The SEC Approves Hashdex Nasdaq Crypto Index US ETF

The SEC has officially approved the Hashdex Nasdaq Crypto Index US ETF to operate under new generic listing standards, allowing it to add XRP, SOL, and XLM to its existing portfolio of BTC and ETH.

The ETF, listed as NASDAQ:NCIQ, made the change last Thursday by updating its trust structure to meet the new criteria. The revised setup, filed under Form 8-K on Wednesday, includes a “Third Amended and Restated Trust Agreement” signed by Hashdex Asset Management Ltd. and CSC Delaware Trust Company, replacing the previous second agreement.

Built in Delaware, the ETF is tagged as an “emerging growth company.” The filing didn’t present any changes to its fiscal year or contain new financial documents. The updated trust agreement was appended as an exhibit to the filing, confirming compliance with Nasdaq’s current listing demands.

ETF Issuers Prepare for October Launch

Following the SEC’s vote to adopt updated listing standards last week, several asset managers have sprung into action. These new rules allow qualified crypto ETFs to skip the case-by-case review process, which previously extended approval periods to as long as 270 days. Now, products could potentially be cleared in as little as 75 days.

“We’ve got about a dozen filings with the SEC now, and more coming,” stated Steven McClurg, founder of Canary Capital Group. He confirmed asset managers are already positioned to capitalize on the rule change, anticipating a wave of launches in Q4 2025. Jonathan Groth at DGIM Law dubbed this impending period a likely “boom time” for crypto ETFs.

The rush initially began in July when the SEC first proposed these changes. Since then, firms have scrambled to revise filings, respond to SEC feedback, and comply with updated standards. Sources close to the process believe final updates could be submitted by the end of the week.

“These are the rules we had been anticipating,” remarked Teddy Fusaro, president of Bitwise. He noted that most filings are nearing the review phase’s conclusion and could enter the market shortly, with analysts predicting ETFs that track SOL and XRP to debut in early October.

New SEC Rules Accelerate Crypto ETF Approvals

To qualify for the new approval process, ETFs must meet at least one of three key requirements:
1. The coin must trade on a regulated exchange or have CFTC-regulated futures contracts active for at least six months.
2. Another ETF must already hold that coin with 40% of its assets directly invested, not through swaps or options.

If any of these conditions are met, the ETF bypasses the red tape.

However, not all firms are ready to proceed. “Not all of our existing filings qualify,” stated Kyle DaCruz, head of digital assets at VanEck. “The next step is to discuss with our lawyers which products can advance and the speed of their market entry.”

In contrast, Grayscale Investments wasted no time. Less than 48 hours after the SEC announcement, it converted its private fund into a public product: the Grayscale CoinDesk Crypto 5 ETF (GDLC.P). This new ETF holds BTC, ETH, XRP, SOL, and Cardano. Peter Mintzberg, CEO of Grayscale, emphasized that their swift launch represents their commitment to “public market access, regulatory clarity, and product innovation.”

However, a significant question remains: Will investors show interest in ETFs connected to lesser-known coins? DaCruz cautioned, “There will be a flood of tokens that many folks have never heard of.” Unlike BTC, which took years to gain investor trust, some of these lesser-known coins may receive only a few weeks or months of educational marketing before hitting the market.