In June 2023, Nasdaq submitted a rule change proposal to the U.S. Securities and Exchange Commission (SEC) to expand its flagship cryptocurrency index ETF (NCIQ) to include four mainstream altcoins: XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM). This aims to enhance the ETF's representativeness and tracking accuracy of the overall cryptocurrency market. Currently, NCIQ only holds Bitcoin (BTC) and Ethereum (ETH), but with the improving regulatory environment, especially the favorable news that XRP was ruled as not a security by the court, Nasdaq hopes to reduce the deviation between the ETF and the broader cryptocurrency market through this expansion, thereby boosting 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 towards diversifying cryptocurrency ETF products. This move not only provides investors with a broader exposure to cryptocurrency assets but may also pave the way for future cryptocurrency ETF products.