Nasdaq Wants Crypto ETFs on Main Street—SEC Says 'Hold My Beer'
Published Date: 6/10/2025
Notice
Summary
Nasdaq wants to start listing and trading new investment products based on commodities and digital assets, including shares of the Hashdex Nasdaq Crypto Index US ETF. The SEC is now deciding whether to approve or reject this plan, which could open up fresh ways for investors to trade crypto-related funds. The decision will impact investors and the market soon, with a deadline set for early June 2025.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 0 costs, 3 mixed.
New Nasdaq Rule to List Crypto/Commodity Funds
Nasdaq filed a proposal (Amendment No. 1) to adopt Nasdaq Rule 5712 so it can list and trade “Commodity- and/or Digital Asset-Based Investment Interests.” The SEC has instituted proceedings to decide whether to approve or disapprove that proposed rule change.
90% Surveillance Requirement for Holdings
Under proposed Nasdaq Rule 5712, there would be no limit on the percent of a fund's portfolio that may be invested in commodities or digital assets, except that at least 90% of the weight of those holdings must, initially and on an ongoing basis, consist of assets for which the Exchange can obtain information via the Intermarket Surveillance Group (ISG) or a comprehensive surveillance-sharing agreement.
Proposed Listing of Hashdex Crypto Index US ETF
Nasdaq proposes to list and trade the Hashdex Nasdaq Crypto Index US ETF under the new Rule 5712. The Trust would hold specified digital assets with stated weightings (Bitcoin 72.70%, Ether 14.48%, Solana 4.78%, XRP 5.02%, Cardano 1.50%, Chainlink 0.51%, Avalanche 0.37%, Litecoin 0.37%, Uniswap 0.27%), issue and redeem Shares in Baskets of 10,000 Shares, and value assets using Index Constituent Settlement Prices unless those prices are unavailable or deemed unreliable.
Trading-Halt and NAV Dissemination Rules Apply
The Exchange proposes to amend its trading-halt rules for exchange-traded products to add Commodity- and/or Digital Asset-Based Investment Interests, and to specify that such products may be halted under Nasdaq Rule 4120 if the net asset value (NAV) is not being disseminated to all market participants at the same time.
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