SEC Clears Way for Multi-Asset Crypto Trusts on Nasdaq Texas
The Securities and Exchange Commission (SEC) has approved a rule change for Nasdaq Texas that allows funds to hold up to 15% of their net asset value in assets that don't meet strict listing criteria. This change, effective September 3, applies to commodity-based trust shares, including crypto trusts such as spot ETFs.
The SEC's order names Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP as examples of eligible commodities under the exchange's existing test. However, this is not a formal declaration that these assets are commodities under federal law, but rather an agency interpretation that can be reversed by a new administration or court ruling.
The rule change allows for actively managed strategies in addition to passive management, giving fund managers more flexibility to adjust holdings and weightings based on ongoing judgment. This could lead to the creation of multi-asset crypto trusts that combine Bitcoin, Ethereum, Solana, XRP, and smaller assets, providing institutions with more ways to gain exposure without holding separate single-asset funds.