A new step has been taken in the ETF processes progressing in the shadow of regulatory obstacles in cryptocurrency markets. Nasdaq announced that it wants to expand the scope of the index followed by the Hashdex Nasdaq Crypto Index US ETF with the 8-K form submitted to the US Securities and Exchange Commission (SEC) on June 2, 2025. According to the filing, XRP, Solana (SOL), Cardano (ADA) and Stellar Lumens (XLM) will be included in the current index. With this move, it aims to create a more inclusive indicator consisting of nine cryptocurrencies in total.
Nasdaq takes action for XRP, Solana, Cardano and Stellar
Currently, Hashdex's ETF product in the US can only hold Bitcoin (BTC) and Ethereum (ETH). This is due to the SEC's restrictive rules for ETFs. However, Hashdex is trying to track the index by applying a “sampling” strategy to overcome these limitations and offer a broader market representation. If Nasdaq's application is accepted, it would pave the way for the ETF to invest directly in altcoins such as XRP, SOL, ADA and XLM. The SEC is expected to make its decision on this proposal by November 2, 2025.
The expanded index includes the following nine cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, Cardano, Stellar Lumens, Chainlink, Litecoin and Uniswap. This step, which comes at a time when institutional investors' interest in diversified crypto products is increasing, could be an important milestone if regulatory approval is obtained.
Looking at the market data, Nasdaq's application seems to have resonated in the markets. XRP rose by 1-2 percent for SOL. On the other hand, Cardano and Stellar started the week with small losses.
On the other hand, in parallel with these developments, important changes took place in Hashdex's management team. Bruno Passos, the company's CFO and board member, left his post. He was replaced by Samir Kerbage, who has been managing the company's investment strategy since 2018. According to the statement, Passos' resignation is not related to any internal dispute.
In addition, major asset managers such as VanEck, 21Shares and Canary Capital issued a joint letter to the SEC, calling for the reinstatement of the “first-to-file priority approval” principle in ETF approval processes. The call comes amid criticism that early applicants have been disadvantaged by the SEC's past practice of approving multiple applications at the same time.
All in all, Nasdaq's move is an important attempt to make crypto investment products more fair, diverse and accessible to institutional investors. However, all eyes are now on the SEC's decision in the fall: Will it usher in a new era of crypto ETFs?
