KeyTakeaways:
- Nasdaq proposes Rule 5712 to list digital asset-backed investment products.
- The rule includes reclassifying the Hashdex Nasdaq Crypto Index US ETF.
- Nasdaq expands its offerings with new altcoin ETFs, including XRP and Litecoin.
Nasdaq has proposed introducing a new rule to allow the listing and trading of digital asset-based investment products. The rule, known as Nasdaq Rule 5712, aims to streamline the process of listing securities backed by digital assets and investment products derived from commodities, cash, derivatives, or other sources. This move follows the growing demand for cryptocurrency-related exchange-traded products (ETPs) and will likely impact institutional and retail investors.
One of the key elements of the proposed rule is the reclassification of the Hashdex Nasdaq Crypto Index US ETF (NCIQ). Currently listed under a different rule, the NCIQ would be moved to Nasdaq Rule 5712, making it eligible for more streamlined trading and listing under the new framework. This is part of Nasdaq’s effort to ensure that digital asset-based investments are aligned with evolving regulatory and market standards.
Nasdaq and Hashdex Collaboration
On February 14, 2025, Nasdaq and Hashdex officially launched the NCIQ, marking the introduction of the first multi-asset spot crypto ETP available to U.S. investors. The NCIQ exposes Bitcoin and Ethereum, two of the most widely traded cryptocurrencies.
Marcelo Sampaio, CEO of Hashdex, expressed confidence in the collaboration, emphasizing the importance of bringing innovative crypto index products to the U.S. market.
Nasdaq’s proposal also reflects a broader trend in the financial industry, where institutional interest in altcoin ETFs has increased. In addition to the NCIQ, Nasdaq has filed documents with the SEC to introduce CoinShares’ XRP and Litecoin ETFs. This move follows the SEC’s previous acknowledgment of XRP ETF proposals, highlighting the increasing recognition of digital asset-backed investment products.
