Hashdex Asset Management Ltd. and Nasdaq Global Indexes said it has expanded their exchange-traded product to include other cryptocurrencies, including XRP and Solana, following the U.S. Securities and Exchange Commission's approval of generic listing standards, opening the doors for dozens of different types of crypto funds.
The Hashdex Nasdaq Crypto Index US ETF, with the ticker symbol NCIQ, initially included bitcoin and ether, but now will also include Stellar, XRP, and Solana, according to a statement on Thursday.
"Thanks to recent regulatory updates and the approval of generic listing standards, NCIQ is expanding today and will adapt over time as new assets meet the index’s and listing requirements," said Samir Kerbage, CIO at Hashdex, in the statement.
Last week, the SEC approved listing standards proposed by three exchanges, asking the agency to change a rule governing the trading and listing of commodity-based trust shares, which sets out specific requirements to have certain shares listed on their exchanges. The approval means that dozens of crypto ETF applications could go live soon and pivotally reduces the timeline for those funds to begin trading.
The SEC also approved Grayscale's multi-crypto fund last week, which provided exposure to XRP, Solana, Cardano, ether, and bitcoin.
The agency initially approved the Hashdex Nasdaq Crypto Index US ETF in December, when it held spot bitcoin and ether. Now, amid a change in a presidential administration and a friendlier crypto regulatory environment, dozens of firms are awaiting the SEC's signoff on funds that track a bunch of different digital assets, many of which are likely to get approved imminently.
