As digital assets continue to see increased interest and adoption, many market participants are looking for the same things they expect from traditional asset classes: transparency, governance, and trusted benchmarks that can support long-term investment strategies.

Nasdaq and CME Group are responding to that demand by deepening their long-standing partnership and reintroducing the Nasdaq Crypto™ Index (NCI™) as the Nasdaq CME Crypto™ Index (NCI™) — establishing a leading index designed for today’s investor looking to gain digital asset exposure.

The announcement brings together two of the world’s most trusted market infrastructure providers at a pivotal moment for the digital asset ecosystem, as renewed investor confidence and clearer regulatory frameworks accelerate institutional participation.

“This is not just a name change,” said Giovanni Vicioso, Executive Director of Equity and Alternative Products at CME Group. “It is the combination of two gold standards to deliver the regulated diversification and foundational building block the market now demands.”

According to Sean Wasserman, CFA, Head of Index Product Management at Nasdaq, the timing of the announcement reflects a broader shift in how investors are approaching digital assets.

“Now that we are starting to see regulatory clarity coming to the treatment of crypto assets, particularly in the U.S., the door has been opened for industry participants to bring to the crypto asset class the types of regulated investment solutions that investors rely on every day,” Wasserman said.

While early crypto investing centered largely on single-asset exposure, Wasserman said the market is evolving toward index-based strategies.

“We see the index-based approach as the direction investors are heading, beyond just bitcoin,” he said. “That’s similar to what we’ve seen in other asset classes, where you have indexes that are representative of the broader market.”

Wasserman and Vicioso both noted that the deepening partnership reflects a shared commitment by Nasdaq and CME Group to establish a common benchmark supportive of an ecosystem that can serve as a foundation for long-term growth in digital assets.

Building On a Decades-long Partnership

Nasdaq and CME Group’s collaboration stretches back nearly 30 years, beginning with the launch of Nasdaq-100 Index® futures in 1996 and the introduction of E-mini Nasdaq-100 futures in 1999. Together, the two firms helped build one of the most successful equity index derivatives ecosystems in the world — one that includes futures, options, and ETFs used by investors globally.

Earlier this year, the companies also extended their exclusive Nasdaq-100® licensing relationship for another decade, reinforcing the strength of their partnership and the liquidity ecosystem they have built together.

“This announcement reflects how Nasdaq and CME Group are looking to bring their collective experience in markets and indexing to the crypto asset class,” Wasserman said.

Vicioso agreed, highlighting how the deepened collaboration extends that legacy into a new asset class that is reaching an inflection point.

“This initiative is just another example of our commitment to collaboration and product innovation — not only within the traditional finance space, but also within the rapidly evolving cryptocurrency space,” he said.

Governance and Trust at the Core

For institutional investors, governance remains one of the most critical considerations when evaluating digital asset exposure. The Nasdaq CME Crypto^TM Index (NCI^TM) is built on vetted exchanges and custodians overseen by a joint governance committee, helping ensure alignment with evolving market practices and regulatory standards. In addition, the index is also calculated by CF Benchmarks, a leading provider of digital asset benchmarks, and a trusted partner to both CME Group and Nasdaq.

“Crypto is still a relatively new asset class that continues to evolve,” Wasserman said. “As it goes through these growing pains, it’s integral that you have not just one, but two trusted global organizations, each with a history of understanding markets and a conservative risk management approach to governance.”

Transparency is central to that approach. Nasdaq publishes a detailed methodology outlining eligibility criteria, liquidity thresholds, weighting rules, and a quarterly reconstitution schedule.

Vicioso added that this governance model is designed to mirror the rigor that investors expect from traditional asset classes, reinforcing confidence as digital assets mature.

Enabling the Next Phase of Product Innovation

The Nasdaq CME Crypto^TM Index (NCI^TM) is designed to serve as a foundational benchmark for a growing range of regulated financial products, including ETFs, structured products, and actively managed funds.

While much of that ecosystem is still being built, Wasserman explained that the index will lay the groundwork for more sophisticated portfolio construction — enabling risk management, capital efficiency, and diversification strategies that are commonplace in equities.

CME Group brings deep experience in regulated derivatives to that effort. Since launching the first CME CF Bitcoin Reference Rate in 2016 and one of the first regulated B itcoin futures contracts in 2017, it has become a leading venue for institutional crypto participation.

“Our crypto derivatives are what provide the broader ecosystem with a regulated and liquid market for price discovery,” Vicioso said.

A Benchmark with Global Reach

Launched in 2021, the index is part of an ecosystem of Nasdaq digital asset indexes that have been licensed for products with crypto native asset manager Hashdex across the U.S., Europe, and Latin America, supporting more than $1 billion in assets today, including the first multi crypto asset index tracking ETF in the US, the Hashdex Nasdaq Crypto Index US ETF (ticker: NCIQ). Both Nasdaq and CME Group expect the footprint of investor and issuer adoption to expand as demand for regulated crypto exposure continues to grow.

Looking ahead, Nasdaq’s Wasserman projected that crypto may be increasingly included in portfolios as a modest but meaningful allocation.

“We’re really talking about establishing it as an asset class,” he said. “Even a one to five percent allocation as part of a wider portfolio mix is a huge opportunity from an adoption standpoint.”

For Vicioso, a broader goal is to shape the future of how digital assets are accessed and managed.

“The Nasdaq CME Crypto^TM Index (NCI^TM) is purpose-built for the future of finance,” he said. “The index is not just tracking crypto — it’s shaping how global investors build diversified portfolios.”

Learn more about the Nasdaq CME Crypto™ Index (NCI™). →

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