Everyone is asking about Arlong: S&P Dow Jones has created a digital asset index, and BTC was actually kicked out. What does that mean?

To be direct, Pharaoh thinks this is more shocking than the World Cup final. S&P teamed up with crypto VC Pantera to launch the S&P Pantera Digital Asset Index, targeting institutional investors. But the most interesting part is that the index directly excludes Bitcoin and meme coins, arguing that it only recognizes earnings and not narratives. S&P Dow Jones CEO said word for word that they want to bring the discipline of stock indices into digital assets, prioritizing protocols with verifiable economic activity.

Why was BTC rejected? Pantera gave three reasons:

First, Bitcoin is a currency-like asset, and institutions already typically get exposure through single-asset ETFs. Second, existing crypto indexes mix Bitcoin, meme coins, and protocols that genuinely generate revenue, leaving institutions unable to conduct fundamental analysis. Third, Bitcoin doesn’t generate protocol revenue, so it fails the financial viability screening.

So who got included?

The index initially includes 18 assets, with annualized revenue over $3 billion in the past two quarters. The top five holdings are Ethereum, BNB, Solana, Tron, and Hyperliquid, and Aave is also included. The screening criteria are extremely strict: it requires protocols to record positive revenue for multiple consecutive quarters, and revenue must be returned to holders in forms such as buybacks, staking rewards, or dividends. On-chain data is verified by the professional firm Artemis. This approach essentially brings the profitability threshold of the S&P 500 into the crypto market.

Pharaoh’s translation for you: traditional finance big shots are starting to measure the crypto market with Wall Street’s ruler. They only care about money, not concepts. It’s a positive for projects with basic fundamentals, and a small short-term shock to BTC sentiment driven purely by consensus, but in the long run, more people entering the market is a good thing.

Right now, the market is hovering around 66,000; the index news has limited impact on prices in the short term, but institutional money flows will move gradually. BTC is still the same saying: it’s steadier to wait for a pullback and stabilization than to chase the top.

Remember, what S&P is measuring with its ruler is revenue, not faith. Pharaoh’s pyramid can last thousands of years—its strength comes from the foundation, not concepts.

Follow Arlong—wealth won’t get you lost!