#NASDAQ submitted an 8-K form to the SEC, proposing an update for the NCIQ index. According to the document submitted on June 2, the exchange plans to expand the index from five to nine cryptocurrencies, adding $XRP , $SOL , $ADA , and XLM.
If the proposal is approved, the ETF index will replace the current Nasdaq Crypto US Settlement Price Index (NCIUS) with a broader Nasdaq Crypto Index (NCI). A decision on the application is expected by November 2, 2025.
Nasdaq submitted an application to the SEC to expand the Hashdex crypto index.
Currently, due to regulatory restrictions, the Hashdex ETF includes only Bitcoin and Ethereum. Although the index it refers to covered six cryptocurrencies even before the 8-K form was submitted. To reduce discrepancies between the ETF and the index, Hashdex uses a selective tracking model. But until a clear legal framework appears, achieving full synchronization is impossible.
If #SEC gives the green light, the composition of the Nasdaq Crypto Index (NCI) will expand to nine assets. XRP, Solana, Cardano, Stellar Lumens, Chainlink, Litecoin, and Uniswap will be added to Bitcoin and Ethereum.
After the application was submitted, XRP gained some value, rising above $2.23 on Monday morning, which is 3.1% higher than the weekly low.
#solana also regained positions: after falling to $140 on Friday, the token rose nearly to $155. The intraday growth was 0.2%, and trading volume increased by 36%.
#Cardano continues to lose value, the token is now trading around $0.67. Stellar Lumens also went down over the same week, losing more than 1% after the news from Nasdaq.
Personnel changes in the management of sponsor Hashdex.
The documents that Nasdaq submitted to the SEC also mention changes in the management of Hashdex Asset Management Ltd. — the company sponsoring the Hashdex Nasdaq Crypto Index US ETF.
On June 2, 2025, Bruno Leonardo Kmita de Oliveira Passos left the board of directors. At the same time, he vacated the positions of Chief Financial Officer and Chief Accountant of the fund. Regulatory materials emphasize that his departure is not related to any disagreements regarding the fund's operations, internal policies, or the sponsor's strategy.
On the same day, Samir Elias Hachem Kerbadje was appointed to the board and executive positions. Since 2018, he has been responsible for the investment strategy of Hashdex and holds the position of CEO.
Market participants demand reforms in the ETF approval process at the SEC.
Alongside the news from Nasdaq, the largest asset managers appealed to the SEC, urging it to change the ETF approval strategy. On June 6, VanEck, 21Shares, and Canary Capital jointly signed a letter requesting the return of the 'first come, first served' principle for exchange-traded products (ETP).
In a letter that VanEck posted on X, they criticize the SEC for how it approves crypto ETFs. The regulator essentially puts everyone in the same category, regardless of when the application was submitted. According to the authors, this benefits large funds with ample resources, while those who applied earlier are simply left out.
"When the SEC starts picking favorites, it is those who invest in the creation and promotion of ETP that pay the price. This approach makes the market unfair," the letter notes.
The example is given of the futures ETF from ProShares, which was approved first in 2021 and literally within a few days captured 90% of the market share.
The document also mentions the SEC's January decision on January 10, 2024, when the regulator approved 11 spot bitcoin ETFs at once. A similar situation later occurred with Ethereum funds. Meanwhile, VanEck and 21Shares, among the first to submit applications, were ultimately combined with later participants during the final approval.
