Hashdex seeks SEC approval to add Solana, Cardano, and XRP to crypto ETF
- Carmela Murray
- September 24, 2025
- Finance
- 0 Comments
ETF Expansion Under New SEC Framework
Hashdex has officially filed with the U.S. Securities and Exchange Commission to broaden its Nasdaq Crypto Index US ETF, moving beyond the current Bitcoin and Ethereum holdings. The filing, submitted on September 23, seeks approval to include Solana (SOL), Cardano (ADA), and XRP under recently adopted generic listing standards. This move would allow the fund to track the complete composition of the Nasdaq crypto index rather than being limited to just the two largest digital assets.
Bloomberg ETF analyst James Seyffart shared details of the filing, noting that Hashdex intends to follow the U.S. Nasdaq crypto index composition. The index currently weights Bitcoin at 72.5% and Ethereum at 14.8%, with Solana comprising 4.3%, Cardano 1.2%, and XRP making up 6.9% of the total allocation. This represents a significant expansion from the fund’s original structure, which specified holdings of only Bitcoin, Ethereum, and cash when Hashdex first pursued a dual-asset ETF in June 2024.
New Regulatory Pathway for Crypto Products
The expansion attempt leverages generic listing standards that the SEC approved on September 17 for commodity-based trust shares on major exchanges including Nasdaq, Cboe, and the New York Stock Exchange. These standards aim to streamline approval processes for exchange-traded products tied to digital assets, potentially shifting away from the lengthy case-by-case reviews that have characterized previous crypto ETF applications.
However, it’s important to note that the generic standards don’t automatically open approval for every type of crypto ETP. Regulatory limitations still apply selectively, and the SEC maintains oversight over which assets qualify. The standards represent a step toward normalization rather than a complete regulatory green light. Hashdex’s filing tests the boundaries of these new rules, particularly regarding assets like XRP that have faced regulatory scrutiny in the past.
Potential Industry Impact
The outcome of Hashdex’s expansion filing could set an important precedent for the broader crypto fund management industry. If approved, it might encourage similar attempts by other fund managers seeking to offer investors broader digital asset exposure beyond the dominant Bitcoin and Ethereum positions. This could potentially lead to more diversified crypto investment products entering the market.
Seyffart had previously commented on Hashdex’s initial dual-asset approach, noting that combining Bitcoin and Ethereum “makes a lot of sense” given their market positions. The current expansion builds on that foundation while testing the SEC’s willingness to embrace a more comprehensive crypto index approach. The filing represents one of the first major tests of the new generic standards specifically for multi-asset crypto products.
Market participants will be watching closely to see how the SEC responds to this expanded proposal. The approval process timeline remains uncertain, but the filing itself signals growing institutional interest in diversified crypto exposure through regulated investment vehicles. The decision could influence how other asset managers approach similar product offerings in the future.
