S&P Dow Jones Indices, Pantera launch fundamentals-based crypto index

S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a cryptocurrency index built around protocol revenue and the economic benefits received by token holders. Rather than selecting assets based only on market overheating or size, the index includes tokens only after checking whether they have sustained quarterly operating profitability above a minimum threshold and whether those earnings are actually passed on to token holders through mechanisms such as buybacks and staking yields excluding inflation-driven rewards. Artemis is responsible for on-chain data verification. The index launched with 18 constituents, with weightings based on market capitalization adjusted for actual circulating supply. The initial basket includes Hyperliquid (HYPE), Solana (SOL), and Aave (AAVE). On an annualized basis, revenue generated over the past two quarters by all included tokens exceeds $3 billion.