XRP and Bitcoin are left out as S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new benchmark for institutional investors.
The index focuses on blockchain protocols that generate revenue through network activity. The benchmark tracks 18 digital assets, with Ethereum, BNB, Solana, Tron, and Hyperliquid among its largest holdings.
According to S&P Dow Jones Indices CEO Catherine Clay, the index uses principles similar to traditional equity benchmarks. It evaluates factors such as protocol revenue, liquidity, listing requirements, and operational maturity.
XRP and Bitcoin Excluded From Revenue-Based Index
During an interview with CNBC, Clay said Bitcoin was excluded because it does not operate as a revenue-generating protocol, even though it meets other eligibility requirements.
While she did not specifically discuss XRP, the index methodology also leaves it out because it does not meet the revenue-generation requirement.
Rather than tracking the largest cryptocurrencies by market capitalization, the index focuses on blockchain networks that generate revenue from actual protocol usage. It does not include returns generated through staking yields or other investment mechanisms.
New Benchmark Aims at Institutional Investors
S&P said the index seeks to give institutional investors and asset managers a trusted benchmark for the digital asset market. The methodology draws inspiration from traditional equity indexes, including benchmarks such as the S&P 500.
Notably, the market-cap-weighted index will be rebalanced every quarter. To reduce concentration risk, the largest asset is limited to a 35% weighting. Other assets cannot exceed a 20% allocation.
Clay said S&P developed the methodology with Pantera Capital. The index measures how blockchain protocols generate revenue from real network activity rather than from staking rewards or investment returns.
Index Focuses on Revenue, Not Crypto Market Size
The exclusion of XRP and Bitcoin reflects the index’s specific goal rather than a view on their market position or adoption.
Both assets remain among the largest cryptocurrencies by market capitalization. However, they fall outside the benchmark’s focus on protocol-generated revenue.
The launch provides another institutional reference point for digital assets. It gives investors an alternative to broad market-cap-based crypto indexes by highlighting blockchain networks with measurable operating revenue.
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