Nasdaq has taken a significant step toward diversifying its cryptocurrency offerings by submitting a proposed rule change to the U.S. Securities and Exchange Commission (SEC) on June 2, 2025, to expand its Nasdaq Crypto Index (NCI). The proposal seeks to include four prominent altcoins—XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM) alongside the existing Bitcoin (BTC) and Ethereum (ETH) in the index, which serves as a benchmark for the Hashdex Nasdaq Crypto Index US ETF (NCIQ).
The proposed expansion adds XRP, Solana, Cardano, and Stellar Lumens to the Nasdaq Crypto Index, which currently tracks only Bitcoin and Ethereum through the Nasdaq Crypto US Settlement Price Index (NCIUS). This move aims to create a more comprehensive benchmark that reflects the evolving digital asset market. Diversification is critical for investors as it reduces risk by spreading exposure across multiple assets, potentially capturing growth from altcoins with unique use cases like cross-border payments (XRP), scalable smart contracts (Solana), research-driven blockchain development (Cardano), and low-cost transactions (Stellar). The SEC is expected to deliver a decision on this proposal by November 2, 2025, following a period for public comments and regulatory review.
Institutional Relevance
The inclusion of these altcoins is poised to enhance the Hashdex Nasdaq Crypto Index US ETF (NCIQ), which currently holds only Bitcoin and Ethereum due to regulatory constraints. This limitation creates a tracking error, as NCIQ aims to replicate the broader NCI but is restricted to the narrower NCIUS. Approval of the rule change would allow NCIQ to invest directly in all nine cryptocurrencies in the NCI, namely, Bitcoin, Ethereum, XRP, Solana, Cardano, Stellar, Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI). This will potentially reduce the discrepancies and will offer investors broader exposure to the crypto market. This step aligns with growing institutional demand for diversified crypto investment vehicles, as evidenced by the $138 billion in assets under management for Bitcoin and Ethereum ETFs by late 2024.
Implications for Altcoins and Investors
The inclusion of XRP, Solana, Cardano, and Stellar in the Nasdaq Crypto Index could significantly boost their visibility and liquidity. Institutional recognition often drives increased trading volumes and price stability, as seen with Bitcoin and Ethereum following their ETF approvals. For instance, XRP’s market cap stands at $130.93 billion as of June 9, 2025, with a 7% price increase over the last 6 months, reflecting strong market interest. Solana, Cardano, and Stellar also benefit from their respective strengths in scalability, sustainability, and global payment solutions, making them attractive to institutional investors.

Source: TradingView
XRP’s inclusion is particularly noteworthy given its legal history. In April 2025, a court ruling clarified that XRP is not a security, reducing regulatory hurdles and boosting investor confidence. This development positions XRP as a frontrunner for institutional adoption, particularly in cross-border payment systems, further amplified by its potential inclusion in a Nasdaq-backed index.
Market Signals
Between June and November 2025, investors should monitor several key developments like public comments submitted to the SEC, potential feedback from regulators, and market reactions to the proposal. The crypto market has already shown optimism, with XRP trading at $2.226 and Solana at $150 (as of June 9, 2025), reflecting price surges, following early news of the proposal. The SEC’s review process will be critical, as its approval could pave the way for fully diversified U.S.-listed crypto index ETFs, marking a significant shift toward mainstream financial integration of altcoins.
Nasdaq’s June 2, 2025, rule filing to expand the Nasdaq Crypto Index represents a pivotal moment for altcoin adoption. By proposing to include XRP, Solana, Cardano, and Stellar, Nasdaq is signaling confidence in the growing maturity of the crypto market. If approved by the SEC by November 2, 2025, this change could enhance the Hashdex Nasdaq Crypto Index US ETF, reduce tracking errors, and provide investors with diversified exposure to leading digital assets. As institutional interest in cryptocurrencies continues to rise, this proposal underscores the increasing alignment between traditional finance and the digital asset ecosystem.
FAQs
What is the Nasdaq Crypto Index (NCI)?
The Nasdaq Crypto Index (NCI) is a benchmark created by Nasdaq to track the performance of a select group of cryptocurrencies. It provides a standardized way for investors to measure the value and growth of major digital assets, similar to how the S&P 500 tracks stocks.
What is the Nasdaq Crypto US Settlement Price Index (NCIUS)?
The Nasdaq Crypto US Settlement Price Index (NCIUS) is a subset of the NCI, currently limited to Bitcoin (BTC) and Ethereum (ETH). It is used as the reference for financial products like ETFs in the U.S., where regulatory restrictions limit which cryptocurrencies can be included. The NCIUS ensures compliance with U.S. regulations while tracking the price performance of approved assets.
What is NCIQ?
NCIQ is the ticker symbol for the Hashdex Nasdaq Crypto Index US ETF, a U.S.-listed exchange-traded fund that aims to replicate the performance of the Nasdaq Crypto Index (NCI).
Who is Hashdex?
Hashdex is a global asset management firm specializing in cryptocurrency investment products. It partners with Nasdaq to offer the Hashdex Nasdaq Crypto Index US ETF (NCIQ), which provides investors with a regulated way to gain exposure to cryptocurrencies through a traditional investment vehicle, like a stock market ETF.
Which coins are being added to the Nasdaq Crypto Index?
On June 2, 2025, Nasdaq proposed adding four new altcoins to the Nasdaq Crypto Index: XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM). These join the existing Bitcoin, Ethereum, Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI), bringing the total to nine cryptocurrencies.
What are altcoins?
Altcoins, or “alternative coins,” are any cryptocurrencies other than Bitcoin. They often aim to address specific use cases or improve on Bitcoin’s technology.
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