SEC Approves Hashdex Nasdaq Crypto ETF to Hold XRP

The U.S. SEC has approved the Hashdex Nasdaq Crypto US ETF to hold XRP alongside Bitcoin and Ethereum. 

Nate Geraci, the president of NovaDius Wealth Management, drew attention to the development in a post on X today. His remarks came shortly after the SEC approved the Hashdex Nasdaq Crypto Index US ETF to support more assets beyond Bitcoin and Ethereum.

For context, the SEC approved the Hashdex fund for launch last year, enabling exposure to Bitcoin and Ethereum. In March, Hashdex requested an amendment to include XRP and other assets in the ETF. However, the filing did not receive immediate approval.

Accordingly, the issuer filed the amendment under the SEC’s new generic listing standards, a framework designed to expedite spot ETF approvals. It also requested a waiver of the five-business-day prior notice period under Rule 19b-4(f)(6)(iii), enabling the amendment to take effect immediately.

XRP Now Features in Hashdex Nasdaq Crypto ETF

Following the filing, Geraci stated that the ETF has received approval to hold cryptocurrencies beyond Bitcoin and Ethereum. In other words, the ETF would now hold other assets such as XRP, Solana (SOL), and Stellar (XLM).

As of today, XRP stands as the third-largest asset in the Hashdex Nasdaq Crypto Index Fund behind Ethereum and Bitcoin. It represents 7.11% of the fund’s portfolio, with over 3.5 million XRP-related shares already listed in the fund. However, SOL and XLM make up 4.19% and 0.34% of the fund as of September 25.

More XRP ETFs

Interestingly, XRP has been gaining traction in the capital markets recently. Previously overshadowed by uncertainty from the SEC’s lawsuit against Ripple, the token has since secured multiple ETF approvals.

While XRP already has several futures-based ETFs, it recently secured spot ETF approval with the launch of the REX-Osprey XRP ETF (XRPR) earlier this month. The fund surprised investors by recording $37.5 million in volume on its first day of trading.

After XRPR’s impressive performance, XRP enthusiasts anticipate strong demand for upcoming XRP-focused spot ETFs. Franklin, 21Shares, and Canary are among prospective issuers awaiting SEC approval to launch spot XRP ETFs in the U.S.

Sources with direct knowledge claim the XRP ETF applications have advanced in the review process. As a result, they expect prospective issuers to submit their final amendments this week.

Currently, the SEC faces a deadline next month to approve or deny XRP ETF proposals from Bitwise, Grayscale, and other issuers.

Given the SEC’s pro-crypto approach, there is high optimism that the regulator could approve the funds next month. Now, market participants look forward to seeing the SEC approve all proposed XRP ETFs on the same day as it did for Bitcoin and Ethereum ETFs.

The post SEC Approves Hashdex Nasdaq Crypto ETF to Hold XRP first appeared on The Crypto Basic.