TLDR
- Hashdex launched options trading for its diversified crypto ETF NCIQ on Nasdaq.
- The new options allow institutions to hedge positions without selling ETF shares.
- The crypto ETF holds bitcoin, ether, XRP, Solana, Cardano, Chainlink, and Stellar.
- The fund tracks the Nasdaq CME Crypto Index and manages nearly $100 million in assets.
- Hashdex said some institutions require hedging tools before approving allocations.
Hashdex has launched options trading for its diversified crypto ETF on Nasdaq. The new contracts allow hedging and income strategies for the first time. The product tracks a broad basket of digital assets under one fund.
Hashdex Crypto ETF Gains Options Access on Nasdaq
Hashdex introduced options on its Nasdaq-listed Hashdex Nasdaq CME Crypto Index ETF on Monday. The contracts now trade under the ticker NCIQ and expand the tools available to institutions. The fund began trading in February 2025 and tracks the Nasdaq CME Crypto Index.
The crypto ETF holds a market-cap-weighted basket of digital assets and cash. Current holdings include Bitcoin and Ether, along with XRP and Solana. The portfolio also includes Cardano, Chainlink, and Stellar. The fund manages nearly $100 million in assets.
Hashdex said institutions can now hedge positions without selling ETF shares.
The firm stated, “Some institutions cannot take a position they cannot also hedge.” It also said, “Some advisor models require the ability to generate yield on holdings.”
The company added that some risk frameworks require defined-outcome structures before allocation approval. Options enable strategies that define maximum loss and potential returns. As a result, advisers can structure income trades and volatility strategies on the ETF.
Institutions Expand Hedging and Yield Strategies
Options give holders the right to buy or sell an asset at a set price. A call grants the right to buy and signals a bullish view. A put grants the right to sell and protects against price declines.
Before this launch, institutions hedged single-asset ETFs with listed options. They could use contracts tied to spot Bitcoin or Ether funds. However, diversified exposure through NCIQ lacked similar listed derivatives.
Hashdex said options open paths for structured products linked to the ETF. The firm referenced capital-protected notes and defined-outcome ETFs. These structures can cap upside while setting a downside floor.
The crypto options market has expanded over five years. Contracts on Deribit record daily volumes worth hundreds of millions of dollars. Quarterly experiences on that venue reach billions and can influence spot prices.
ETF-linked options volumes have also increased. Options on BlackRock’s iShares Bitcoin Trust now approach volumes seen on Deribit. NCIQ options began trading on Nasdaq on Monday, according to the exchange listing.
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