Everyone is asking about Alon: S&P Dow Jones created a digital asset index, and the big BTC was actually kicked out—what’s going on?

Straight to the point: Pharaoh thinks this is even more outrageous than the World Cup final. S&P teamed up with crypto venture firm Pantera to launch the S&P Pantera Digital Asset Index for institutional investors. The most interesting part is that the index directly excludes Bitcoin and meme coins, on the grounds that it only recognizes revenue and not the narrative. S&P Dow Jones CEO said the goal is to bring the discipline of stock indexes 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 get exposure through single-asset ETFs. Second, existing crypto indexes mix Bitcoin, meme coins, and truly revenue-generating protocols together, so institutions can’t do fundamental analysis. Third, Bitcoin generates no protocol revenue, so it fails the financial viability screen.

So who got included?

The index initially includes 18 assets, with annualized revenue exceeding $3 billion over the past two quarters. The top five holdings are Ethereum, BNB, Solana, TRON, and Hyperliquid, and Aave is also included. The screening is extremely strict: protocols must 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 professional firm Artemis. This approach effectively brings the S&P 500’s earnings threshold to the crypto market.

Pharaoh translates it for you: traditional finance heavyweights are starting to measure the crypto space with Wall Street’s ruler. They only care about money, not concepts. It’s a positive for projects with fundamentals, and a small short-term hit to sentiment around BTC driven purely by consensus, but in the long run, it will likely bring more people in—good news overall.

Right now, the market is hovering around 66,000. The index news has limited short-term impact on price, but institutional capital flows will trickle in. BTC is still the same as always: pulling back and stabilizing is more solid than chasing the top.

Remember: S&P’s ruler measures revenue, not belief. Pharaoh’s pyramid can stand for thousands of years because it’s built on foundations, not concepts.

Follow Alon—wealth won’t lead you astray!