In June 2023, the Nasdaq cryptocurrency ETF reached a key expansion milestone, promoting further integration of the cryptocurrency market with traditional finance:

1. Index Expansion Proposal: Nasdaq submitted a rule change application to the SEC, proposing to expand the benchmark of the Hashdex Crypto Index ETF (NCIQ) from the NCIUS index, which includes only BTC and ETH, to the NCI index covering 9 tokens, adding mainstream currencies such as ADA, XRP, SOL, etc.

2. Regulatory Progress: The SEC is expected to make a final decision by November 2, 2025. If approved, this will significantly reduce the tracking error of the ETF and pave the way for diversified investment.

3. Market Impact: This move may attract more institutional funds, accelerating the mainstream adoption of crypto assets. Currently, the NCIQ has a size of over $8.2 billion, with a net inflow of $1.496 billion in the past month.

Analysts believe that the approval of the expansion may trigger a new wave of cryptocurrency ETF issuance, but it is necessary to pay attention to the SEC's policy direction and market liquidity risks.