The U.S. Securities and Exchange Commission (SEC) has approved the Hashdex Nasdaq Crypto Index US ETF (NASDAQ: NCIQ) under its new listing rules, clearing the way for the fund to go beyond Bitcoin and Ethereum by adding XRP, Solana, and Stellar to its portfolio.
The Exchange Traded Fund (ETF) received the green light last Thursday after Hashdex updated its trust structure to align with Nasdaq’s revised requirements. According to a Form 8-K filing on Wednesday, the fund introduced a “Third Amended and Restated Trust Agreement” between Hashdex Asset Management Ltd. and CSC Delaware Trust Company, replacing the previous agreement.
The ETF, based in Delaware and designated as an “emerging growth company,” reported no changes to its fiscal year or new financial disclosures.
Faster approvals set stage for October launch
The approval follows the SEC’s recent adoption of new listing rules designed to accelerate the approval process for crypto ETFs. Previously, ETF applications could languish for up to 270 days under case-by-case reviews. Now, qualifying products can receive clearance within 75 days.
This change is triggering a wave of activity, said Steven McClurg, Founder of Canary Capital Group, noting that around a dozen filings are already in with the SEC. Jonathan Groth of DGIM Law expects a “boom time” for crypto ETFs in Q4 2025, while Bitwise President Teddy Fusaro said most applications are nearing the end of their review phase. Analysts predict that ETFs tracking SOL and XRP could debut as early as October.
New rules simplify path for crypto ETFs
Under the revised framework, ETFs must meet at least one of three criteria to qualify for the streamlined process: the underlying asset must trade on a regulated exchange, have CFTC-regulated futures contracts active for at least six months, or be held by another ETF with at least 40% direct allocation.
However, not all issuers are ready. “Not all of our existing filings qualify,” admitted Kyle DaCruz, Head of Digital Assets at VanEck, adding that legal reviews are underway to determine which products can proceed.
With XRP, SOL, and XLM now included, Hashdex’s NCIQ ETF marks a major step toward broader crypto exposure in regulated markets and signals the start of what could be the biggest wave of crypto ETF launches yet.
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