Nasdaq Pushes to Let Crypto Sit in Commodity Trusts
Published Date: 6/16/2026
Notice
Summary
The Nasdaq Stock Market wants to update the rules for listing Commodity-Based Trust Shares, letting them hold up to 15% of certain new types of assets, including digital commodities, and allowing active management. This change affects investors and fund managers by giving more flexibility in what these trusts can hold. The SEC is taking extra time to review the updated proposal before making a final decision.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
15% Buffer for Digital Commodity Holdings
Nasdaq proposes that a Commodity-Based Trust Share may hold up to 15% of its net asset value (NAV) in digital commodities or securities that do not meet the current generic listing eligibility. The rule would still require at least 85% of NAV to be in assets that meet the existing eligibility criteria, and any derivatives would be measured for the 15% test by their gross notional value.
Permitting Actively-Managed Commodity ETPs
Nasdaq proposes to allow actively-managed Commodity-Based Trust Shares in addition to passive ones. Actively-managed products would be subject to rules requiring procedures to prevent use and dissemination of material non-public information, a defined "Reporting Authority," and trading halts if required portfolio information is not disseminated to all market participants at the same time.
Formal Definition of "Digital Commodity"
The proposal adds a definition of "digital commodity" meaning a digital asset that derives value from the programmatic operation of a functional crypto system and supply and demand dynamics rather than expectations of profits from others. The definition is informed by joint SEC/CFTC interpretative guidance effective March 23, 2026.
Daily Monitoring and Compliance Steps for Sponsors
An issuer/sponsor must monitor daily that at least 85% of a Commodity-Based Trust Share's NAV meets the generic listing eligibility and must promptly notify Nasdaq if the trust breaches that 85% requirement. The proposal also specifies that derivatives are calculated by gross notional value for the 15% limitation.
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