2 weeks ago
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Key Takeaways
- Bitcoin fails the index’s protocol-revenue screen.
- Revenue must accrue economically to tokenholders.
- Market capitalization still determines position size.
- ETF discussions have started, without filings yet.
The S&P Pantera Digital Asset Index begins with 18 tokens, but Bitcoin is not among them.
The exclusion is not based on Bitcoin’s size, liquidity or institutional acceptance. It follows from what the index is designed to measure. Instead of attempting to represent the entire crypto market, the benchmark tracks protocols that generate recurring revenue and direct economic value toward their tokenholders.
That makes the index less comparable to a broad crypto market basket and closer to a screened portfolio of economically active networks and applications. Ether, BNB, Solana, TRON and Hyperliquid are its five largest constituents at launch, according to the
English (US)