qerranews 
XRP Joins Nasdaq Crypto Index
In a notable development for the cryptocurrency landscape, XRP has officially joined the Nasdaq Crypto US Settlement Price Index (NCIUS). This move marks a significant milestone for XRP, positioning it among the elite digital assets recognized by one of the most prominent financial market operators in the world. The change came into effect on June 2, 2025, following an update filed with the U.S. Securities and Exchange Commission (SEC) by the Hashdex Nasdaq Crypto Index US ETF, traded under the ticker NCIQ.
The Nasdaq index revision expanded its coverage beyond the traditional giants — Bitcoin (BTC) and Ethereum (ETH) — to now include Cardano (ADA), Solana (SOL), Stellar Lumens (XLM), and XRP. This change is not only symbolic of the growing maturity and acceptance of alternative digital assets but also reflects the broader evolution of the crypto market, which is becoming more diversified in its institutional offerings.
ETF Faces Tracking Challenges Ahead
While the inclusion of XRP and other altcoins is a progressive step for the index, it presents a dilemma for the Hashdex ETF. The fund, due to current regulatory limitations, is only authorized to hold BTC and ETH. Despite its benchmark now tracking a wider basket of assets, the ETF is unable to reflect these changes in its own holdings. This regulatory mismatch introduces a potential tracking error — a discrepancy between the performance of the fund and its benchmark index.
According to the updated SEC filing, this divergence creates increased risk for investors. As the ETF continues to benchmark against an index that it cannot fully replicate, its performance may stray from the index, especially during market movements driven by the newly added assets like XRP and SOL. This creates a need for more transparent communication with investors and emphasizes the urgency for regulatory bodies to revisit and update existing frameworks that currently restrict ETF holdings.
Regulatory Changes May Be Coming
Interestingly, Nasdaq is not waiting passively for change. In a separate proposed rule change submitted on March 7, the exchange requested SEC approval to switch the ETF’s benchmark from NCIUS to the broader Nasdaq Crypto Index (NCI). The NCI not only includes BTC, ETH, ADA, SOL, XLM, and XRP, but also Chainlink (LINK), Litecoin (LTC), and Uniswap (UNI). This suggests Nasdaq’s intention to move toward a more comprehensive and inclusive benchmark, reflecting the modern dynamics of the crypto ecosystem.
This broader index, if approved, would allow the ETF to expand its holdings to include the full range of these digital assets. Significantly, XRP was added to the Nasdaq Crypto Index (NCI) on June 3, 2024, paving the way for its future inclusion in regulated investment products, pending approval.
The SEC is expected to issue a final decision on the rule change by November 2, 2025. If the green light is given, it could be a transformative moment for crypto ETFs in the U.S., allowing investors diversified exposure across a much broader range of digital assets through a single regulated product.
XRP’s Role in Institutional Crypto
XRP’s inclusion in the Nasdaq crypto indices highlights its enduring relevance and growing institutional legitimacy. Despite past legal challenges, XRP has maintained a loyal user base and now finds itself placed alongside some of the most widely adopted cryptocurrencies. This development could enhance its visibility, liquidity, and appeal to institutional investors.
The move by Nasdaq may also influence other financial institutions to revisit or revise their own crypto exposure policies. As regulatory clarity improves and more digital assets are added to benchmarks and ETFs, XRP and other altcoins could experience heightened demand and capital inflows from both retail and institutional investors.
Moreover, the timing is notable. As the global crypto market shows signs of maturing, with increased adoption, technological advancement, and clearer regulatory signals, assets like XRP are poised to benefit from being early entrants into institutional frameworks.
Final Thoughts: A Milestone Moment
The inclusion of XRP in the Nasdaq Crypto US Settlement Price Index is more than a technical adjustment — it signals a broader shift in how the market values and legitimizes digital assets. With altcoins now stepping into the spotlight and gaining recognition from traditional financial powerhouses like Nasdaq, the crypto industry moves another step closer to full integration with mainstream finance.
However, the disconnect between benchmark expansion and ETF regulation highlights the ongoing friction between innovation and compliance. Investors should stay alert to the evolving regulatory landscape, particularly around ETFs and index-based products, as the decisions made in the coming months could significantly shape crypto market dynamics.
Until the SEC rules on Nasdaq’s broader index proposal, the current setup remains a balancing act — a modern index looking forward, constrained by yesterday’s regulations. Yet, if approval comes through, 2025 could mark a turning point for diversified crypto investment in the U.S.