The Nasdaq Bitcoin Reference Price (NQBTCS) is calculated once a day and published at 1500 New York Time. The Nasdaq Bitcoin Reference Price is designed to measure the performance of Bitcoin and settle risk in this new and emerging asset. The Bitcoin Reference Price is specifically designed to allow Institutional Investors to track the daily price of Bitcoin by applying a rigorous methodology to transaction data captured from cryptocurrency exchanges that meet eligibility criteria of the Nasdaq Crypto Index (NCI).