Benchmark excellence meets the crypto opportunity.
Pioneering the Standard for Crypto Index Investing
A benchmark co-developed since 2019
Raising the Standard for Crypto Investing
In 2019, Hashdex partnered with Nasdaq to develop a digital asset benchmark to meet the high standards of professional investors—the Nasdaq CME Crypto™ Index (NCI™).
The index connects Nasdaq’s 50 years of experience building financial market infrastructure with crypto, establishing a long-term benchmark for investors seeking exposure to this asset class.
Index-based investing isn’t just a strategy for Hashdex—it’s our foundation. We launched the world’s first crypto index ETF and the first multi-asset crypto ETF in the U.S. Hashdex continues to serve hundreds of thousands of investors across eight countries.
Hashdex Founded
Launched to simplify access to the crypto opportunity
Nasdaq Partnership
Co-developed the Nasdaq CME Crypto™ Index
World's First Crypto Index ETF
Pioneered access to digital assets through ETFs
First Multi-Asset Crypto ETP in the US (NCIQ)
Allowed US investors access to an ETF tracking the NCI
Why Index-Based Investing?
Diversified Exposure
Captures crypto’s growth potential across a variety of investment theses.
Disciplined Methodology
Dynamic, rules-based approach that adapts as the market evolves.
Institutional Infrastructure
Index constituents meet rigorous requirements for liquidity and other factors.
Familiar Approach
Passive exposure built on the same framework used in other asset classes.
A Three-Pillar Framework
The Nasdaq CME Crypto™ Index is built on three fundamental principles that guide every aspect of its construction and evolution:
1. Representative
Captures diverse market share by selecting a basket of constituent assets on the basis of relative market significance, not according to a predetermined number of assets.
2. Investible
Utilizes straightforward, automated rules and exhaustive selection criteria, including exchange and custody standards that allow the Index to be easily replicated.
3. Adaptable
Designed to adjust the Index composition over time to ensure that it remains a flexible representation of the asset class as it evolves.
Rigorous Asset Selection Process
Not all digital assets are suitable for investment. The Nasdaq CME Crypto™ Index applies several filters to determine eligibility—ensuring that index constituents all meet strict standards.
Must trade on at least 2 Core Exchanges with USD pairs
Core Exchanges meet strict criteria: regulatory licensing, AML/KYC controls, trade surveillance, robust IT infrastructure, and regulatory cooperation
Current Core Exchanges: Coinbase, Kraken, Bitstamp, Gemini, itBit, LMAX Digital
Must trade on at least 2 Core Exchanges with USD pairs
Core Exchanges meet strict criteria: regulatory licensing, AML/KYC controls, trade surveillance, robust IT infrastructure, and regulatory cooperation
Current Core Exchanges: Coinbase, Kraken, Bitstamp, Gemini, itBit, LMAX Digital
Must trade on at least 2 Core Exchanges with USD pairs
Core Exchanges meet strict criteria: regulatory licensing, AML/KYC controls, trade surveillance, robust IT infrastructure, and regulatory cooperation
Current Core Exchanges: Coinbase, Kraken, Bitstamp, Gemini, itBit, LMAX Digital
Must trade on at least 2 Core Exchanges with USD pairs
Core Exchanges meet strict criteria: regulatory licensing, AML/KYC controls, trade surveillance, robust IT infrastructure, and regulatory cooperation
Current Core Exchanges: Coinbase, Kraken, Bitstamp, Gemini, itBit, LMAX Digital
Must trade on at least 2 Core Exchanges with USD pairs
Core Exchanges meet strict criteria: regulatory licensing, AML/KYC controls, trade surveillance, robust IT infrastructure, and regulatory cooperation
Current Core Exchanges: Coinbase, Kraken, Bitstamp, Gemini, itBit, LMAX Digital
The NCI™ Criteria in Action
Not all digital assets are suitable for investment. The Nasdaq CME Crypto™ Index applies several filters to determine eligibility—ensuring that index constituents all meet strict standards
Evaluation Universe
1301 crypto assets
Eligibility Evaluated at Quarterly Reconstitution
Sufficient Core Custodian
1140 crypto assets
Supported by at least 1 Core Custodian
Sufficient Core Exchange
205 crypto assets
Traded on at 2 Core Exhanges
Sufficient Liquidity
35 crypto assets
Meet minimum liquidity standards
Sufficient ETP Listing
23 crypto assets
Eligible for listing in an ETP on specific European exchanges
Sufficient Free Floating Pricing
22 crypto assets
Free-floating pricing
Eligible Assets
8 crypto assets
Asset considered “Eligible”
Sufficient Market Capitalization
8 crypto assets
Eligible assets with market cap > 0.5% of all eligible assets
Final Constituents
8 crypto assets
Governance & Calculation
Independent Calculation
The index is calculated by CF Benchmarks Limited, an FCA-regulated benchmark administrator, ensuring independence and regulatory compliance.
Index Management Committee
Comprised of senior members across Nasdaq's Legal, Risk, Compliance, Trading, Surveillance, IT, and Index teams. The committee provides final oversight and reserves the right to exclude assets based on reputational, legal, regulatory, or security concerns.
Transparent Pricing Methodology
Real-time pricing aggregates data from Core Exchanges with penalty factors for abnormal price, volatility, and volume—reducing manipulation risk and ensuring price accuracy.
Current Index Composition
As of September 30, 2025
| Name | Portion | Price | Last 24h | YTD | Market Cap |
|---|---|---|---|---|---|
 BitcoinBTC | 77,08% | $66,294.65 | - 0,78% | - 24,14% | $1,326,452,747,739.24 |
 EthereumETH | 12,41% | $1,993.67 | - 1,22% | - 32,81% | $240,618,812,640.25 |
 XRPXRP | 5,88% | $1.32 | - 1,99% | - 27,90% | $80,760,144,512.14 |
 SolanaSOL | 3,28% | $81.54 | - 1,95% | - 34,14% | $46,672,798,923.81 |
 CardanoADA | 0,67% | $0.24 | - 3,85% | - 27,99% | $8,837,514,668.20 |
 ChainlinkLINK | 0,37% | $8.41 | - 2,04% | - 31,28% | $5,956,253,711.44 |
 StellarXLM | 0,31% | $0.16 | - 3,70% | - 17,75% | $5,418,069,820.45 |
7 constituents | Free-float market cap weighted | Rebalanced quarterly
Performance & Portfolio Impact
Historical Performance (Feb 2, 2021 - September 30, 2025)*
+976%†
Since inception
Even modest crypto exposure can meaningfully enhance traditional portfolio returns.
Over the same period (June 2020 - September 2025):
+5.3% return
With 1% NCI Allocation:
+5.4% return
(+0.1 percentage points)
With 2% NCI Allocation:
+5.6% return
(+0.2 percentage points)
With 5% NCI Allocation:
+5.9% return
(+0.6 percentage points)
Past performance is not indicative of future results. †Includes backtested performance prior to February 2, 2021.
Investment Access
Products Powered by the Nasdaq Crypto Index
The Nasdaq Crypto Index serves as the underlying benchmark for a family of investment products available to global investors:
