S&P Dow Jones Indices and Pantera Capital have introduced the S&P Pantera Digital Asset Index, designed for institutional investors interested in systematic digital asset allocation. The index excludes Bitcoin and meme coins, focusing instead on tokens and companies with tangible utility and revenue. It is weighted by float-adjusted market capitalization and initially includes 18 constituents, such as Hyperliquid, Solana, and Aave, which collectively generated over $3 billion in annualized revenue in recent quarters. The index applies S&P 500 financial viability criteria to digital assets, requiring positive protocol revenue for consecutive quarters, verified by Artemis. Revenue must be distributed to holders through buybacks, staking yields, dividends, or treasuries. Pantera Capital is in discussions with asset managers about ETFs and other products based on the index, though no tracking products have been launched yet.