Hashdex Files With SEC to Add XRP, Solana and More to NCIQ
The crypto asset manager has filed with the SEC to add seven altcoins beyond its current Bitcoin and Ethereum holdings to its Nasdaq Crypto Index US ETF (NCIQ).
Crypto asset manager Hashdex has filed an amendment with the U.S. Securities and Exchange Commission to add seven altcoins to its Nasdaq Crypto Index US ETF (NCIQ), according to a March 14 regulatory filing.
Altcoins Round Out Crypto ETF
The proposal would expand the fund to include Litecoin, XRP, Cardano, Solana, Chainlink, Avalanche and Uniswap alongside the fund's current Bitcoin and Ethereum holdings.
NCIQ, launched in February, currently manages about $70.4 million in assets and would shift from tracking the Nasdaq Crypto US Settlement Price Index to the broader Nasdaq Crypto Settlement Price Index, which includes more digital assets.
Hashdex's move to add these seven major altcoins to its ETF represents an expansion of crypto investment products as the market evolves beyond single-asset funds.
Diversifying Crypto Exposure
The amendment comes as the crypto ETF landscape continues to develop. Asset manager Grayscale has also applied to convert its Digital Large Cap Fund, which holds Bitcoin, Ethereum, Solana, Cardano and XRP, into an ETF.
Index-based crypto ETFs aim to provide investors with simpler exposure to multiple digital assets without the complexities of direct ownership, similar to how traditional investors use S&P 500 index funds.
The Brazilian version of Hashdex's fund, traded on the Bermuda Stock Exchange, already offers exposure to the broader basket of cryptocurrencies.
The diversification move comes amid challenging market conditions. NCIQ has attracted $32.8 million in inflows over the past five days despite its price falling 15.3% over the past month, according to etf.com data.
This decline mirrors broader crypto market struggles, with Bitcoin down 15.9% over the past month to around $81,500, while Ethereum has dropped even further, falling 30.3% to $1,875 during the same period, according to CoinMarketCap as of midday Tuesday.
The expansion to include altcoins may potentially offer investors a hedge against the volatility of individual cryptocurrencies, though most digital assets have generally moved in a similar direction over the past month as tariff and trade war concerns have rippled through the economy.
