Nasdaq Pushes for Expanded Crypto ETF: XRP, SOL, ADA, XLM Join the Index

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Nasdaq has taken a big step toward expanding crypto investment options by filing a new rule proposal with the U.S. SEC. The plan could change how crypto ETFs are designed and tracked in the U.S., and the crypto community is calling it a “power move” that may drive more institutional interest. However, despite growing excitement around ETFs, the SEC has yet to approve any new applications, leaving some doubts about whether multiple ETF approvals will happen by the end of the year.

XRP, SOL, ADA, XLM Join the Index

On June 2, Nasdaq submitted a Rule 19b-4 filing to the SEC to expand the benchmark for the Hashdex Nasdaq Crypto Index US ETF (NCIQ). The proposed change would replace the current two-asset benchmark, focused only on Bitcoin and Ethereum, with the more inclusive Nasdaq Crypto Index (NCI).

The NCI now includes nine major cryptocurrencies, mainly Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Stellar Lumens (XLM), Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI). With this, Nasdaq is aiming to offer a more complete snapshot of the digital asset landscape.

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ETF Still Limited to BTC and ETH, for Now

Although the benchmark has expanded, the Hashdex ETF is still legally restricted to holding only BTC and ETH due to current SEC regulations. This creates what’s known as a tracking error; the ETF follows a broader index but doesn’t yet reflect all its assets. To manage this gap, Hashdex uses a sampling strategy to approximate the index’s performance without fully matching it.

The SEC has until November 2, 2025, to approve or reject Nasdaq’s proposal. If approved, it could open the door for the ETF to invest directly in all nine NCI assets, offering greater exposure to altcoins and potentially boosting investor confidence in regulated crypto investment vehicles.

This move comes amid rising institutional interest in diversified crypto products. Nasdaq’s filing signals a significant step toward broader regulatory acceptance and ETF evolution, one that could bring XRP, SOL, ADA, and XLM closer to mainstream U.S. investment platforms.