Nasdaq Crypto Index Expansion: Will XRP and Solana Make the Cut?
The U.S. Securities and Exchange Commission (SEC) has received a formal rule-change proposal from Nasdaq. The proposal aims to expand its flagship Nasdaq Crypto Index (NCI) by including four new cryptocurrencies: XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM). If accepted, this would represent a substantial increase in the number of index constituents to six, going beyond the current coverage of Bitcoin and Ethereum. The action is a response to increased institutional interest in expanding exposure to cryptocurrency beyond the two most popular digital assets.
Nasdaq Seeks to Align Crypto ETF With Broader Index by Adding Altcoins
The proposal, which was submitted on June 2, 2025, aims to match the Hashdex Nasdaq Crypto Index US ETF’s holdings to the larger index. The four altcoins in question are already included in this extended version of the NCI. However, the underlying assets of the ETF do not yet reflect this.
Despite market demand for wider access, regulatory limitations now restrict the ETF to holding just Bitcoin and Ethereum. By lowering the tracking inaccuracy between the ETF and the entire index, the suggested modification hopes to improve investor confidence and enable more accurate performance mirroring.
SEC to Decide on Nasdaq Crypto Index Expansion by November 2025
Under Rule 19b-4, the SEC is examining the proposal and is anticipated to make a decision by November 2, 2025. The submission coincides with more regulatory clarity for some of the suggested additions, especially XRP. One of the main legal barriers that had previously prevented XRP’s institutional adoption was lifted in April 2025 when a federal judge reaffirmed that it is not a security.
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