Key Takeaways
Why is this approval significant?
It marks one of the first ETFs cleared under Nasdaq’s updated listing standards.
What changes did Hashdex make to qualify?
On the 18th of September, Hashdex updated its trust structure, which was later formalized on the 24th of September. This ensured compliance with Nasdaq’s revised requirements.
After months of anticipation, the U.S. Securities and Exchange Commission (SEC) has begun clearing a new wave of crypto ETFs.
In its latest move, the agency approved the Hashdex Nasdaq Crypto Index US ETF, allowing it to expand beyond Bitcoin [BTC] and Ethereum [ETH] by adding Ripple [XRP], Solana [SOL], and Stellar [XLM] to its portfolio.
The approval follows Hashdex’s update on the 18th of September to its trust structure, later formalized through a revised agreement filed on the 24th of September.
Details of the Hashdex Nasdaq Crypto Index US ETF
The Hashdex Nasdaq Crypto Index US ETF, organized in Delaware and classified as an “emerging growth company,” filed its latest update without changing its fiscal year or releasing new financial statements.
Instead, it attached an amended trust agreement as an exhibit, confirming that the product now meets Nasdaq’s updated listing standards.
This move follows last week’s SEC vote to adopt new rules that streamline the approval process for digital asset ETFs.
Previously, the SEC reviewed applications for up to 270 days, leaving issuers stuck in regulatory limbo.
Under the revised framework, qualified ETFs can advance in as little as 75 days if they satisfy at least one of three conditions: the asset must trade on a regulated exchange, maintain six months of CFTC-regulated futures activity, or already appear in another ETF with at least 40% direct exposure.
These regulatory changes have already prompted asset managers to bring new products to market under the faster timeline.
However, despite the landmark approval, the broader crypto market has failed to gain bullish momentum.
Impact on the tokens
At the time of filing, Bitcoin was down 0.97% to $111,554.24, Ethereum slipped 4.4% to $3,998.05, XRP dropped 0.35% to $2.84, Solana fell 3.48% to $203.66, and Stellar declined 1.76% to $0.3607.
The pullback highlights that regulatory wins alone may not be sufficient to boost market sentiment in the short term.
While the Hashdex approval highlights shifting regulatory tides, investor behavior paints an equally telling picture.
Bitcoin ETFs have recently recorded inflows of $241 million, even as Ethereum ETFs saw $79.4 million in outflows, according to Farside Investors.
Broader data from CoinGecko shows that institutions across the spectrum, including ETFs, sovereign wealth funds, and corporate treasuries, now collectively hold over 1.5 million BTC.
At the forefront is MicroStrategy, led by Michael Saylor, whose 638,460 BTC treasury surpasses the reserves of entire nations, including the U.S., China, and the U.K.
With Wall Street’s legacy firms also pivoting to embrace digital assets, it’s clear that crypto’s integration into mainstream finance is accelerating, even if short-term market sentiment remains under pressure.
