S&P Dow Jones Indices (S&P DJI) has launched a cryptocurrency index for institutional investors with crypto-focused investment firm Pantera Capital, based on protocol revenue. Bitcoin (BTC) and XRP were excluded from inclusion even though they are among the top assets by market value, because they do not meet the “protocol revenue” requirement.

Blockchain outlet Decrypt reported on July 23 that S&P Dow Jones Indices and Pantera Capital unveiled the S&P Pantera Digital Asset Index.

Unlike existing crypto indexes built around market value, the new index uses protocol revenue generated from actual network activity as the key inclusion criterion. It covers 18 digital assets. Major constituents include Ethereum (ETH), BNB, Solana (SOL), Tron (TRX) and Hyperliquid (HYPE).

Bitcoin and XRP were excluded. Catherine Clay (캐서린 클레이), CEO of S&P Dow Jones Indices, said in an interview with CNBC, “Bitcoin met the other eligibility requirements, but it is not operated as a revenue-generating protocol.” XRP was not mentioned separately, but it was excluded because it also fails to meet the same criteria under the index methodology.

The index evaluates operating revenue generated by blockchain networks through actual services, rather than simple price gains or market value. It also reflects existing institutional investor standards such as liquidity and listing requirements, and operational maturity, but the core metric is a protocol’s ability to generate tangible revenue. It excludes staking rewards and investment returns from evaluation.

Clay said, “This index measures how blockchain protocols generate revenue through actual network activity, not staking rewards or investment returns.”

The management approach is also designed to minimise concentration in specific assets. It basically uses a market value-weighted approach but conducts quarterly rebalancing. The maximum weight for any single asset is capped at 35 percent, and the rest are each limited to no more than 20 percent.

S&P said the index is intended to provide a reliable cryptocurrency benchmark for institutional investors and asset managers.

It also stressed that excluding Bitcoin and XRP does not mean denying their standing in the market. The two assets remain leading cryptocurrencies by market value, but the index is focused on evaluating operating revenue that networks actually generate, rather than market size.

The industry sees the index as an example showing that institutional investors’ crypto evaluation standards are diversifying from a market value focus toward network usage and profitability. This is driving interest in which blockchain protocols institutional money will use as new investment criteria.