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 S&P Pantera Digital Asset Index with S&P Dow Jones Indices, announced on July 21, 2026, using only tokens that generate revenue.

“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.

A benchmark built on revenue

The index does not rank tokens by size. It admits only protocols with…