Nasdaq Proposes New Rule Change for Digital Asset-Based Investments: Details

The US-based stock exchange Nasdaq has proposed introducing new listing and trading rules for digital asset-based investment products. Notably, the proposal focuses on reclassifying the listing and trading of the Hashdex Nasdaq Crypto Index US ETF.

What’s Nasdaq Rule 5712?

In a recent filing, Nasdaq, the prominent US-based stock exchange, proposed to introduce new rules, called the Nasdaq Rule 5712. The proposal intends to allow the listing and trading of digital asset-based investment interests.

Notably, these interests encompass securities issued by entities holding digital assets, as well as investment products derived from commodities, cash, derivatives, or other sources.

Significantly, the proposal aims to shift the listing and trading of Hashdex Nasdaq Crypto Index US ETF (NCIQ). Hashdex Nasdaq Crypto Index US ETF is an exchange-traded product fund under the asset manager Hashdex. While the ETP is currently listed under a different rule, the proposal envisions reclassifying it under Rule 5712.

The filing read, “This proposal aims to amend representations regarding the investment objective and strategy of the [Hashdex Nasdaq Crypto Index US ETF] made in the rule change previously filed with and approved by the Securities and Exchange Commission relating to the Trust.”

Nasdaq and Hashdex Launch NCIQ

On February 14, 2025, Nasdaq and Hashdex jointly launched the Hashdex Nasdaq Crypto Index US ETF. The firms introduced the product as the first multi-asset spot crypto exchange-traded product (ETP) available to U.S. investors. Reportedly, the NCIQ provides exposure to both spot Bitcoin and Ethereum.

Marcelo Sampaio, Co-Founder and CEO of Hashdex, expressed enthusiasm for the NCIQ launch. Sampaio stated,

Alongside our partners at Nasdaq Global Indexes, we are thrilled to take this exciting step in bringing our expertise in crypto index and crypto index-based products to U.S. investors, and we look forward to continuing to deliver innovative crypto index products as the industry and regulatory landscape further evolves.

The stock market’s recent move to recategorize the NCIQ coincides with the Brazilian regulators’ approval of Hashdex’s XRP ETF application. This signals the launch of Brazil’s first spot XRP ETF.

Stock Market’s Broader ETF Exposure

Amid increasing institutional interest in altcoin ETFs, Nasdaq filed 19b-4 forms with the Securities and Exchange Commission (SEC) to introduce CoinShares’ XRP and Litecoin ETFs. The stock market intends to list and trade the altcoin ETFs of asset manager CoinShares.

In a recent move, the US SEC acknowledged CoinShares’ XRP ETF application, marking its fourth recognition of an XRP ETF proposal. The SEC has previously acknowledged the XRP ETF applications submitted by Grayscale, 21Shares, and Bitwise.