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Gain a Deeper Understanding of Nasdaq's Crypto Indexes
Latest Performance: Nasdaq Crypto™ Index (NCI™)
Discover the latest quarterly investment performance of the Nasdaq Crypto™ Index (NCI™) and gain valuable insights into its performance over the past quarter. Dive deep into the details of the index's portfolio changes and uncover the market drivers behind its recent performance.
Cryptocurrency: Value in the Digital Age
The digital age has prompted significant economic changes in the ways that people interact and do business in society. While our current financial infrastructure has made advancements in response to this evolution, the architecture of legacy financial systems still depends heavily on third-party intermediation as opposed to digitally trustless interactions. Accordingly, these kinds of systems are not optimally designed to facilitate transactions in a digital world.
The emergence of Distributed Ledger Technology (DLT), which utilizes cryptography and decentralized computing resources to maintain a secure record of account and transaction history, has driven the invention of trusted, digitally efficient record keeping networks.
These networks are notable because they utilize digitally native units of account, known as “cryptocurrencies” or “digital assets,” to enable seamless virtual transactions. Such developments are promising because they fundamentally impact the ease with which value can be recorded, transferred, and stored in a trusted way, without the need for intermediaries.
Measuring Digital Assets
Since the initial development of this cryptocurrency technology, there has been an explosion in the number of networks and accompanying assets, which offer a wide array of potential applications. The growth of these networks has fueled a narrative around the value and utility of digital assets, leading to major investor interest in this complex and relatively fragmented emerging asset class.
Due to the challenges and complexities associated with investing in cryptocurrency, in particular around the difficulty in identifying a representative portfolio of accessible and investable assets, Nasdaq has created a methodology-driven industry benchmark.
The Nasdaq Crypto™ Index (NCI™) is specifically designed to be dynamic by nature, broadly representative of the market, and readily trackable by investors.
An Innovative Cryptocurrency Benchmark
While digital assets represent a unique opportunity for investors, the nuances and complexity of this asset class present challenges for creating an industry benchmark that both captures the market as it matures and remains replicable for investors. Accordingly, the Nasdaq Crypto™ Index (NCI™) was designed to provide a benchmark that simplifies access to this asset class by adhering to the following principles:
- Adaptable: Designed to adjust the Index composition over time to ensure that it remains a flexible representation of the asset class as it evolves.
- Representative: Captures diverse market share by selecting a basket of constituent assets on the basis of relative market significance, not according to a predetermined number of assets.
- Investible: Utilizes straightforward, automated rules and exhaustive selection criteria, including exchange and custody standards that allow the Index to be easily replicated.
These principles are reinforced by the use of “Core Exchanges” and “Core Custodians” for determining asset eligibility. Core Exchanges serve to filter eligible assets based on trading availability on vetted sources. Core Custodians help to ensure that investment-grade asset custody is supported for Index constituents. The use of vetted Core Exchanges and Core Custodians to determine eligible cryptocurrency assets helps ensure that any product tracking the Nasdaq Crypto™ Index (NCI™) is supported by investment-grade infrastructure.
For detailed information about the construction of the Nasdaq Crypto™ Index, please see our Index Methodology documentation.
Please see Nasdaq Digital Assets Indexes Guidelines for Core Exchanges and Core Custodians for more information.
The NCI uses the following Core Exchanges and Core Custodians (as of 9/30/2025):
Core Exchanges and Core Custodians
Core Exchanges | Core Custodians |
|---|---|
BitStamp | BitGo |
Coinbase | Coinbase |
Gemini | Fidelity |
itBit | Gemini |
Kraken | Komainu |
LMAX Digital | Zodia |
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Core Exchanges
Core Custodians
BitStamp
BitGo
Coinbase
Coinbase
Gemini
Fidelity
itBit
Gemini
Kraken
Komainu
LMAX Digital
Zodia
Crypto Index Overview
- Tracks the performance of a diverse basket of USD-traded digital assets.
- Applies liquidity, exchange, and custody standards to asset eligibility
- Rebalanced and reconstituted on a quarterly basis
- Free float market cap weighted
- Governed by a robust methodology and the Nasdaq Index Management Committee
The Nasdaq Crypto™ Index (NCI™) was specifically designed with these challenges in mind. The Index is designed to be dynamic in nature, broadly representative of the market, and readily trackable by investors. (Source: NCI Index Data, 9/30/2025, end of day)
| Component | Weight (%) |
|---|---|
| Bitcoin (BTC / XBT) | 78.55 |
| Ethereum (ETH) | 10.02 |
| XRP (XRP) | 5.59 |
| Solana (SOL) | 3.83 |
| Cardano (ADA) | 0.99 |
| Chainlink (LINK) | 0.34 |
| Litecoin (LTC) | 0.29 |
| Stellar Lumens (XLM) | 0.24 |
| Uniswap (UNI) | 0.15 |
For an exhaustive list and description of the NCI asset eligibility criteria and weighting, please review the NCI methodology.
Performance Since Inception
Source: Nasdaq. Data included is from 6/1/2020 to 9/30/2025 and includes backtested performance for NCIS prior to 2/2/2021.
†Nasdaq provides either actual historical index values or back-tested histories for certain indexes. All back-tested index values for periods prior to the launch date of an index are merely indicative, and they are provided “AS IS” for informational and educational purposes only. Nasdaq makes no guarantee as to the accuracy, timeliness, completeness, or fitness for any particular purpose of or for any index values, either historical or back-tested. Nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Past performance is not indicative of future results.
Insights on Crypto
Governance
The Index is governed by the Index Management Committee, which is responsible for implementation, administration, and oversight of the Index, including its cessation.
Related Indexes
The Nasdaq suite of crypto indexes includes:
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Live Index Performance
View real-time performance data and historical index trends on the Global Index Watch (GIW) website.
Resource Center
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- Nasdaq Crypto Index Factsheet Open
- Nasdaq Crypto Index Settlement Factsheet Open
- Nasdaq Crypto Index Methodology Open
- Nasdaq Crypto Index Overview Open
- Nasdaq Crypto Index Constituent Overview Open
- Polkadot joins the Nasdaq Crypto Index Open
- Understanding the Landscape. How does the Nasdaq Crypto Index stack up to its peers Open
- Bitcoin: A definitive guide for investors Open
- Hashdex launches first crypto ETF Open
- CF Benchmarks appointed calculation agent for Nasdaq Crypto Index Open
- Crypto Quarterly Market Report: Q3 2025 Open
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Research Report
Nasdaq Crypto Index (NCI) Advisor Research Report
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Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.
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