S&P Dow Jones Indices and Pantera Capital rolled out a new crypto index today, July 26, 2026. The index leaves out Bitcoin and Ripple's XRP — the two largest cryptocurrencies by market cap. Its top five constituents are Ethereum, Binance Coin, Solana, TRON, and Hyperliquid.
The five tokens that made the cut
Ethereum leads the pack, followed by Binance Coin, Solana, TRON, and Hyperliquid. That's a different mix than most broad-market crypto indices, which tend to weight Bitcoin and XRP heavily. The index is designed to track a segment of the market that isn't dominated by those two assets.
Notable omissions
Bitcoin and XRP are out. S&P Dow Jones and Pantera haven't explained why, but the exclusion is a clear signal: this index isn't trying to mirror the overall crypto market. It's a narrower bet. For context, Bitcoin alone accounts for roughly half of total crypto market value. Leaving it out means the index will move differently than the broader market.
Who's behind it
S&P Dow Jones Indices is the same firm behind the S&P 500. Pantera Capital is a crypto-focused investment firm with a long track record. The partnership suggests the index could be used as a benchmark for investment products — think ETFs or separately managed accounts. No specific product has been announced yet, but the pieces are in place.
The index is live as of today. What comes next — whether fund issuers pick it up — is the open question.
