XRP has been added to a Nasdaq-listed multi-asset spot crypto ETF in the United States, marking another notable step in the evolution of regulated digital asset investment products. Hashdex Asset Management Ltd. announced on Sept. 25 that its Hashdex Nasdaq Crypto Index US ETF (Nasdaq: NCIQ) has expanded beyond its original holdings and now offers investors exposure to a broader basket of major cryptocurrencies through a single listed vehicle.
The development is significant because it comes as the U.S. Securities and Exchange Commission allows the fund to operate under its generic listing standards, a framework that broadens the range of digital assets eligible for inclusion. Initially launched with spot exposure to bitcoin and ether, NCIQ now provides access to bitcoin, ether, XRP, solana, and stellar. According to Hashdex, those assets represent a combined market capitalization of more than $3 trillion.
A regulatory shift with practical market impact
The ETF first received SEC approval for listing and trading on Dec. 19, 2024, and began trading in February. At launch, it was limited to the two largest crypto assets by market value, bitcoin and ether. The latest expansion reflects a broader regulatory opening in the U.S. for diversified spot crypto exchange-traded products, particularly as the SEC formalizes pathways for funds that satisfy standardized listing requirements.
In its announcement, Hashdex described NCIQ as the first multi-asset spot crypto ETP in the United States to operate under this expanded structure. The company said the updated product gives investors simplified access to multiple leading digital assets in one tradable format, removing the need to separately buy, store, or rebalance individual tokens.
That matters for a wide range of market participants, especially financial advisors and traditional investors seeking regulated exposure to crypto without directly interacting with wallets, exchanges, or private key management. In practical terms, the expansion turns NCIQ into a more diversified gateway to the crypto market while keeping the convenience and oversight associated with exchange-traded funds.
What the SEC filing says
The SEC filing explains that, under the new generic listing rules, the trust is permitted to hold additional digital assets that are included in the Nasdaq Crypto US Settlement Price Index (NCIUSS). As of the filing date, the ETF tracks BTC, ETH, SOL, XLM, and XRP. The document also states that the fund is subject to quarterly rebalancing and may include additional index constituents in the future, provided those assets remain eligible under the index methodology and the SEC’s listing framework.
This structure is important because it links product composition to a rules-based index rather than ad hoc discretionary additions. For institutional and professional investors, that tends to improve transparency around weighting, rebalancing, and asset eligibility. It also signals that future product expansion could occur within an increasingly standardized regulatory setting, rather than through one-off approvals alone.
Hashdex emphasizes investor access
Hashdex co-founder and CEO Marcelo Sampaio framed the move as a milestone for U.S. investors. He said the company has been a global leader in crypto index products since 2018 and argued that the NCIQ expansion meets the needs of U.S. advisors and investors who want to participate in the continuing evolution of the digital asset ecosystem.
He also highlighted the practical appeal of the expanded fund: instead of choosing among multiple separate products or handling direct token exposure, investors can now access five major crypto assets in one vehicle. Hashdex additionally pointed to its partnership with Nasdaq Global Indexes as an important factor in bringing index-based crypto investment products to the U.S. market.
For the broader ETF industry, that message reflects a clear trend. Crypto access is gradually moving from single-asset products toward more diversified, index-oriented vehicles that resemble familiar structures in equities, commodities, and traditional multi-asset portfolios. The inclusion of XRP in a regulated, listed U.S. product also carries symbolic weight given the token’s long regulatory history in the American market.
Infrastructure behind the fund
The ETF’s institutional setup also underscores how established financial and crypto-native service providers are converging around regulated digital asset products. Coinbase Custody and Bitgo Trust serve as custodians for the fund’s crypto holdings, while U.S. Bank Global Fund Services acts as administrator. Nasdaq provides the exchange listing and index framework.
That combination of traditional market infrastructure and specialized digital asset custody has become central to the growth of spot crypto ETPs. It helps address operational concerns that have historically limited institutional participation, including asset safekeeping, fund administration, and benchmark transparency.
Part of a wider expansion in U.S. crypto ETPs
NCIQ’s expansion does not stand in isolation. The report notes that the SEC recently approved the Grayscale Coindesk Crypto 5 ETF (GDLC), another U.S. multi-asset spot crypto ETP offering exposure to bitcoin, ethereum, XRP, solana, and cardano. Together, these developments suggest that U.S. regulators are becoming more comfortable with diversified crypto baskets, especially when they are tied to established index methodologies and standardized listing rules.
For investors, the immediate takeaway is straightforward: access to crypto in regulated public market wrappers is becoming broader and more flexible. Instead of limiting exchange-traded exposure to only bitcoin or ether, the market is beginning to offer more representative slices of the digital asset sector.
For the industry, the longer-term implication may be even more important. As more multi-asset products come to market, competition is likely to center on index design, asset selection, custody quality, fees, and issuer credibility. Regulatory acceptance of broader baskets could also influence how future products are built, including whether additional large-cap digital assets eventually become common components of listed funds.
In that context, XRP’s inclusion in Hashdex’s Nasdaq-listed ETF is more than a simple product update. It is a sign that the U.S. market structure for crypto investment products is continuing to mature, with regulators, exchanges, issuers, and service providers gradually building a more diversified and standardized framework for digital asset exposure.