Revenue-Focused Crypto Index Excludes Bitcoin, XRP from its Constituents

S&P Dow Jones Indices and Pantera Capital have unveiled a new cryptocurrency index that focuses on revenue-generating digital assets. The benchmark excludes Bitcoin (BTC), which met many of the index's broader eligibility standards, but is not considered a revenue-generating protocol.

Cathy Clay, CEO of S&P Dow Jones Indices, explained that the company applied the same broad principles used in its equity benchmarks to digital assets. These criteria include operating history, revenue generation, liquidity, and listing status.

The index focuses on networks that earn fees or other revenue through actual protocol usage, distinguishing these economics from yield-bearing investments. Clay emphasized that selected protocols generate utility-driven revenue from users interacting with their networks.