Crypto index investing is moving beyond Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) as institutional products increasingly absorb newer digital assets that meet stricter liquidity, custody and regulatory standards.
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Hashdex’s Nasdaq CME Crypto Index ETF (NASDAQ:NCIQ) added Hyperliquid (CRYPTO:HYPE) on Tuesday, taking the fund’s portfolio to nine cryptocurrencies.
HYPE’s inclusion follows its addition to the Nasdaq CME Crypto Index, where constituents must meet minimum requirements for liquidity, market capitalization, exchange availability, custody support and compatibility with Nasdaq’s generic listing standards for crypto ETPs.
NCIQ now has exposure to Bitcoin, Ethereum, Solana, XRP, Stellar, Cardano, Chainlink, Bitcoin Cash, in addition to HYPE. The fund launched in February 2025 with only Bitcoin and Ethereum and has expanded through successive quarterly reconstitutions.
The shift is notable because it reflects the growing institutionalization of crypto beyond the largest tokens. Hyperliquid has emerged as a major decentralized trading ecosystem, while HYPE has been one of the stronger-performing large crypto assets this year. HYPE has gained nearly 223% so far in 2026, reaching about $83, recently.
Crypto Indexes Are Becoming More Dynamic
The Nasdaq CME Crypto Index is designed to evolve as the market changes rather than maintain a fixed basket. Assets must trade on at least two approved exchanges, have support from a qualified custodian and satisfy liquidity requirements. Eligible assets also need to represent at least 0.5% of the market capitalization of the eligible universe before they can be considered for inclusion. Constituents are then weighted by free-float market capitalization.
That methodology is becoming more relevant as regulated crypto investment infrastructure expands. CME launched Nasdaq CME Crypto Index futures in June, giving investors a regulated way to gain broad crypto exposure through a single futures contract. CME said average daily volume across its cryptocurrency futures suite was up 43% year-to-date as of May.
For investors, NCIQ’s expansion offers a different proposition from single-asset crypto ETFs. Rather than betting on which token will lead the next rally, the rules-based approach automatically adds assets as they become sufficiently liquid, sizable and institutionally accessible.
Hashdex manages about $1 billion in assets, as of Aug. 24.
Photo: CryptoFX on Shutterstock
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