S&P Dow Jones Indices and Pantera Capital have launched a revenue-based crypto index that leaves out Bitcoin, giving readers a new benchmark to watch beyond the market's biggest coin, as outlined in the S&P brochure at https://www.spglobal.com/spdji/en/documents/brochure/brochure-sp-pantera-digital-asset-index.pdf.
The launch itself is the clearest confirmed fact in the brief. In a July 21 press release, S&P Dow Jones Indices and Pantera Capital said they launched a new index for digital assets, and the S&P Pantera Digital Asset Index brochure shows the product is being framed as a formal benchmark rather than a casual market list.
The narrow hook is Bitcoin's absence. The article brief and Investopedia's coverage of a new benchmark index for digital assets with Bitcoin not in it both point to a product built to measure something more specific than a standard crypto basket, and Coinlineup has already covered a related S&P and Pantera launch in S&P Dow Jones Indices and Pantera Launch 18-Token Crypto Index.
Why Bitcoin's exclusion matters here
Bitcoin usually dominates how non-specialists think about crypto indexes, so leaving it out changes the story this benchmark tells. That conclusion comes directly from the repeated "Bitcoin not in it" framing in Investopedia's report and from S&P's own launch announcement for a new digital-asset index.
The "revenue-based" label also matters, even though this brief does not include a full methodology document. Based on the article brief, the Investopedia report, and the S&P brochure, the benchmark is being presented as something different from a simple "largest coins win" index, which is the practical point regular readers need to understand.
What readers can safely take from the evidence
The safest takeaway is limited but still useful: S&P and Pantera are trying to define a slice of the market that is not centered on Bitcoin. That is a different framing from sentiment snapshots such as Crypto Fear & Greed Index Falls to 40 in Fear, and it also fits with Pantera's broader visibility in Coinlineup's recent coverage of KB Financial Group's blockchain strategy partnership with Pantera Capital, while the hard evidence here still comes from the S&P release and Investopedia's report.
What the brief does not prove is just as important. There are no verified performance figures, no confirmed component list, and no adoption data in the material provided, so this article should stop at the launch, the revenue-based label, and Bitcoin's exclusion, with any broader claims reserved until more detail appears in the index brochure or later S&P disclosures. For related coverage, see Jay Yu Predicts Crypto Trends for 2026.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.