S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a brand new benchmark that selects digital belongings utilizing income, market dimension and liquidity measures.
The corporations introduced the product on July 21, whereas S&P index supplies checklist July 20 as its official launch date. The index presently holds 18 digital belongings and targets institutional traders looking for a structured approach to observe a broader a part of the crypto market, in line with the official announcement.
The 5 largest constituents are Ether ($ETH), $BNB, Solana ($SOL), TRON ($TRX) and Hyperliquid ($HYPE), in line with S&P Dow Jones Indices. The choice offers the benchmark a unique profile from crypto merchandise that focus closely on Bitcoin or rank belongings primarily by market capitalization. S&P says the index focuses on protocols that present recurring financial exercise by means of protocol-level income.
@SPDJIndices and Pantera Capital have launched the S&P Pantera Digital Asset Index, designed to function a benchmark for institutional traders looking for a extra disciplined and structured method to digital asset allocation.
By specializing in high quality and real-world utility, the… pic.twitter.com/3RIzqgkbZZ
— S&P International (@SPGlobal) July 21, 2026
Income guidelines form the S&P Pantera Digital Asset Index
The index begins with belongings from the S&P Cryptocurrency Broad Digital Asset Index after which applies a number of eligibility assessments. New constituents will need to have a market capitalization above $500 million and meet a liquidity ratio above 0.5. Current constituents obtain a decrease $250 million market-cap threshold. The screening course of then narrows the eligible universe to belongings that meet the benchmark’s financial exercise necessities.
After the preliminary screening, the index ranks eligible belongings by income generated over the earlier two quarters. It provides belongings till the chosen group represents 99% of the eligible universe’s complete income. S&P makes use of knowledge from Artemis to measure protocol-level income. The index then weights constituents by adjusted market capitalization, whereas limiting the biggest holding to 35% and each different holding to twenty% at every rebalance.
Cathy Clay, CEO of S&P Dow Jones Indices, stated the corporate constructed the benchmark round “utilizing a fundamentals-driven, economics-based framework constructed for diversified portfolios.” The construction permits the index to function a benchmark for lively methods and as a doable base for future index-linked funding merchandise. S&P additionally states that protocol income acts as a rules-based measure of financial exercise quite than a forecast of future investor returns.
$ETH, $BNB and $SOL lead the 18-token basket
The present high holdings present how the income display screen modifications the composition of a broad crypto benchmark. Ether sits among the many largest constituents alongside $BNB and $SOL, whereas $TRX and $HYPE full the highest 5. The basket subsequently contains smart-contract platforms and buying and selling infrastructure that generate measurable exercise throughout their networks.
The method additionally locations much less weight on token recognition alone. Dan Morehead, Pantera Capital’s founder and managing accomplice, stated “the largest friction level in crypto hasn’t modified; it’s understanding easy methods to allocate.” Pantera contributed digital-asset analysis and governance expertise to the challenge, whereas S&P provided its index design and administration framework.
The launch follows different strikes by S&P Dow Jones Indices to develop its digital-asset merchandise. As beforehand reported by crypto.information, S&P introduced plans for the S&P Digital Markets 50 Index in 2025, combining 15 cryptocurrencies with 35 crypto-linked public corporations. That product takes a wider ecosystem method, whereas the brand new Pantera index narrows its choice round recurring protocol income and financial exercise.
Institutional crypto benchmarks proceed to develop
Different monetary market operators have additionally launched basket-based crypto merchandise for skilled traders. As crypto.information reported in June, CME Group launched Nasdaq CME Crypto Index futures tied to eight main digital belongings. The cash-settled contract offers traders a regulated approach to acquire or hedge publicity to a number of cryptocurrencies with out holding every underlying token immediately.
In the meantime, S&P has continued work that connects established benchmarks with blockchain infrastructure. As crypto.information reported in April, S&P Dow Jones Indices and Kaiko introduced plans to carry the iBoxx U.S. Treasury index onto the Canton Community. The challenge goals to help index-linked merchandise by means of on-chain index knowledge, licensing phrases and entry controls.
The S&P Pantera Digital Asset Index provides one other mannequin to this rising set of benchmark merchandise. Relatively than constructing the basket round market capitalization alone, it makes use of income and liquidity screens earlier than assigning capped market-cap weights. Its 18-token composition and present high holdings place $ETH, $BNB, $SOL, $TRX and $HYPE on the middle of the benchmark at launch.
S&P says the index can act as a reference level for lively managers and potential index-linked merchandise. Nonetheless, traders can’t make investments immediately in an index, and third events would individually challenge any funding merchandise primarily based on the benchmark. The index’s composition can even change at future rebalances as belongings meet or fall exterior its choice guidelines.
