Bitcoin ETFs gave many clients their first digital asset exposure. Now many are asking about investing in the rest of the market. But most crypto indices are built around market cap, not fundamentals.
What would a crypto index look like if it screened for revenue?
This session applies a framework inspired by a concept you’re familiar with: the S&P 500’s profitability test. S&P Dow Jones Indices and Pantera Capital recently built a digital asset index that requires consecutive quarters of positive protocol revenue. Adam Bilmes from S&P Dow Jones Indices and Cosmo Jiang from Pantera Capital show you how that screen works and how to explain to clients why this distinction matters.
You’ll learn:
- How to evaluate a digital asset using familiar tools: revenue, business model, and value returned to holders
- Why broad, market-cap-weighted crypto indices tend to move with bitcoin, and what a revenue-based approach measures instead
- How to use a revenue-based index as a benchmark when evaluating digital asset managers and funds
- How to answer the client question, “Should I be looking beyond bitcoin?”
About the Speakers
Adam Bilmes, CFP, CIMA, CBDA
Head of Digital Asset and Tokenization Sales, S&P Dow Jones Indices
Adam Bilmes is Head of Digital Asset and Tokenization Sales for S&P Dow Jones Indices (S&P DJI). In this role, he leads the sales efforts for digital asset indices and product initiatives across the Americas and EMEA.
About the Sponsors
S&P Dow Jones Indices helps investors around the globe make decisions with conviction. As the world’s leading resource for benchmarks and investable indices, our solutions are widely considered indispensable in tracking market performance, evaluating portfolios, and developing investment strategies.
Upcoming Events
JUNE 7-9, 2027