Index providers tighten eligibility rules for digital-asset benchmarks
New screens for venue quality and free float would exclude several assets currently carried in widely tracked baskets.
Two benchmark administrators have published consultations proposing stricter eligibility screens for digital-asset indices, covering venue quality, minimum free float and the treatment of tokens with large locked allocations.
Under the draft rules, price inputs would be limited to venues meeting specific surveillance and reporting criteria, and assets whose circulating supply is dominated by unvested insider allocations would be excluded or capped.
Product issuers are paying close attention because index changes flow mechanically into passive vehicles. A single eligibility screen can force rebalancing across every fund tracking the benchmark on the same day.
Both administrators say the intent is to codify existing practice rather than to reshape the market. Asset managers responding to the consultation have asked for longer implementation windows to avoid concentrated rebalancing flows.
Consultation responses are due next month, with any changes expected to take effect at a quarterly review.
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