Key Takeaways
- • Hashdex's Nasdaq CME Crypto Index ETF (NCIQ) expanded its holdings from eight to nine assets by adding Hyperliquid (HYPE) effective September 1, 2026, following HYPE's qualification for the underlying Nasdaq CME Crypto Index (NCI).
- • HYPE's inclusion demonstrates continued maturation of the crypto asset class, as the token met strict eligibility criteria including liquidity thresholds, market capitalization minimums, qualified custodian support, and SEC compliance standards for crypto ETPs.
- • NCIQ has grown substantially since its February 2025 launch with two assets to its current nine-asset composition, including Bitcoin, Ether, Solana, XRP, Hyperliquid, Stellar, Cardano, Chainlink, and Bitcoin Cash, reflecting an intentionally rules-based index methodology.
- • The addition underscores Hashdex's institutional-grade approach to crypto indexing, with NCIQ designed as a diversified, multi-asset vehicle capable of evolving alongside market developments and regulatory advances in digital asset markets.
Summary
Hashdex Asset Management announced on September 1, 2026, that its flagship Nasdaq CME Crypto Index ETF (NCIQ) has added Hyperliquid (HYPE) to its portfolio, expanding the fund's asset count from eight to nine holdings. The addition reflects HYPE's successful qualification for inclusion in the underlying Nasdaq CME Crypto Index following a rigorous vetting process.
HYPE's inclusion required satisfaction of multiple institutional-grade criteria established by the index methodology. These include minimum liquidity and market capitalization thresholds, verification of support from qualified custodians capable of securely holding the asset, and compliance with the Securities and Exchange Commission's generic listing standards applicable to cryptocurrency-based exchange-traded products. This regulatory framework ensures that only assets meeting stringent operational and compliance benchmarks gain admission to the index.
NCIQ has experienced significant expansion since its launch in February 2025, when the fund began operations with only two assets. Through successive quarterly or semi-annual index reconstitutions, the portfolio has grown to encompass a diversified basket spanning multiple blockchain ecosystems. The current nine holdings—Bitcoin, Ether, Solana, XRP, Hyperliquid, Stellar, Cardano, Chainlink, and Bitcoin Cash—represent varying use cases and technological approaches within the digital asset space, from layer-one protocols to specialized trading networks.
Samir Kerbage, Chief Investment Officer of Hashdex, characterized the expansion as evidence of the index's design philosophy. "When we launched NCIQ in February 2025 with two assets, the whole point was that the portfolio would expand as the market matured. And that's exactly what's happening," Kerbage stated. He emphasized that Hyperliquid's "innovative approach to decentralized trading, combined with recent regulatory advances," positioned the ecosystem as an increasingly significant component of crypto and financial markets, justifying its inclusion in an institutional-grade index vehicle.
The NCIQ structure reflects an intentional strategy to provide institutional investors with broad, rules-based exposure to the crypto market while maintaining flexibility to incorporate emerging assets as regulatory clarity improves and market infrastructure matures.
HYPE's inclusion required satisfaction of multiple institutional-grade criteria established by the index methodology. These include minimum liquidity and market capitalization thresholds, verification of support from qualified custodians capable of securely holding the asset, and compliance with the Securities and Exchange Commission's generic listing standards applicable to cryptocurrency-based exchange-traded products. This regulatory framework ensures that only assets meeting stringent operational and compliance benchmarks gain admission to the index.
NCIQ has experienced significant expansion since its launch in February 2025, when the fund began operations with only two assets. Through successive quarterly or semi-annual index reconstitutions, the portfolio has grown to encompass a diversified basket spanning multiple blockchain ecosystems. The current nine holdings—Bitcoin, Ether, Solana, XRP, Hyperliquid, Stellar, Cardano, Chainlink, and Bitcoin Cash—represent varying use cases and technological approaches within the digital asset space, from layer-one protocols to specialized trading networks.
Samir Kerbage, Chief Investment Officer of Hashdex, characterized the expansion as evidence of the index's design philosophy. "When we launched NCIQ in February 2025 with two assets, the whole point was that the portfolio would expand as the market matured. And that's exactly what's happening," Kerbage stated. He emphasized that Hyperliquid's "innovative approach to decentralized trading, combined with recent regulatory advances," positioned the ecosystem as an increasingly significant component of crypto and financial markets, justifying its inclusion in an institutional-grade index vehicle.
The NCIQ structure reflects an intentional strategy to provide institutional investors with broad, rules-based exposure to the crypto market while maintaining flexibility to incorporate emerging assets as regulatory clarity improves and market infrastructure matures.
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