SEC Clears Hashdex ETF To Hold XRP, Solana, Stellar, And More

The SEC has officially approved the Hashdex ETF for trading. It will operate under newly adopted generic listing standards. This marks a key milestone for broader crypto index accessibility in U.S. markets.

This has cleared the fund to expand beyond Bitcoin and Ethereum holdings. The approval allows XRP, Solana, and Stellar to be included in the portfolio through updated trust structures. XRP now represents 7.11% of fund assets as the third-largest holding.

Hashdex ETF Expands Portfolio with Major Altcoin Holdings

Hashdex ETF received SEC approval on September 24, 2025, to expand its holdings beyond the original Bitcoin and Ethereum allocation. The fund, listed under ticker NCIQ, now holds XRP as its third-largest asset. It includes over 3.5 million XRP-related shares in its portfolio.

Solana ranks as the fourth-largest holding while Stellar is the smallest allocation in the expanded portfolio. On Wednesday, the Hashdex ETF revised its trust structure via a Form 8-K filing.

It introduced a “Third Amended and Restated Trust Agreement.” Hashdex Asset Management Ltd. and CSC Delaware Trust Company signed the agreement.

The revised agreement replaced the second agreement to meet new SEC generic listing standards. The Delaware-incorporated fund maintains its “emerging growth company” status under the updated structure.

Streamlined SEC Rules Accelerate Approval Process

The SEC approved new generic listing standards on September 17, 2025. It also reduced crypto ETF approval timelines from 270 days to 75 days maximum.

The rule changes remove case-by-case reviews for ETFs meeting predetermined criteria. This creates standardized requirements across NYSE, Nasdaq, and Cboe Global Markets exchanges. Three major exchanges can now adopt common listing standards for qualified crypto products.

Crypto ETFs qualify for expedited approval by meeting at least one of three criteria. The underlying cryptocurrency must trade on regulated markets with CFTC-regulated futures active for at least six months.

Alternatively, another ETF must hold at least 40% of the cryptocurrency’s assets directly without derivatives exposure. Assets meeting other specified regulatory requirements also qualify for streamlined processing.

REX-Osprey launched record-breaking ETFs immediately following the implementation of the rule. The XRP ETF (XRPR) recorded $37.7 Million in debut day trading volume, making it the largest ETF launch in 2025.

Within 90 minutes, it achieved $24 million in trades, five times higher than any crypto futures ETF launch this year. The Dogecoin ETF (DOJE) generated $17 Million in first-day volume.

Grayscale converted its private fund into the public CoinDesk Crypto 5 ETF (GDLC) within 48 hours of the SEC announcement.

Industry Prepares for October Launch Wave

Following the approval of the Hashdex ETF, momentum is building in the crypto ETF space. Over 90 applications are now awaiting SEC approval. These filings span 24 individual tokens and several diversified index funds.

Analysts expect a fleet of approval waves throughout October 2025 as managers capitalize on streamlined processes. Solana ETFs show a 95% approval probability with Fidelity’s FSOL already listed on DTCC systems for imminent launch.

XRP ETF applications from Franklin Templeton, Grayscale, and Bitwise face November 14, 2025, deadlines with 92% approval odds. The pending applications would expand XRP ETF options beyond the successful REX-Osprey launch.

Multiple providers competing for market share could reduce expense ratios while improving investor access.

Teddy Fusaro of Bitwise confirmed that most filings near completion of the SEC review phases could launch shortly. Kyle DaCruz of VanEck noted “not all existing filings qualify” under the new standards.