Nasdaq Introduces XRP, SOL, ADA, XLM into Crypto Index Listings
Revised Article:
Nasdaq shook up the digital asset game on June 2, 2024, proposing a rule change with the U.S. Securities and Exchange Commission (SEC) under Rule 19b-4. This bold move aims to widen the scope of digital assets in benchmarks by adding altcoins like XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA).
The proposed update aims to enable the Hashdex Nasdaq Crypto Index US ETF (NCIQ) to swap its current benchmark, the Nasdaq Crypto US Settlement Price Index (NCIUS), for a broader one called the Nasdaq Crypto Index (NCI).
Not long ago, Nasdaq refreshed the NCIUS, tossing in four fresh coins: XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM). These join Bitcoin (BTC) and Ethereum (ETH), making the benchmark a better reflection of the crypto market's breadth.
Despite the regulatory fence, the Hasdex ETF can currently only stock BTC and ETH. This poses a tracking error risk since the ETF follows an index of six assets but lodges only two. To reduce the mismatch, Hashdex employs a sampling mechanism, although achieving full index alignment isn't guaranteed.
The NCI currently hovers around nine cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Stellar Lumens (XLM), Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI). If the SEC gives the green light, the ETF will be good to go on these coins. The SEC's final call will fall on November 2, 2025. A go-ahead could signal a significant leap in flexibility and diversity for U.S.-listed crypto ETFs.
For more, check out: Nasdaq Extends Decision on 21Shares Spot Polkadot ETF
Enrichment Data:To provide some context, as of the most recent info available, there's been no update beyond November 2, 2025, on the SEC's decision regarding the inclusion of XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA) in the Hashdex Nasdaq Crypto Index US ETF (NCIQ)[1][2]. The SEC has until November 2, 2025, to make a call on the proposed rule change, which would allow the ETF to align its holdings with the extended Nasdaq Crypto Index[1][3]. As it stands, due to regulatory limitations, the NCIQ ETF is capped at housing only Bitcoin and Ethereum, and it employs a sampling strategy to simulate the broader index's performance, which cultivates tracking error risk[1][4]. There are no specific updates or announcements about any decisions or changes post-November 2, 2025, on record in the current research results.
- The proposed update to the Nasdaq Crypto Index (NCI) includes altcoins such as XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA), which are not currently included in the Hashdex Nasdaq Crypto Index US ETF (NCIQ).
- If the SEC approves the rule change, the NCIQ ETF could potentially add XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA), along with Bitcoin (BTC) and Ethereum (ETH), expanding the scope of digital assets in the ETF.
- Currently, the NCIQ ETF only holds Bitcoin (BTC) and Ethereum (ETH), while the NCI index also includes Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI).
- The SEC is yet to make a decision on the inclusion of XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA) in the NCIQ ETF, with no updates beyond November 2, 2025, available as of the latest information.
