Nasdaq Files to Broaden Crypto Index Exposure
In a major development for the crypto investment landscape, Nasdaq has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to expand the benchmark of its Hashdex Nasdaq Crypto Index US ETF (NCIQ). The filing, submitted on June 2, aims to replace the ETF’s current two-asset benchmark — limited to Bitcoin (BTC) and Ethereum (ETH) — with the broader Nasdaq Crypto Index (NCI).
If approved, the ETF could include XRP, Solana (SOL), Cardano (ADA), Stellar (XLM), Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI) alongside BTC and ETH. This shift would mark a major step toward providing institutional investors broader exposure to the crypto market.
New Index Covers Nine Leading Cryptocurrencies
The expanded Nasdaq Crypto Index (NCI) comprises nine key digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP
- Solana (SOL)
- Cardano (ADA)
- Stellar Lumens (XLM)
- Chainlink (LINK)
- Litecoin (LTC)
- Uniswap (UNI)
Nasdaq’s goal is to offer a more diversified and accurate representation of the digital asset space, which could attract a wider range of investors to regulated crypto ETFs.
Current ETF Holdings Still Limited by SEC Rules
Despite the proposed index expansion, the Hashdex ETF is still legally allowed to hold only BTC and ETH, due to current SEC restrictions. This creates a tracking error, where the ETF follows a multi-asset index but holds just two of its components.
To bridge the gap, Hashdex applies a sampling methodology to approximate the index’s performance while staying within regulatory bounds.
SEC Decision Expected by November 2025
The SEC has a deadline of November 2, 2025, to make a decision on Nasdaq’s proposal. If approved, the ETF could invest directly in all nine cryptocurrencies, enhancing investor access to altcoins within a regulated structure.
This proposal comes at a time of increasing institutional demand for diversified crypto products. Nasdaq’s move could help shift the ETF landscape, pushing assets like XRP, SOL, ADA, and XLM closer to mainstream U.S. investment portfolios.
Conclusion
Nasdaq’s filing marks a strategic shift toward broader crypto adoption within U.S. markets. If approved, it would be a major win for both institutional and retail investors seeking regulated exposure beyond just Bitcoin and Ethereum.