The SEC has officially approved the Hashdex Nasdaq Crypto Index US ETF to operate under new generic listing standards, giving it the greenlight to add XRP, SOL, and XLM to its existing portfolio of BTC and ETH.
The ETF, listed as NASDAQ:NCIQ, made the change last Thursday after updating its trust structure to meet the new criteria. The revised setup, filed under Form 8-K on Wednesday, includes a “Third Amended and Restated Trust Agreement” signed by Hashdex Asset Management Ltd. and CSC Delaware Trust Company, replacing the previous second agreement.
The ETF, built in Delaware, is tagged as an “emerging growth company.” The filing didn’t show any changes to its fiscal year or include any new financial documents. The updated trust agreement was attached as an exhibit to the filing, confirming compliance with Nasdaq’s current listing demands.
ETF issuers prepare for October launch
Following the SEC’s vote to adopt the updated listing standards last week, several asset managers have kicked into gear. These new rules let qualified crypto ETFs skip the case-by-case review process, something that used to drag on for months. Under the old rules, approval could take as long as 270 days. Now, with the new setup, products can be cleared in as little as 75 days.
“We’ve got about a dozen filings with the SEC now, and more coming,” said Steven McClurg, founder of Canary Capital Group. He confirmed that asset managers are already lining up, ready to take advantage of the rule change. “We’re all getting ready for a wave of launches,” he said. That wave is expected to hit hard in Q4 2025, according to Jonathan Groth at DGIM Law, who called this period a likely “boom time” for crypto ETFs.
The rush began in July, when the SEC first proposed the changes. Since then, firms have scrambled to rewrite filings, address SEC feedback, and meet the updated standards. Sources familiar with the process say the final updates could be submitted by the end of the week.
“These are the rules we had been anticipating,” said Teddy Fusaro, president of Bitwise. Fusaro says most filings are nearing the end of the review phase and could hit the market shortly. Analysts expect ETFs tracking SOL and XRP to debut in early October.
New SEC rules speed up crypto ETF approvals
To qualify for the new approval process, ETFs must meet at least one of three main requirements. One, the coin involved must trade on a regulated exchange, or have CFTC-regulated futures contracts that’ve been active for at least six months. Two, another ETF must already hold that coin with 40% of its assets directly invested in it, not via swaps or options. If any of those conditions are met, the ETF skips the red tape.
But not every firm is ready to roll. “Not all of our existing filings qualify,” said Kyle DaCruz, head of digital assets at VanEck. “The next step is to talk to our lawyers to see which products can move forward and how rapidly will they get onto the market.”
That said, Grayscale Investments didn’t wait around. Less than 48 hours after the SEC’s announcement, it converted its private fund into a public product: the Grayscale CoinDesk Crypto 5 ETF (GDLC.P). This new ETF holds BTC, ETH, XRP, SOL, and cardano. According to Peter Mintzberg, CEO of Grayscale, their quick launch reflects their push for “public market access, regulatory clarity and product innovation.”
The bigger question now is whether investors will actually care about ETFs tied to lesser-known coins. “There will be a flood of tokens that many folks have never heard of,” DaCruz warned. Unlike BTC, which took years to build trust, some of these coins may get only weeks or months of investor education before hitting the market.
