SEC Approval Lets Hashdex Nasdaq Crypto Index ETF Add Altcoins Like XRP, XLM, and Solana

• The US Securities and Exchange Commission (SEC) has finally approved the Hashdex Nasdaq Crypto Index US ETF. 
• This comes after the Commission recently approved Income Blast ETFs for multiple assets. 

In our recent update, we reported that the US Securities and Exchange Commission (SEC) has approved Grayscale’s Digital Large Cap Fund (GDLC) to trade on the stock exchange. Today, another ETF approval has been announced, but this time, it is the Hashdex Nasdaq Crypto Index US ETF.

The report said this Fund would operate under the new generic listing standard. Apart from Bitcoin (BTC) and Ethereum (ETH), this approval implies that the Fund could hold the likes of XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), and Stellar Lumen (XLM).

SEC, in its official document stated that the structure of the ETF was updated to meet the new criteria. However, there was no addition of any new financial document or change to its fiscal year.

How it Started

It can be recalled that last year, the SEC gave the green light for Franklin Templeton and Hashdex to launch Bitcoin and Ethereum index ETFs in the US. While Hashdex’s Nasdaq Crypto Index US ETF was reported to trade on the Nasdaq stock market, Franklin Templeton Crypto Index ETF got the approval to trade on the Cboe BZX Exchange.

In March this year, Hashdex requested an amendment in a bid to include other tokens in the ETF. As stated earlier, this filing was made under the new generic listing standards to expedite the approval process. Today, XRP represents 7.11% of the Fund’s portfolio. According to reports, over 3.5 million shares related to XRP have been listed in the Fund. Apart from XRP, SOL makes up 4.19% of the Fund while XLM makes up 0.34%.

It is also expected that more ETFs will be approved in the future as the SEC votes to update its listing standards. Based on the new rule, ETF products would avoid the case-by-case review process. This implies that decisions could be made within 75 days, unlike the previous rule, where decision-making was taking up to 270 days.

More ETF Applications Expected

Several stakeholders have also applauded this new rule with Bitwise CEO Teddy Fusaro disclosing how they anticipated this to be implemented. According to the founder of Canary Capital Group Steven McClurg, many companies could line up to file with the SEC in the coming months.

Meanwhile, DGIM Law’s Jonathan Groth believes that this wave of applications could be witnessed in the fourth quarter of the year (Q4 2025). In October, the SEC is expected to make decisions on multiple spot ETF applications, as noted in our earlier post. According to our recent update, XRP and Dogecoin ETFs have already been approved under the 1940 Act.

Amidst the backdrop of this, Tuttle Capital has also filed for Bonk Income Blast ETF, Litecoin Income Blast ETF, and Sui Income Blast ETF with the SEC, following the rising demand as highlighted in our recent discussion.