XRP has officially joined a Nasdaq-listed multi-asset spot crypto ETF in the U.S., signaling regulatory progress and unlocking streamlined investor access to leading digital currencies.
Milestone for Multi-Asset Crypto ETPs
Hashdex Asset Management Ltd. announced on Sept. 25 that the Hashdex Nasdaq Crypto Index US ETF (Nasdaq: NCIQ) has expanded, describing it as “the first multi-asset spot crypto ETP in the United States.” The ETF, launched in February 2025, now operates under the SEC’s generic listing standards, a regulatory framework that expands eligibility for additional crypto assets. Initially launched with spot bitcoin and ether, NCIQ will now provide exposure to spot bitcoin, ether, XRP, solana, and stellar—representing over $3 trillion in combined market capitalization—through a single, tradable product.
How the Expansion Works
Marcelo Sampaio, co-founder and CEO of Hashdex, stressed the importance: “Since 2018, Hashdex has been a market leader in crypto index products globally, and this signifies a major milestone in meeting the needs of U.S. advisors and investors.” The SEC filing clarified that under the new generic listing rules, the Trust will be permitted to hold additional crypto assets that are constituents of the Nasdaq Crypto US Settlement Price Index (NCIUSS). Accordingly, the Trust will track bitcoin (BTC), ethereum (ETH), solana (SOL), stellar lumens (XLM), and XRP (XRP), subject to quarterly rebalancing and any additional index constituents added from time to time.
Regulatory Context and Market Impact
The ETF received U.S. Securities and Exchange Commission (SEC) approval for listing and trading on Dec. 19, 2024, and began trading in February. Its move to the generic listing framework reflects a regulatory shift aimed at expanding investor access. With Coinbase Custody and Bitgo Trust providing custody, U.S. Bank Global Fund Services serving as administrator, and Nasdaq overseeing the index and listing, the ETF’s expansion highlights how U.S. rules are evolving to accommodate diversified digital asset products. Notably, the SEC also recently approved the Grayscale Coindesk Crypto 5 ETF (GDLC), the first U.S. multi-asset spot crypto ETP offering exposure to bitcoin, ethereum, XRP, solana, and cardano.
Industry observers view XRP's inclusion as a validation of its cleared legal status following the landmark 2023 court ruling that XRP is not a security when sold on secondary markets. The ability to now offer a diversified basket of top cryptocurrencies through a single Nasdaq-listed vehicle is expected to attract both institutional and retail investors seeking compliant and cost-effective exposure to the crypto asset class. Hashdex plans to rebalance the ETF quarterly, with potential additions of other eligible assets as the index methodology and SEC rules evolve.