Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility

Asset manager Hashdex has officially included Cardano in its Nasdaq Crypto Index U.S. ETF. This follows ADA’s eligibility under the new generic listing standards, with the altcoin now joining BTC, ETH, XRP, SOL, and XLM as part of the fund’s holdings.

Hashdex Includes Cardano In Crypto Index Fund

The asset manager filed a Form 8-K with the SEC, notifying the agency of the inclusion of ADA in the Trust’s holdings, effective as of today. The firm noted that ADA, currently part of the Nasdaq Crypto U.S. Settlement Price Index, will become an eligible asset under the generic listing standards adopted by Nasdaq following SEC approval.

In line with this, Hashdex’s Nasdaq Crypto Index U.S. ETF will now hold Bitcoin, Ethereum, Solana, XLM, XRP, and Cardano. The Trust’s holdings will be subject to quarterly rebalancing and any additional Index constituents added from time to time in accordance with the Index’s methodology and the generic listing standards.

CoinGape had earlier reported that the SEC approved Hashdex’s expansion of its crypto index fund beyond Bitcoin and Ethereum to include other crypto assets. Notably, the weighted holdings place BTC at 72.5%, ETH at 14.8%, XRP at 6.9%, SOL at 4.3%, and ADA at 1.2%.

With Cardano now eligible under the generic listing standards, this effectively paves the way for the potential approval of Grayscale’s ADA ETF, which is among the funds that the SEC is likely to decide on this month. It is worth mentioning that ADA already has a futures market on Coinbase, making it eligible for approval under the generic listing standards.

Bloomberg analyst Eric Balchunas recently stated that the odds of approval for crypto ETFs that meet the requirements under the generic listing standards are now 100%. As such, this means that the SEC will approve the Grayscale ADA ETF, although the timeline for approval remains uncertain.

Moreover, the timeline for a potential approval has become more complicated following the U.S. government shutdown. Bloomberg analyst James Seyffart earlier warned that the approval process could become “wonky” if the shutdown eventually occurred.