Index provider S&P Dow Jones Indices and crypto investment firm Pantera Capital have launched a new cryptocurrency index that emphasises real-world use and profitability.

On July 23 (local time), blockchain media outlet Coinpost reported that the new index selects constituents based on actual service use and revenue generation, rather than price momentum or a preference for meme coins.

The index is called the S&P-Pantera Digital Asset Index. The two companies presented it as a benchmark for institutional investors seeking to allocate capital to digital assets in a more systematic and planned way. They also said it places greater weight on whether tokens or related services are actually being used and creating economic value, rather than short-term trends or speculative demand.

The index consists of 18 constituents. According to its official documentation, the top five are Ethereum, BNB, Solana, Tron (TRON) and Hyperliquid. It was designed to select digital assets with strong fundamentals and to focus on practical utility and economic value rather than short-term trends or speculation.

The two companies said the index could be used as a benchmark for new investment products in the future, beyond serving as a simple reference indicator. They also explained it could be used by asset managers actively adopting digital assets as a standard for evaluating the blockchain and digital asset market more transparently and systematically.

S&P Global explained that the launch shows a new stage for the digital asset market. It said the market is maturing, blockchain use cases are beginning to prove broader value, and clearer regulation in major markets is improving conditions for institutional participation. S&P Dow Jones Indices CEO Cash Clay said of the collaboration with Pantera Capital, "We will help investors focus on fundamentals in a very fast-moving asset class."

Dan Morehead (댄 모어헤드), founder of Pantera Capital, pointed to allocation methods as a continuing key challenge. He said, "The biggest obstacle in the crypto market is still the capital allocation structure," and "The key to solving it lies in knowing how to allocate capital." He also said, "This is a very important time for digital assets, and we developed this index to help identify which digital assets and infrastructure are actually important."

The index launch also aligns with a push to improve access for institutional investors. The two companies said they aim to broaden the framework for judging digital asset investments by presenting criteria based on real-world use and profitability, rather than chasing market popularity or concentration in specific assets. As a result, attention is expected to focus on how widely the index will be adopted as a benchmark for actual investment products and whether it will become a standard for decisions on institutional inflows.

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