The SEC has given the Hashdex Nasdaq Crypto Index U.S. ETF the go-ahead under its new generic listing standards, which means there are now more investment options for the fund.
Up until now, regulated U.S. crypto ETFs were pretty much limited to Bitcoin and Ethereum, but the new rule change signed on Sept. 24 means that XRP, Solana, Stellar and maybe others are now on the list too, explains Nate Geraci.
The fund's updated portfolio, published on Sept. 25, shows the split: Bitcoin is still the star of the show at 73.5%, followed by Ethereum with 14.8%.
For the first time, XRP joins the party with 7.1%, Solana brings up the rear with 4.2% and Stellar finishes up with 0.3%. In basic terms, that is 3.56 million XRP at $2.99; 29,383 SOL at $213.54 and 1.32 million XLM at $0.38.
What does it really mean?
This might sound like some boring technical stuff, but for traders it is a real game-changer. The SEC has now adopted standard listing rules for commodity-based trust shares, which should put an end to all the back-and-forth that has kept non-BTC, non-ETH products in limbo.
With the basics sorted, ETF issuers can bring new products to market without having to start from scratch every time, which could speed things up just as markets are adjusting to the Fed's latest rate cuts and capital is looking for risk exposure.
There are already some amendments about other spot ETFs doing the rounds, with filings linked to XRP and Solana said to be almost finished. That means the first wave of multi-asset ETFs could hit the market before the end of the year.
The SEC has effectively opened the door, and for the first time in years, XRP and XLM are being talked about in the same breath as Bitcoin and Ethereum inside a regulated U.S. fund.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team