New benchmark excludes Bitcoin and XRP for failing to meet protocol revenue and token-holder return criteria set by S&P Dow Jones Indices.
S&P Dow Jones Indices and Pantera Capital launched a digital asset index excluding Bitcoin and XRP, selecting 18 coins led by Ethereum, BNB, Solana, Tron, and Hyperliquid. The index requires protocols to generate consecutive quarterly revenue and return funds to token holders, mirroring the S&P 500’s earnings test.
XRP’s total burn since 2012 amounts to $16 million, less than 1% of the $3 billion annual revenue generated by the included coins. Bitcoin’s exclusion stems from its lack of revenue generation, contrasting with its digital gold narrative. The index’s criteria shift focus from market capitalization to utility and financial performance.
The move highlights a growing emphasis on revenue-generating protocols in crypto benchmarks, potentially influencing investor sentiment toward excluded assets.