New Crypto Index Excludes Bitcoin, Focuses on Revenue

Revenue Over Popularity

S&P Dow Jones Indices and Pantera Capital launched a new crypto index on July 22, 2026, comprising 18 assets. The index excludes Bitcoin and ranks eligible blockchain networks based on protocol revenue generated over the previous two quarters.

The new index is designed to provide a revenue-based benchmark for the crypto market. By focusing on protocol revenue, the index aims to offer a more nuanced view of the market's performance. Eligible assets are ranked based on their revenue generation over a six-month period.

Can Revenue-Based Indices Attract Mainstream Investors?

The index's methodology is a departure from traditional market capitalization-weighted indices. Instead, it prioritizes blockchain networks that generate significant revenue. This approach may lead to a more accurate representation of the market's underlying fundamentals. With 18 assets included, the index provides a diversified view of the crypto market.

The exclusion of Bitcoin from the index is notable, given its dominance in the crypto market. However, the index's focus on revenue generation means that assets with strong use cases and user adoption are more likely to be included.

The launch of this new index raises questions about its potential to attract mainstream investors. By providing a more nuanced view of the crypto market, revenue-based indices may appeal to investors seeking a more sophisticated benchmark.

Frequently Asked Questions

The introduction of this new index is likely to have significant implications for the crypto market. As investors increasingly seek more sophisticated benchmarks, revenue-based indices may become more prevalent. This could lead to a shift in investor behavior, with a greater focus on underlying fundamentals.

What is the new crypto index based on? The index is based on protocol revenue generated by blockchain networks over the previous two quarters. Why was Bitcoin excluded from the index? Bitcoin was excluded because the index prioritizes assets with significant revenue generation. How many assets are included in the index? The index comprises 18 assets, providing a diversified view of the crypto market.