Nasdaq and CME Unite Crypto Indices Under New Benchmark

Nasdaq and CME Group have unified their crypto indexing efforts under a single repository, reintroducing the Nasdaq Crypto Index as the Nasdaq-CME Crypto Index.

The announcement deepens a partnership between the two market infrastructure providers that dates back nearly three decades, according to Nasdaq.

The revamped index is designed to serve as a fundamental benchmark for investors seeking exposure beyond single-asset crypto strategies as regulatory clarity and institutional participation continue to expand.

CME says new crypto index aims to match traditional market standards

“It’s not just a name change,” said Giovanni Vicioso, executive director of equities and alternatives products at CME Group.

He described the index as a combination of two established market standards intended 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 designed to reflect the broader crypto market rather than focusing solely on Bitcoin, a change that reflects how investors approach stocks and other asset classes.

Sean Wasserman, head of index product management at Nasdaq, said investors are increasingly turning to index-based exposure as the crypto market becomes more complex.

“We see the index-based approach as the direction investors are taking, beyond just Bitcoin,” he said, highlighting the similarities with the evolution of equity and commodity markets.

Governance and transparency are at the heart of the index structure. The benchmark is calculated by CF Benchmarks and overseen by a joint governance committee, with eligibility rules, liquidity thresholds and quarterly rebalancing outlined in a published methodology.

Executives said this framework is designed to align with institutional expectations for risk and compliance.

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 expanded to become one of the most liquid equity index derivatives ecosystems in the world.

Earlier this year, the two companies extended their licensing agreement on the Nasdaq-100 for another decade.

Beyond benchmarking, the index is expected to support a broader range of regulated products, including exchange-traded funds and structured investment vehicles.

Nasdaq said the index already supports licensed products in the United States, Europe and Latin America, representing more than $1 billion in assets.

CME group posts record transaction volumes in 2025

As reported, CME Group recorded its highest trading activity on record in 2025, with average daily volume reaching 28.1 million contracts, an increase of 6% from the previous year.

The rise reflected heavy participation in interest rates, stocks, commodities, foreign exchange and crypto derivatives as investors faced changing macroeconomic conditions.

Activity accelerated towards the end of the year, with average daily volume in the fourth quarter climbing to 27.4 million contracts and December posting its best performance on record.

CME said demand was driven by the increased use of hedging tools amid changes in interest rate expectations, fluctuations in commodity prices and the continued growth of crypto derivatives.

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