XRP is gaining ground in the U.S. exchange-traded product (ETP) market as regulators open the door for diversified crypto funds. Hashdex Asset Management Ltd. announced on Sept. 25 that the Hashdex Nasdaq Crypto Index US ETF (Nasdaq: NCIQ) has expanded, describing it as “the first multi-asset spot crypto ETP in the United States.” The ETF, launched in February, will now operate under the SEC’s generic listing standards, a regulatory framework that expands eligibility for additional crypto assets.

The announcement explains:

Initially launched with spot bitcoin and ether, NCIQ will now provide exposure to spot bitcoin, ether, XRP, solana, and stellar—representing over $3 trillion in combined market capitalization—through a single, tradable product.

Marcelo Sampaio, co-founder and chief executive officer of Hashdex, stressed the importance of the shift: “Since 2018, Hashdex has been a market leader in crypto index products globally, and this signifies a major milestone in meeting the needs of U.S. advisors and investors looking to participate in the continued evolution of the crypto ecosystem.” The executive further shared: “The expansion of the NCIQ will now provide investors access to bitcoin, ether, XRP, solana, and stellar all in one product, giving investors an easier way to participate in a fast-growing crypto industry. We are grateful for our longstanding partnership with Nasdaq Global Indexes, which has been instrumental in bringing crypto index-based products to U.S. investors.”

The SEC filing clarified how the new approval applies:

In reliance on the new generic listing rules … the Trust will be permitted to hold additional crypto assets that are constituents of the Nasdaq Crypto US Settlement Price Index (NCIUSS).

“Accordingly, the Trust will track bitcoin ( BTC), ethereum ( ETH), solana ( SOL), stellar lumens ( XLM), and XRP ( XRP), as of this date, subject to quarterly rebalancing and any additional index constituents added from time to time in accordance with the index methodology and eligibility under the generic listing standards,” the filing adds.

The ETF received U.S. Securities and Exchange Commission (SEC) approval for listing and trading on Dec. 19, 2024, and began trading in February. Its move to the generic listing framework reflects a regulatory shift aimed at expanding investor access. With Coinbase Custody and Bitgo Trust providing custody, U.S. Bank Global Fund Services serving as administrator, and Nasdaq overseeing the index and listing, the ETF’s expansion highlights how U.S. rules are evolving to accommodate diversified digital asset products. Recently, the SEC approved the Grayscale Coindesk Crypto 5 ETF (GDLC), the first U.S. multi-asset spot crypto ETP offering exposure to bitcoin, ethereum, XRP, solana, and cardano.

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