S&P Global launches first crypto fundamentals index tracking 18 blockchain networks, excluding Bitcoin
S&P Global has introduced its first crypto index and positioned it as a fundamentals-based benchmark rather than a price-weighted gauge. Under the index methodology, Bitcoin was not included because it is not considered a revenue-generating protocol, S&P CEO Kathy Clay said. The benchmark tracks 18 blockchain networks, including Ethereum (ETH), BNB, Solana (SOL) and TRON (TRX). The index focuses on measurable indicators such as protocol revenue, on-chain activity, utility and ecosystem expansion, and it is not accompanied by an ETF or other funded product at this stage.