Key Takeaways:
S&P Global removed Bitcoin and XRP from its digital-asset index, citing a lack of revenue generation as the basis for exclusion, according to the index methodology published July 21.
The index provider, in partnership with Pantera Capital, launched the S&P Pantera Digital Asset Index on Tuesday, using a rules-based approach that only includes tokens and companies generating actual revenue, S&P Dow Jones Indices said in a statement.
The exclusion affects two of the largest cryptocurrencies by market capitalization. Prediction-market odds for XRP reaching a new all-time high by Dec. 31, 2026, fell to 7%, down from 8% a week earlier, according to data from the Vera prediction platform. Bitcoin's price had been relatively stable before the announcement.
The new index signals growing market maturity for digital assets, S&P Dow Jones Indices said, but the revenue-based criteria could reduce passive institutional allocations to Bitcoin and XRP if fund managers adopt the benchmark. The decision contrasts with other major crypto indices from CoinDesk and Bloomberg that continue to include both tokens.
The S&P Pantera Digital Asset Index is designed to offer a more disciplined and transparent way to measure investments in the blockchain and digital-asset space, according to the index provider. Unlike existing crypto indexes that focus on price momentum or popular tokens, the new benchmark applies a rules-based methodology similar to traditional finance indices.
The exclusion of Bitcoin and XRP highlights a growing divergence in how index providers approach digital assets. Revenue-generating tokens — those tied to protocols with fee structures, transaction revenue, or staking yields — are increasingly favored by institutional-grade benchmarks, while assets valued primarily for their monetary premium face greater scrutiny.
Market participants are watching for potential responses from Ripple or significant financial institutions that may advocate for revised criteria. Any announcements from Ripple Chief Executive Officer Brad Garlinghouse or new regulatory actions could influence XRP's market trajectory, according to prediction-market analysis.
This article is for informational purposes only and does not constitute investment advice.
