Nasdaq and CME Group Unite Crypto Indices Under New Benchmark
Nasdaq and CME Group have combined their crypto indexing efforts under a single benchmark, reintroducing the Nasdaq Crypto Index as the Nasdaq-CME Crypto Index. This move aims to provide a single multi-asset index for institutional investors, reflecting traditional market standards and supporting a growing ecosystem of regulated products.
The revised index is designed to serve as a fundamental benchmark for investors seeking exposure beyond individual asset cryptocurrency strategies as regulatory clarity and institutional participation continue to increase. According to Nasdaq, the announcement deepens a partnership between the two market infrastructure providers that dates back nearly three decades.
CME Says New Crypto Index Aims to Match Traditional Market Standards
“This is not just a name change,” said Giovanni Vicioso, managing director of equities and alternative products at CME Group. He described the index as a combination of two established market standards designed to provide governance and diversification comparable to traditional asset classes. The Nasdaq-CME Crypto Index tracks a basket of major digital assets including Bitcoin, Ether, XRP, Solana, Chainlink, Cardano, and Avalanche.
Nasdaq said the index is constructed to reflect the broader crypto market rather than focusing solely on Bitcoin, a shift that reflects how investors approach stocks and other asset classes. Sean Wasserman, head of index product management at Nasdaq, said investors are increasingly drawn to index-based exposure as the crypto market becomes more complex. “We see the index-based approach as the direction investors are going beyond Bitcoin,” he said, pointing to similarities with the trajectory of stock and commodity markets.
Index Governance and Transparency
Governance and transparency are central to the structure of the index. The benchmark is calculated by CF Benchmarks and monitored by a joint governance committee, with eligibility rules, liquidity thresholds, and quarterly rebalancing described in a published methodology. Executives said this framework is designed to meet institutional risk and compliance expectations.
The launch also builds on the long history of collaboration between Nasdaq and CME Group, which began with Nasdaq 100 futures in the 1990s and later grew into one of the most liquid equity index derivatives ecosystems in the world. Earlier this year, the two companies extended their Nasdaq 100 licensing agreement for another decade.
Support for Regulated Products
Beyond benchmarking, the index is intended to support a broader range of regulated products, including exchange-traded funds and structured investment vehicles. According to Nasdaq, the index already supports licensed products in the US, Europe, and Latin America, representing more than $1 billion in assets.
As reported, CME Group recorded the highest trading activity on record in 2025. Average daily volume reached 28.1 million contracts, up 6% year-on-year. The rise reflected strong participation from interest rates, stocks, commodities, forex, and crypto derivatives as investors grappled with changing macroeconomic conditions.
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