S&P Dow Jones Indices, a division of S&P Global (NYSE: SPGI), and Pantera Capital have launched the S&P Pantera Digital Asset Index, a rules-based benchmark aimed at institutional investors seeking exposure to digital assets based on fundamentals rather than price momentum or market popularity.

According to a press release, the index excludes speculative tokens, meme coins, and single-asset benchmarks such as Bitcoin-only indexes. Instead, it focuses on tokens and companies that demonstrate real-world use and generate actual revenue. Index data is powered by Artemis, a blockchain analytics firm.

"With the S&P Pantera Digital Asset Index, we bring that same discipline to digital assets, using a fundamentals-driven, economics-based framework built for diversified portfolios," said Cathy Clay, CEO at S&P Dow Jones Indices.

The index is designed to serve as a reference for new investment products and for portfolio managers who actively select digital assets. It applies methodology comparable to traditional finance benchmarks, such as the S&P 500.

Dan Morehead, Pantera's founder and managing partner, said the index is intended to address a persistent challenge for institutional investors. "For global investors, the biggest friction point in crypto hasn't changed; it's knowing how to allocate," he said.

Pantera Capital manages over $3 billion across passive, hedge, and venture strategies focused on bitcoin, other digital currencies, and blockchain-related companies. The firm launched the first U.S. cryptocurrency fund in 2013.