NYSE Arca, Nasdaq Propose 85% Eligible-Asset Threshold for Crypto ETFs

The U.S. SEC approved generic listing standards for commodity-based trust shares in September 2025, but current rules require each holding to qualify individually, limiting multi-asset crypto ETFs’ ability to include smaller tokens. The 85/15 framework proposed by NYSE Arca and Nasdaq aims to preserve market-surveillance and anti-manipulation requirements while establishing a consistent and flexible listing pathway.

Nasdaq and NYSE Arca filed their proposals with the SEC on April 14 and April 22, 2026, respectively. The proposals would require eligible assets to account for at least 85% of net assets, with other assets capped at 15%; BTC, ETH, SOL and XRP would qualify based on their futures and ETF track records. A $100 million portfolio would need to hold at least $85 million in eligible assets. The SEC extended its review on June 11, setting deadlines of July 27 and July 29 for the two proposals, respectively.