S&P Dow Jones and Pantera launch digital-asset index

S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, a rules-based benchmark intended for institutional investors. The index includes tokens and companies that demonstrate real-world use and generate revenue.

The index was created in partnership between S&P Dow Jones Indices and Pantera and is powered by Artemis data. Its methodology uses standards similar to those applied in broad-market benchmarks such as the S&P 500. The framework excludes assets selected mainly for price momentum or popularity, including meme coins and single-asset bets.

The firms wrote that the benchmark aims to surface digital assets with measurable economic value and to provide a clearer way for managers to allocate to blockchain-related opportunities. S&P Dow Jones Indices added that the index can serve as a reference for new investment products and for active managers who select digital assets for diversified portfolios.

Selection criteria emphasize demonstrable on-chain use cases and revenue generation rather than speculative activity. Constituents are reviewed under a rules-based process intended to be transparent and repeatable.

Cathy Clay, CEO at S&P Dow Jones Indices, described the index as a “fundamentals-driven, economics-based framework built for diversified portfolios.” Dan Morehead, Pantera founder and managing partner, highlighted Pantera’s years of research and governance work, adding the index is designed to identify digital assets and infrastructure that matter to investors.

The firms pointed to expanding blockchain applications, clearer regulatory frameworks in major markets and growing institutional access to digital assets as context for the launch. They said many existing products do not distinguish speculative tokens from projects producing on-chain activity and measurable economic output.

S&P Dow Jones Indices will apply its index construction expertise while Pantera contributes digital-asset research and governance. The partners say the index is available as a reference for financial firms developing investment products or benchmarking active digital-asset strategies.