalization-weighted fund tracking Bitcoin and Ether via the US CF Institutional Digital Asset Index.

This trend continued in April when MarketVector Indexes and Coinbase Asset Management launched the Coinbase Store of Value Index, a benchmark combining Bitcoin and tokenized gold using an inverse volatility weighting model to provide diversified asset exposure.

In December, Bitwise chief investment officer Matt Hougan said that “cryptocurrency index funds will be important in 2026” as the market becomes more complicated and investors want broader exposure to digital assets. He argued that predicting which blockchain networks will prove to be long-term winners is becoming increasingly complex, making diversified index products a practical way to gain market exposure.

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