Nasdaq submitted a Form 8-K to the U.S. Securities and Exchange Commission on June 2 proposing updates to the Hashdex Nasdaq Crypto Index US ETF. The filing aims to broaden the index’s scope from five to nine cryptocurrencies by including XRP, Solana, Cardano, and Stellar Lumens.
Expansion of the Nasdaq Crypto Index ETF
The proposed changes would replace the current benchmark, the Nasdaq Crypto US Settlement Price Index, with the more inclusive Nasdaq Crypto Index. This shift would bring four additional assets into the benchmark, which already includes Bitcoin and Ethereum. Pending SEC approval, the index will also include Chainlink, Litecoin, and Uniswap. The SEC is expected to issue a decision by November 2, 2025.
Hashdex currently operates under regulatory limits that only allow it to hold Bitcoin and Ethereum, although its benchmark includes more assets. A sampling strategy is being used to align with the broader index, but this has created gaps between the ETF’s actual holdings and its benchmark structure.
Market reaction to Nasdaq’s filing
The announcement had mixed effects on token prices. XRP climbed above $2.23 during early trading hours and marked a 3.1 percent rise from weekly lows. Solana rebounded to around $155 following a drop near $140, gaining 0.2 percent intraday and recording a 36 percent increase in trading volume. Cardano maintained a declining trend, settling around $0.67. Stellar Lumens also experienced weekly losses of more than 1 percent.
These movements reflect investor sensitivity to regulatory and institutional developments, especially involving major financial platforms like Nasdaq.
Leadership changes and regulatory criticism
Furthermore, the notice pointed out that Hashdex Asset Management saw some change in leadership. Bruno Leonardo Kmita de Oliveira Passos left his position as a member of the board as well as his jobs as Principal Financial Officer and Principal Accounting Officer. Samir E. H. Kerbage took up his roles as Chief Investment Officer within the firm. There were no disagreements within Gonzalez’s camp that caused the change.
In parallel, VanEck, 21Shares, and Canary Capital urged the SEC to return to a first-to-file approval policy for exchange-traded products. A joint letter criticized the current simultaneous approval approach, citing competitive disadvantages for early filers. The firms referenced both the 2021 Bitcoin futures ETF approval and the 2024 simultaneous spot Bitcoin and Ethereum ETF approvals as examples.