Financial heavyweights Nasdaq and CME Group have effectively consolidated the institutional crypto infrastructure market, announcing the relaunch of their joint benchmark as the Nasdaq CME Crypto Index (NCI). The move, effective immediately, signals a coordinated push to standardize the underlying data for the next generation of regulated investment products.
The Benchmark for the ETF Era
While retail traders focus on Ethereum’s push past $3,100 (+0.4%) or Bitcoin’s struggle to reclaim $91,000, institutional allocators are looking for a wrapper. The NCI is designed to be that wrapper. Calculated by CF Benchmarks, the index tracks a weighted basket of assets including Bitcoin, Ether, Solana, XRP, and Avalanche, providing a single, regulated reference point for asset managers.
This is not a cosmetic rebrand. By aligning Nasdaq’s index methodology with CME Group’s derivatives infrastructure, the firms are removing a primary friction point for the SEC and other regulators: market fragmentation. A unified benchmark makes the approval path for multi-asset ETFs significantly smoother.
“This is not just a name change. It’s the combination of two gold standards to deliver the regulated diversification the market now demands.”, Giovanni Vicioso, CME Group Global Head of Crypto Products
Institutional Context: Beyond Single Assets
The timing aligns with a broader shift in capital allocation. First-generation crypto products were single-asset access points (Spot BTC, Spot ETH). The NCI relaunch targets the “60/40” portfolio manager who wants beta exposure without managing private keys or rebalancing individual positions.
Sean Wasserman, Nasdaq’s Head of Index Product Management, noted that the market is “evolving toward index-based strategies,” mirroring the maturity curve of equities where indices like the S&P 500 eventually eclipsed individual stock picking for passive flows. With Solana hovering around $136 and newer L1s entering the fray, a vetted index allows institutions to bypass the risk of picking losers.
Market Reaction
The consolidation has not yet triggered a breakout in the broader market, with Bitcoin (BTC) trading flat at $90,600 and volume remaining muted over the weekend. However, the infrastructure play is a lagging indicator; the rails are being laid for products that will likely hit the market in Q3/Q4 2026.
