Nasdaq makes a premium liquidity-provider program available to qualifying crypto ETPs

What changed

Nasdaq’s immediately effective SRO filing adds an optional $50,000 Premier Annual Listing Fee and a Quality Liquidity Provider program for qualifying low-volume ETPs, including eligible commodity-based and commodity-futures trust shares used for digital-asset products. Participating issuers may select one qualifying market maker subject to enhanced quoting, depth, and auction metrics; Nasdaq will fund incentives from general revenues and publish program-participation information. The filing became effective August 18, 2026, and Nasdaq designated implementation for September 1, 2026.

Who it affects

• Issuers of qualifying Nasdaq-listed digital-asset ETPs considering the Premier Annual Listing Fee
• Nasdaq market makers seeking Quality Liquidity Provider assignments
• Investment advisers and clients evaluating liquidity and execution quality in lower-volume crypto ETPs

What is still open

• Which digital-asset ETP issuers will elect the premium tier and which market makers Nasdaq will assign
• Whether the program measurably improves spreads, depth, and auction performance for participating crypto ETPs
• Whether the SEC will suspend the immediately effective filing during the statutory 60-day review period

What it means for an advisor

• Add QLP participation, assigned market maker, program entry or exit, and applicable performance metrics to digital-asset ETP liquidity diligence
• Monitor Nasdaq’s required public disclosures and realized spreads and depth rather than assuming participation guarantees better execution
• Distinguish the immediately effective market-quality program from SEC approval or endorsement of any underlying digital-asset ETP