bullish

Standard

Solana

Bitcoin

Pantera Capital President Scott Lawin wants crypto held to the same test as stocks.
Investors have long struggled to value tokens because there was rarely a clear way to link a network's success to its token without revenue or other fundamentals, like those in stock markets.
That is why Pantera built the <a href="https://press.spglobal.com/2026-07-21-S-P-Dow-Jones-Indices-and-Pantera-Capital-Launch-New-Index-for-Digital-Assets" rel="noopener noreferrer nofollow">S&amp;P Pantera Digital Asset Index</a> with S&amp;P Dow Jones Indices, announced on July 21, 2026, using only tokens that generate revenue.
<blockquote>
 “A lot of institutional investors, as they’re learning about the space, said, how do we value these things?” Lawin said in an interview at TOKEN2049.
</blockquote>
<h2 id="a-benchmark-built-on-revenue">A benchmark built on revenue</h2>
The index does not rank tokens by size. It admits only protocols with positive revenue, <a href="https://panteracapital.com/blockchain-letter/introducing-the-sp-pantera-digital-asset-index/" rel="noopener noreferrer nofollow">verified with on-chain data</a> from Artemis.
It launched with 18 constituents, including Hyperliquid, Solana and Aave.
Those 18 had more than $3 billion in annualized revenue over the trailing two quarters, <a href="https://panteracapital.com/blockchain-letter/introducing-the-sp-pantera-digital-asset-index/" rel="noopener noreferrer nofollow">according to Pantera</a>.
“Fundamentals do ultimately matter to large investors,” Lawin said. “We brought that idea to Standard &amp; Poor’s, and we said, hey, we think this can be the S&amp;P 500 of the crypto token world.”
Lawin called it “the first index that (S&amp;P) have ever co-branded.”
<h2 id="bitcoin-gets-left-behind">Bitcoin gets left behind</h2>
Bitcoin is not in the index, which admits only tokens with protocol revenue.
Pantera says a back-test over the last five years beat S&amp;P’s broad crypto index, with or without Bitcoin. Those results are hypothetical, not actual performance.
The exclusion stands out because Pantera founder Dan Morehead <a href="https://www.cnbc.com/video/2026/09/18/people-are-bullish-on-bitcoin-because-the-fed-is-way-behind-on-inflation-panteraas-dan-morehead.html" rel="noopener noreferrer nofollow">has said he remains bullish</a> on Bitcoin.
When institutions ask how to value a token, Lawin’s answer is the one Wall Street gives for any stock: show the revenue.

Pantera president: Fundamentals matter to large investors

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