Altcoins Enter Mainstream as SEC Clears Hashdex's Expanded ETF

Hashdex’s Nasdaq Crypto Index ETF (NCIQ) has expanded its portfolio to include XRP, Solana (SOL), and Stellar (XLM) following the U.S. Securities and Exchange Commission’s (SEC) approval of updated generic listing standards. The SEC’s decision, finalized on September 24, 2025, allows the fund to hold assets beyond Bitcoin (BTC) and Ethereum (ETH), marking a significant step toward broader institutional access to digital assets. XRP now accounts for 7.11% of the ETF’s portfolio, making it the third-largest holding after BTC (72.5%) and ETH (14.8%), while Solana represents 4.19% and Stellar 0.33% . The approval aligns with the SEC’s streamlined framework, which reduces the approval timeline for crypto ETFs from 270 to 75 days, enabling faster market entry for diversified products .

The ETF’s expanded composition reflects growing institutional interest in altcoins, particularly those with strong market fundamentals and regulatory clarity. Hashdex revised its trust structure to comply with Nasdaq’s updated requirements, including a “Third Amended and Restated Trust Agreement” between Hashdex Asset Management Ltd. and CSC Delaware Trust Company . The inclusion of XRP and Solana follows the successful launch of the REX-Osprey XRP ETF (XRPR), which recorded $37.7 million in debut-day trading volume, signaling robust demand for regulated crypto exposure . Analysts note that the move could catalyze further approvals, with over 90 applications pending and a projected wave of launches in October 2025 .

The SEC’s new rules, effective September 17, 2025, require ETFs to meet at least one of three criteria for expedited approval: the asset must trade on a regulated exchange, have CFTC-regulated futures active for six months, or be held by another ETF with at least 40% direct allocation . This framework has already enabled Grayscale’s conversion of its private fund into a public ETF and accelerated approvals for products like the XRP ETF (XRPR). Steven McClurg of Canary Capital Group highlighted the surge in filings, predicting a “wave of launches” as managers capitalize on the streamlined process .

Market participants are optimistic about the implications for crypto adoption. The Hashdex ETF’s approval is seen as a milestone in legitimizing altcoins within traditional finance, with analysts projecting up to 30 new spot ETFs in the near term. Nate Geraci of NovaDius Wealth Management emphasized the fund’s role in providing diversified exposure to a range of crypto assets, noting the strategic inclusion of XRP and Solana . The ETF’s structure as an “emerging growth company” in Delaware further underscores its alignment with regulatory expectations while maintaining flexibility for future expansions .

Looking ahead, the SEC’s updated standards are expected to facilitate approvals for additional XRP and Solana ETFs, with applications from Franklin Templeton, Grayscale, and Bitwise nearing completion . The regulatory shift also pressures existing ETFs to adapt, as Kyle DaCruz of VanEck acknowledged the need for legal reviews to ensure compliance with the new criteria . With the October deadline approaching for pending XRP ETF proposals, industry insiders anticipate a surge in approvals, further solidifying the role of altcoins in institutional portfolios.

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