Hashdex Expands Nasdaq Crypto Index US ETF to Include XRP, Solana, Cardano, and More

Prominent crypto ETF issuer Hashdex is seeking approval from the SEC to expand its Nasdaq Crypto Index US ETF to include XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI), according to a recent amendment submitted to the securities regulator.

Hashdex, a recognized name in the crypto ETF space, has applied to the SEC for approval to expand its Nasdaq Crypto Index US ETF (ticker: NCIQ).

The ETF, which launched on February 13, 2024, following approval from the SEC, currently tracks a basket of the top 15 crypto assets by market capitalization.

According to a recent amendment to the ETF filing with the SEC, Hashdex is looking to add XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI) to the ETF.

The ETF is also the first dual Bitcoin-Ethereum ETF in the U.S., Hashdex noted in a statement on Monday. It will charge a management fee of 0.25% of the ETF’s net asset value (NAV) per year, to be paid in arrears, through December 31, 2025. Afterwards, the management fee will increase to 0.5% of the ETF’s NAV per year.

The ETF's crypto asset custodians are Coinbase Custody and BitGo Trust.

As of the latest filing on Thursday, the ETF's portfolio is composed of approximately 88% Bitcoin and approximately 12% of Ethereum. The ETF also has about $70 million in total net assets.

The crypto assets must meet several criteria for inclusion in the index, including trading on at least two core crypto platforms, having custodial support, maintaining minimum trading volumes, and being listed on a U.S.-regulated crypto asset trading platform or derivatives platform, Hashdex explained in the filing.

According to the filing, Hashdex assessed the top 15 crypto assets by market capitalization as of October 23, 2024, against five “NCI Criteria.”

Only BTC, ETH, AVA, LINK, and LTC met all criteria at the time, while SOL, ADA, and UNI met four out of five criteria. Meanwhile, XRP met three out of five criteria and is also pending approval from the SEC for listing on a U.S. exchange.

Hashdex said it will continue to monitor the crypto market and may make changes to the ETF's underlying index, which could include adding new crypto assets or removing existing ones.