Hashdex Files to Expand Crypto ETF Beyond Bitcoin and Ethereum
Hashdex files to expand its crypto ETF beyond Bitcoin & Ethereum to include XRP, Solana & Cardano under SEC's new generic listing standards. This could mark the beginning of widespread altcoin ETF adoption in the US!

Bottom Line Up Front: Hashdex has filed with the SEC to expand its Nasdaq Crypto Index US ETF (NCIQ) to include major altcoins including XRP, Solana, and Cardano under newly approved generic listing standards—a move that could mark the beginning of widespread altcoin ETF adoption in the United States.
Asset management firm Hashdex has submitted a groundbreaking filing to the Securities and Exchange Commission, seeking approval to expand its existing Nasdaq Crypto Index US ETF beyond its current Bitcoin and Ethereum holdings to include major altcoins. The expansion would add Solana (SOL), Cardano (ADA), and XRP to the fund, representing the first major test of the SEC's newly adopted generic listing standards for cryptocurrency ETFs.
The filing, shared by Bloomberg ETF analyst James Seyffart on September 23, leverages the SEC's approval of generic listing standards announced on September 17. These new standards allow exchanges to list cryptocurrency exchange-traded products without submitting individual proposals for each product, potentially reducing approval timelines from up to 240 days to as little as 75 days.
A New Framework for Crypto ETF Approvals
The SEC's generic listing standards represent a seismic shift in cryptocurrency regulation, moving away from the lengthy case-by-case review process that has dominated the space. Under the new framework, cryptocurrency ETFs can be approved if they meet specific criteria: the underlying digital assets must either trade on a market within the Intermarket Surveillance Group, underlie a futures contract traded on a regulated exchange for at least six months, or be tracked by an existing ETF with at least 40% exposure on a national securities exchange.
SEC Chairman Paul Atkins emphasized that the approval "helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America's trusted capital markets." The move signals a dramatic departure from the previous administration's cautious approach to cryptocurrency regulation.
Hashdex's Strategic Positioning
Hashdex's NCIQ ETF, which launched in February 2025 with $70 million in assets, was already positioned as the first dual Bitcoin-Ethereum ETF in the United States. The fund charges a competitive 0.25% management fee through December 2025, increasing to 0.50% thereafter, with Coinbase Custody and BitGo Trust serving as crypto asset custodians.
The proposed expansion would allow the ETF to track the complete composition of the Nasdaq Crypto Index, which includes a broader universe of digital assets. According to the current index composition, Bitcoin maintains the largest weighting at 72.5%, followed by Ethereum at 14.8%. The altcoin allocations would include XRP at 6.9%, Solana at 4.3%, and Cardano at 1.2%, along with other digital assets that meet SEC requirements.
Market Context: The filing comes at a pivotal moment for cryptocurrency adoption. With over 100 crypto ETFs potentially launching in the next year according to Bloomberg senior ETF analyst Eric Balchunas, institutional appetite for diversified crypto exposure has never been higher. The success of Bitcoin and Ethereum ETFs, which have attracted billions in inflows, has demonstrated investor demand for regulated crypto products.
XRP and Ripple: The Biggest Beneficiary
The inclusion of XRP in Hashdex's expanded ETF could have significant implications for both the token's price and Ripple's broader business objectives. XRP has been the subject of intense regulatory scrutiny, but Ripple's SEC lawsuit concluded in August 2025 with a $125 million penalty and confirmation that secondary market XRP sales are not securities.
This regulatory clarity has positioned XRP as an attractive candidate for institutional investment vehicles. Analysts estimate a 95% chance of spot XRP ETF approval by year-end, driven by the legal resolution and crypto-friendly regulatory environment under Chairman Atkins.
Price Impact Potential: Cryptocurrency analysts have made bullish predictions about XRP's price trajectory if ETF approvals materialize. CryptoQuant's Julio Moreno believes XRP ETFs could absorb between 1% and 4% of the token's circulating supply within the first year. With XRP's current circulation of 59.77 billion tokens, this would represent 2.39 billion tokens at the high end—potentially creating significant supply constraints.
AI models consulted by industry publications project XRP could reach $6 to $15 in a bullish scenario where ETF demand creates supply scarcity. These predictions align with technical analysis suggesting XRP's daily Stochastic RSI is approaching bullish territory.
Business Operations Enhancement: For Ripple's enterprise business, ETF inclusion could accelerate institutional adoption of its payment technology. The company's pursuit of a U.S. national banking license, if approved, would position Ripple as a regulated trust bank and strengthen the case for XRP as a settlement layer in traditional finance.
Partnership Opportunities: Increased institutional familiarity with XRP through ETF exposure could open new partnership avenues for Ripple. Financial institutions already comfortable with ETF investments might be more receptive to exploring Ripple's payment solutions.
Regulatory Landscape and Market Implications
The approval of generic listing standards marks what industry observers call an "end of an era" for cryptocurrency regulation. The Block's analysis suggests this framework could usher in dozens of cryptocurrency ETFs in coming weeks, fundamentally altering the crypto investment landscape.
However, challenges remain. SEC Commissioner Caroline Crenshaw, the sole Democrat on the commission, warned that the agency was "passing the buck" and expressed concerns about products that haven't been fully vetted for investor protection.
The generic standards don't automatically approve every type of crypto ETP, with regulatory limitations still applying selectively. Success with Hashdex's filing could encourage similar attempts by other crypto fund managers seeking broader digital asset exposure beyond Bitcoin and Ethereum.
Key Takeaways
Hashdex's expansion filing represents a crucial test case for the SEC's new generic listing standards and could catalyze a wave of similar applications from other asset managers. The inclusion of major altcoins like XRP, Solana, and Cardano in a regulated ETF structure would provide institutional investors with unprecedented access to diversified crypto exposure.
For XRP specifically, ETF inclusion could serve multiple catalysts: legitimizing the token among traditional investors, creating supply constraints through institutional demand, and supporting Ripple's broader business development efforts. With regulatory clarity now established and favorable market conditions, XRP appears well-positioned to benefit from the evolving ETF landscape.
The outcome of Hashdex's filing will likely influence the trajectory of altcoin ETF development and could determine whether 2025 becomes the breakthrough year for diversified cryptocurrency investment products in the United States.
DISCLAIMER: This newsletter is for informational purposes only and does not constitute investment advice, advertising, or a recommendation to buy, sell, or hold any securities. This content is not sponsored by or affiliated with any of the mentioned entities. Investments in cryptocurrencies or other financial assets carry significant risks, including the potential for total loss, extreme volatility, and regulatory uncertainty. Past performance is not indicative of future results. Always consult a qualified financial professional and conduct thorough research before making any investment decisions.
Sources
- SEC Press Release: Generic Listing Standards Approval
- Hashdex NCIQ Official Page
- CryptoSlate: Hashdex Files to Add SOL, ADA, XRP
- The Block: End of an Era for Crypto ETF Regulations
- The Crypto Basic: XRP Supply Impact Analysis
- Phemex: XRP ETF Approval Updates
- CoinDesk: SEC Makes Spot Crypto ETF Listing Process Easier