Hashdex Adds Cardano to Its Nasdaq Crypto Index U.S. ETF

On October 1, asset manager Hashdex announced that it has added Cardano (ADA) to its Nasdaq Crypto Index U.S. ETF. This step shows that ADA is gaining more trust from big investors and makes it one of the few altcoins included in a U.S.-regulated crypto index fund.

Hashdex Makes ADA Official in SEC Filing

Hashdex confirmed ADA’s eligibility in a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC). The filing officially updated the Trust’s holdings and showed that ADA’s inclusion took effect right away.

The addition of Cardano follows Nasdaq’s new generic listing standards, which were approved by the U.S SEC.

These standards make it easier to list crypto assets that already have regulated futures markets or are part of recognized price indexes.

ADA is already included in the Nasdaq Crypto U.S. Settlement Price Index and has futures trading on Coinbase. As a result, it meets the rules for listing, making it eligible for Hashdex’s ETF and possibly other crypto investment products in the U.S. 

This inclusion means that Cardano now sits alongside major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Stellar (XLM) in the Hashdex’s fund. 

Current Portfolio Weighting of the Hashdex’s Index Fund

Hashdex provided details on the updated portfolio structure of its Nasdaq Crypto Index U.S. ETF. 

The fund’s current portfolio is heavily weighted toward Bitcoin (BTC), which makes up 72.5% of its holdings. Ethereum (ETH) makes up 14.8% of the fund, XRP has 6.9%, Solana holds 4.3%, and Cardano, the newest addition, has 1.2%.

Hashdex also noted that the ETF will undergo quarterly rebalancing. This means that asset weightings may change over time as the market evolves or as new cryptocurrencies become eligible under Nasdaq’s rules.

Analysts See Cardano ETF Approval as Likely After Hashdex Inclusion

Analysts pointed out that the recognition of Cardano in Hashdex’s ETF could have a ripple effect across the ETFmarket. 

One key development is Grayscale’s request for a Cardano ETF, which is still waiting for SEC approval. Now that ADA meets Nasdaq’s listing rules, the chances of approval are higher. If approved, the Cardano ETF would let investors invest directly in ADA instead of through broader crypto funds.

Bloomberg’s Eric Balchunas recently remarked that any crypto ETF that meets the generic listing standards now has a 100% chance of being approved. This makes the future approval of Grayscale’s ADA ETF almost certain, although the timeline is still unknown.

However, fellow Bloomberg analyst James Seyffart has cautioned that the U.S. government shutdown could complicate the SEC’s review process. He warned that the approval process might become wonky, until normal government operations resume.

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