Bitcoin and XRP Excluded from New S&P Pantera Digital Asset Index
The newly launched S&P Pantera Digital Asset Index, designed to track the most valuable blockchain protocols by revenue, excludes Bitcoin (BTC) and XRP. The index includes cryptocurrencies that generate positive protocol revenue over two consecutive quarters and meet liquidity thresholds. As a result, only blockchains with significant transaction fees qualify for inclusion. Bitcoin fails the criteria because its transaction fees go directly to miners rather than token holders. XRP also missed out due to low protocol revenue—just $2.3 million in 2025 compared to Ethereum’s $285.4 million. The index is intended as a foundation for future ETFs, which could lead to increased capital inflows into the included assets. While Bitcoin's exclusion does not affect its value proposition as a store of value, XRP investors may be concerned about missing out on potential passive demand from index-linked products.
Topics: Bitcoin (BTC) ETFs protocol revenue S&P Pantera Digital Asset Index XRP