Nasdaq proposed adding XRP, SOL, ADA, and XLM to its crypto index, expanding coverage to nine digital assets.
The Hashdex ETF still holds only BTC and ETH due to SEC restrictions, creating a tracking mismatch with the broader index.
The SEC will decide on the proposed rule change by November 2, 2025, which could allow broader ETF asset inclusion.
Nasdaq has proposed a rule change relating to exchange offers to the SEC. The amendment proposal adds XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM) to the broader Nasdaq Crypto Index (NCI). The updated index adds these assets with Bitcoin (BTC) and Ethereum (ETH).
Expanded Index Reflects Broader Market Coverage
Nasdaq introduced the change under Rule 19b-4, a process that allows regulated exchanges to amend existing trading rules. If approved, the proposed adjustment would replace the Nasdaq Crypto US Settlement Price Index (NCIUS) with the broader Nasdaq Crypto Index (NCI) for the Hashdex Nasdaq Crypto Index US ETF (NCIQ). The switch aims to align the ETF with a more representative sample of the digital asset market.
The updated NCI now contains nine cryptocurrencies. These are Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Stellar Lumens (XLM), Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI). Nasdaq approved the change was made to reflect maturing trends in the cryptocurrency sector and to provide a wider standard.
ETF Exposure Remains Limited by SEC Regulations
Despite the broader composition of the index, the Hashdex ETF currently maintains positions only in Bitcoin and Ethereum. This is due to current SEC regulations, which restrict U.S.-based ETFs from direct exposure to certain digital assets. As a result, a tracking mismatch exists between the index and the ETF holdings.
Hashdex employs a sampling strategy to reduce this gap. However, the ETF cannot fully replicate the index unless regulatory conditions change. The proposed rule change allows for future investment flexibility if the SEC grants approval.
Until that time, the ETF may face performance divergence due to its limited asset inclusion. The sampling method offers partial exposure but does not remove all tracking error risks.
SEC Review Underway with November Deadline
The SEC has acknowledged the filing and is reviewing the proposal. A final decision is expected by November 2, 2025. If approved, the Hashdex ETF would be permitted to invest in all nine assets listed under the updated Nasdaq Crypto Index.
This would represent a change in how U.S.-listed crypto ETFs are structured. Until then, the Hashdex ETF remains invested only in Bitcoin and Ethereum while tracking a broader index composition. The SEC’s determination will shape how widely U.S. ETFs can diversify across the growing range of crypto assets listed in regulated benchmarks.
