In June 2023, Nasdaq submitted a rule change proposal to the U.S. Securities and Exchange Commission (SEC) to expand its flagship crypto index ETF (NCIQ) to include four mainstream altcoins: XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM), aiming to enhance the ETF's representation and tracking accuracy of the overall crypto market. Currently, NCIQ only holds Bitcoin (BTC) and Ethereum (ETH), but with the improvement of the regulatory environment, especially the favorable news that XRP has been ruled as not a security by the court, Nasdaq hopes to reduce the deviation between the ETF and the broader crypto market through this expansion and enhance investor confidence. The SEC is expected to make a decision on whether to approve it by November 2, 2025; if approved, it will mark an important step in the diversification of crypto ETF products. This move not only provides investors with broader exposure to crypto assets but could also become a benchmark for future innovation and expansion of crypto ETF products.