Nasdaq & CME Forge Crypto Power Alliance: New Unified Benchmark Shakes Markets

The old guard just co-signed the future. Nasdaq and CME Group—titans of traditional finance—are merging their crypto indexes into a single, heavyweight benchmark. This isn't just another data feed; it's Wall Street's formal handshake with the digital asset class.

The New Gold Standard

Forget fragmented metrics. This unified index aims to become the definitive reference point for institutional investors, fund managers, and ETF issuers. It promises a cleaner, more reliable signal in a notoriously noisy market—cutting through the hype with cold, hard, aggregated data.

Why This Cuts Deep

This move bypasses the need for firms to stitch together disparate data sources. It provides a trusted, regulated yardstick for pricing, risk management, and product creation. Think of it as the plumbing getting an institutional-grade upgrade—boring, but essential for everything built on top of it.

The Institutional On-Ramp Just Got Paved

Expect a surge in crypto-linked structured products, derivatives, and passive funds. When giants like these align on a benchmark, it lowers the compliance and operational hurdles that have kept big money on the sidelines. The message is clear: crypto is moving from the wild west to the trading floor.

One cynical finance jab? It's about time traditional finance built a proper measuring stick for an asset class it spent years dismissing as a 'fraud'—just in time to profit from its maturity. The new benchmark doesn't just track the market; it legitimizes the very game Wall Street now wants to play.

CME Says New Crypto Index Aims to Match Traditional Market Standards

“This is not just a name change,” said Giovanni Vicioso, executive director of equity and alternative products at CME Group.

He described the index as a combination of two established market standards intended to deliver 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 built to reflect the broader crypto market rather than concentrating solely on Bitcoin, a shift that mirrors how investors approach equities and other asset classes.

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

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

Governance and transparency are central to the index’s 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.

Today, Nasdaq & @CMEGroup are responding to that demand and reintroducing the Nasdaq Crypto Index (NCI) as the Nasdaq CME Crypto Index (NCI) establishing a leading benchmark built for institutional-grade exposure and the next wave of derivatives innovation.… pic.twitter.com/25uqoc22F8

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

The launch also builds on Nasdaq and CME Group’s long history of collaboration, which began with Nasdaq-100 futures in the 1990s and later expanded into one of the world’s most liquid equity index derivatives ecosystems.

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

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

Nasdaq said the index already supports licensed products across the U.S., Europe, and Latin America, accounting for more than $1 billion in assets.

CME Group Posts Record Trading 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, a 6% increase from the prior year.

The surge reflected strong participation across interest rates, equities, commodities, foreign exchange, and crypto derivatives as investors navigated shifting macroeconomic conditions.

Activity accelerated toward year-end, with fourth-quarter average daily volume climbing to 27.4 million contracts and December posting its strongest performance on record.

CME said demand was driven by heightened use of hedging tools amid changing interest rate expectations, commodity price swings, and continued growth in crypto derivatives.