S&P Dow Jones Indices and Pantera launch digital asset benchmark

S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a digital-asset benchmark that selects blockchain networks and protocols using protocol revenue rather than relying primarily on token prices. The index draws from the S&P Cryptocurrency Broad Digital Asset Index, applies minimum thresholds for protocol revenue, market capitalization and liquidity, ranks eligible assets by aggregate protocol revenue over the prior two quarters and weights them by adjusted market capitalization, with quarterly rebalancing and caps of 35% for the largest holding and generally 20% for others. It launched with 18 constituents led by Ether, BNB, Solana, TRON and Hyperliquid; Bitcoin and XRP were identified as the largest non-constituents. Tron separately said its inclusion reflects metrics such as more than 394 million user accounts, over $90 billion in USDT circulation on the network and about $4.5 trillion in USDT transfers so far this year, citing Token Terminal, and pointed to integrations with Anchorage Digital, Securitize and Bitnomial to expand U.S. institutional access.