S&P and Pantera launch revenue-focused crypto benchmark

The index screens tokens by requiring a minimum market capitalization of $500 million for new entrants, alongside a liquidity ratio exceeding 0.5. By sourcing protocol-level revenue data from Artemis, the methodology identifies assets that show recurring economic utility rather than mere speculative popularity. Once eligible assets are identified, the index weights them by adjusted market capitalization, capping the largest holding at 35% and others at 20% to prevent single-asset dominance.

Currently, the basket is led by Ether (ETH), BNB, Solana (SOL), TRON (TRX), and Hyperliquid (HYPE). Cathy Clay, CEO of S&P Dow Jones Indices, noted that the framework is built for diversified portfolios, potentially serving as a foundation for future index-linked investment products. While the benchmark provides a reference for active managers, it does not allow for direct investment, requiring third-party issuers to develop secondary financial products based on its structure.

This partnership combines Pantera Capital’s research expertise with S&P’s administrative standards. The launch marks another step in the institutionalization of crypto benchmarks, following the firm's earlier expansion into crypto-linked equities and blockchain-based treasury data. By focusing on fundamental economic metrics, the index offers a distinct alternative to traditional crypto trackers that rely exclusively on token supply and price movement.