The Nasdaq has proposed a significant change to its digital asset index, broadening the benchmark by adding prominent altcoins XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA). The proposal seeks to allow the Hashdex Nasdaq Crypto Index US ETF (NCIQ) to switch from its existing benchmark, the Nasdaq Crypto US Settlement Price Index (NCIUS). Instead, the ETF will adopt a broader index called the Nasdaq Crypto Index (NCI). This update comes after the NCIUS was refreshed with four new cryptocurrencies – XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM) – in addition to Bitcoin (BTC) and Ethereum (ETH), which were already established index constituents. The move aims to better reflect the wider cryptocurrency market. However, as the Hasdex ETF currently only holds BTC and ETH, it will face a tracking error risk until SEC approval is granted. This risk arises from the ETF’s current strategy of sampling assets to align with its index, but full alignment may not be guaranteed. The Nasdaq Crypto Index (NCI) now comprises nine cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Stellar Lumens (XLM), Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI). If approved by the SEC, this ETF will be empowered to invest in all of these coins. A final decision is expected by November 2, 2025, which could signal a significant advancement toward greater flexibility and diversification within US-listed crypto ETFs.