CME Group has launched two multi-asset cryptocurrency benchmarks, including a 10-token index that excludes Bitcoin and Ether and tracks assets such as BNB, XRP, Solana and Hyperliquid. According to CME Group's index documentation, the CME CF Emerging Crypto Index and CME CF Crypto Market Index went live Monday, giving market participants separate measures for large crypto assets outside Bitcoin and Ether and for the crypto market including the two largest cryptocurrencies. The Emerging Crypto Index contains BNB, XRP, Solana, Hyperliquid, Chainlink, Stellar Lumens, Sui, Uniswap, Avalanche and Aave, while the companion Crypto Market Index tracks 12 assets using the same 10 tokens but includes Bitcoin and Ether. The defining feature is simple but consequential: the emerging benchmark excludes the market's two largest cryptocurrencies entirely, shifting attention toward the next tier of eligible assets.
CME calculates real-time versions of both indexes every second and operates them 24 hours a day, according to the exchange's FAQ. Separate settlement versions are calculated once each day and published at 4 p.m. in London, New York and Singapore/Hong Kong. Both benchmarks use free-float market capitalization to determine constituent weights, with cryptocurrencies receiving a larger share based on their market value of tokens considered available for trading. The Emerging Index methodology requires component assets to meet custody conditions, exclude meme coins, and set protocol usage rate screening thresholds based on the ratio of total locked value to total market capitalization. At the time of initial inclusion, assets that do not yet meet general listing standards for cryptocurrency ETFs on U.S. national securities exchanges but are expected to be compliant within 30 days may temporarily enter the index with a maximum combined weight of 10%. CME plans to review the baskets twice a year on the first business day of June and December, allowing constituent lists and weights to change as qualifying assets move in market value.
A CF Benchmarks research portfolio assigned BNB, XRP, Solana and HYPE a combined 92.7% indicative weight, showing heavy concentration among four tokens. According to the August 13 research portfolio, BNB carried an indicative 32.0% weight, XRP 27.6%, Solana 18.5% and HYPE 14.6%, leaving only 7.3% for all remaining assets. The concentration follows the index methodology rather than an equal-weight approach, with full market capitalization helping determine which eligible assets enter while free-float capitalization determines their eventual weights. The weights were research estimates rather than the confirmed August 31 constituent file, so investors still need the live composition before treating them as final allocations. Removing Bitcoin and Ether does not automatically create a balanced altcoin basket because capitalization weighting naturally transfers influence toward the next-largest eligible tokens.
The Emerging Crypto Index was built to be investible and capable of supporting passive replication by funds, according to its methodology. As reported by CME Group, CF Benchmarks lists the emerging index as available for licensing for financial products, investment funds and derivatives. The Crypto Market Index carries the same licensing option. The Emerging Index can be licensed for financial products, investment funds, or derivative instruments, continuing the precedent set by CME's launch of Nasdaq CME Crypto Index futures in June. However, neither the Emerging Crypto Index nor the broader Crypto Market Index currently settles a CME contract, and no futures contract, ETF or investment fund accompanied their debut. For now, the indices are measurement tools rather than products that automatically channel capital into their constituent tokens. CME provides daily London, New York and APAC reference values, including weekends and bank holidays, which can help institutions value portfolios and compare regional performance.
