Nasdaq files SEC Form 8-K to expand crypto ETF benchmark

Nasdaq has filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) proposing a change to the Hashdex Nasdaq Crypto Index US ETF (NCIQ) benchmark. The filing, submitted on June 2, shows Nasdaq is planning to expand the index from five to nine cryptocurrencies by adding XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM).

The proposal could change the ETF from its current benchmark, the Nasdaq Crypto US Settlement Price Index (NCIUS), to the broader Nasdaq Crypto Index (NCI). The SEC is expected to decide on this proposal by November 2, 2025.

Nasdaq engages the SEC to expand the Hashdex Crypto Index

Due to regulatory constraints, the Hashdex ETF holds only Bitcoin and Ethereum, even though the index it tracks, before the Form 8-K filing, included six cryptos. Hashdex is using a sampling mechanism to mitigate tracking errors, but the index’s market alignment is currently unattainable until regulatory clarity is achieved.

Pending approval, the Nasdaq Crypto Index (NCI) now includes nine digital assets: Bitcoin, Ethereum, XRP, Solana, Cardano, Stellar Lumens, Chainlink, Litecoin, and Uniswap.

Against the backdrop of Nasdaq’s SEC filing, XRP saw modest gains, moving above $2.23 during Monday’s early trading sessions, and is 3.1% up from its weekly lows.

Solana pushed its price to near $155 after plummeting closer to the $140 mark last Friday. The token saw a gain of 0.2% intraday, and a 36% trading volume increase within the same period.

Cardano continued its trend of weekly losses, now changing hands at the $0.67 range, while Stellar Lumens also recorded losses of over 1% in the week of Nasdaq’s announcement.

Leadership changes at Hashdex Sponsor

The Nasdaq filing also included news about two leadership changes at Hashdex Asset Management Ltd., the Hashdex Nasdaq Crypto Index US ETF sponsor. 

On June 2, 2025, Bruno Leonardo Kmita de Oliveira Passos resigned from the sponsor’s Board of Directors position. His departure also ended his tenure as the Principal Financial Officer and Principal Accounting Officer of the Trust.

According to regulatory disclosures, Mr. Passos’s resignation was not linked to any disagreement with the Trust or the Sponsor on matters related to operations, policies, or practices.

Effective the same day, Samir Elias Hachem Kerbage was appointed to replace Mr. Passos on the Board of Directors and in his executive roles. Kerbage currently serves as Chief Investment Officer at Hashdex and has led the firm’s investment strategy since 2018. 

Industry calls for change in SEC ETF Approval Process

In other related news, leading asset managers are asking the SEC to change current ETF approval strategy. On June 6, VanEck, 21Shares, and Canary Capital co-signed a letter to the SEC calling for the agency to reinstate the “first-to-file, first-to-approve” policy for exchange-traded products (ETPs).

SEC favoritism undermines innovation in the ETF market. pic.twitter.com/HM7P2Dm0XP

— VanEck (@vaneck_us) June 6, 2025

The letter, published on VanEck’s official X account, lambasted the SEC for approving multiple crypto ETFs simultaneously, regardless of submission dates. The fund managers argue that this approach disadvantages early filers, and disproportionately benefits larger firms with more resources.

“When the Commission plays favourites, it costs ETP sponsors money and makes the ETP marketplace less fair,” the letter read, referencing the 2021 approval of ProShares’ Bitcoin futures ETF. The product’s early approval gave it a dominant 90% market share within days of launch.

The joint letter also mentioned the SEC’s January 10, 2024, approval of 11 spot Bitcoin ETFs on the same day. Ethereum ETFs also received the “go-ahead” in a similar fashion months later. VanEck and 21Shares, among the earliest to file for Bitcoin and Ethereum spot products, were grouped with later applicants during final approvals.

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