Nasdaq Includes XRP, Stellar (XLM), Solana (SOL) and Cardano (ADA) in Firm’s Crypto Index

The Nasdaq has recently made updates to its crypto index by adding XRP, Stellar (XLM), Solana (SOL), and Cardano (ADA) to the Nasdaq Crypto US Index (NCIUS). This index is designed to track a significant portion of the digital asset market, as outlined on the Nasdaq Global Indexes website.

Initially, the NCIUS only included Bitcoin (BTC) and Ethereum (ETH) in its tracking. However, the addition of these four new crypto assets signifies a broadening of the index’s scope. The financial firm Hashdex highlighted this change in a recent filing with the Securities and Exchange Commission (SEC).

Hashdex offers an exchange-traded fund (ETF) that follows the NCIUS, but due to SEC regulations, it can only hold BTC and ETH. To provide investors with accurate exposure to the full NCIUS, Hashdex has implemented a “sampling strategy” to balance the BTC and ETH holdings. However, the firm acknowledges that there is an increased risk of potential tracking errors since it cannot include the other assets in the index.

In a move to address these limitations, Nasdaq filed for a rule change with the SEC in March. This proposed change would allow Hashdex’s ETF to switch its benchmark index from NCIUS to the Nasdaq Crypto Index (NCI), which includes all six of the aforementioned crypto assets along with Litecoin (LTC), Uniswap (UNI), and Chainlink (LINK). The SEC is currently reviewing this rule change and is expected to make a decision by November.

For the latest updates and news on cryptocurrency trends, follow us on X, Facebook, and Telegram. Don’t miss out on important information – subscribe to receive email alerts directly to your inbox. Stay informed about price actions and explore The Daily Hodl Mix for more insights.

(Image credit: Midjourney)