SEC Approves Hashdex Nasdaq Crypto Index US ETF
The U.S. Securities and Exchange Commission (SEC) approved the Hashdex Nasdaq Crypto Index US ETF (NASDAQ: NCIQ). This approval allows the fund to include XRP, Solana, and Stellar alongside Bitcoin and Ethereum.
The ETF received approval last Thursday after Hashdex updated its trust structure. The update aligned with Nasdaq’s new listing rules. A Form 8-K filing on Wednesday confirmed the introduction of a “Third Amended and Restated Trust Agreement.” This agreement is between Hashdex Asset Management Ltd. and CSC Delaware Trust Company, replacing the prior agreement.
The Delaware-based ETF is classified as an “emerging growth company.” It reported no changes to its fiscal year or new financial disclosures.
Faster SEC Approvals Enable October Launch
The SEC’s new listing rules speed up crypto ETF approvals. Previously, reviews could take up to 270 days. Now, qualifying ETFs can get approval within 75 days.
Steven McClurg, Founder of Canary Capital Group, said this change has increased filing activity. About a dozen applications are currently with the SEC. Jonathan Groth of DGIM Law expects a “boom time” for crypto ETFs in Q4 2025. Bitwise President Teddy Fusaro noted that most applications are near the end of their review. Analysts predict ETFs tracking Solana and XRP could launch as early as October.
New Rules Simplify Crypto ETF Qualification
The revised SEC framework requires ETFs to meet at least one of three criteria for faster approval:
- The asset trades on a regulated exchange.
- CFTC-regulated futures contracts have been active for six months or more.
- The asset is held by another ETF with at least 40% direct allocation.
Not all issuers qualify under the new rules. Kyle DaCruz, Head of Digital Assets at VanEck, said legal reviews are ongoing to identify eligible products.
With XRP, Solana, and Stellar added, Hashdex’s NCIQ ETF marks a key step toward broader crypto exposure in regulated markets. It may also signal the start of a major wave of crypto ETF launches.
