Pantera Capital Unveils New Index Excluding Bitcoin

Pantera Capital has launched a new index to track the crypto market, excluding its largest cryptocurrency. The S&P Pantera Digital Asset Index focuses on revenue-generating digital assets and aims to solve one of the main complaints institutional investors have with investing in cryptocurrency: the lack of compelling index products.

The selection criteria for the index are based on those of the S&P 500, particularly its financial viability requirements. Inclusion requires consecutive quarters of positive protocol revenue, and revenue must accrue to token holders via buybacks, staking, distributions, or token holder-controlled treasuries. Pantera also requires that cryptocurrencies are listed on a regulated exchange and have a circulating market cap of over $500 million ($250 million for existing constituents).

The index started with 18 constituents, including Ethereum, Binance Coin, Solana, TRON, and Hyperliquid as the five largest holdings. Aave is also a confirmed holding. Bitcoin (BTC) and XRP are notable exclusions, as both are top-10 coins.