Hashdex ETF Cracks Open the Index Door — Hyperliquid Walks In Fifth Place 🥇

Hyperliquid's HYPE token has entered a US-listed crypto index exchange-traded fund for the first time, joining Hashdex's Nasdaq CME Crypto Index ETF (NCIQ) at a 3.36% weighting and becoming the fund's fifth-largest holding. The addition takes effect September 1, 2026, expanding NCIQ from eight crypto assets to nine and ranking HYPE behind Bitcoin, Ethereum, XRP, and Solana.

NCIQ tracks the Nasdaq CME Crypto Settlement Price Index (NCIS), which reflects the daily close of the Nasdaq CME Crypto Index (NCI) built under Nasdaq and CME Group methodology. As of September 1, the fund held roughly $431.37 million in net assets, with shares closing that day at $19.46 against a net asset value of $19.50, according to fund disclosures. Bitcoin's weighting dropped from 78% to 74.36% in the update, while Solana's share climbed from 3.2% to 3.79% over the same period.

The index now includes Bitcoin (74.36%), Ethereum (11.88%), XRP (5.21%), Solana (3.79%), Hyperliquid (3.36%), Stellar, Cardano, Chainlink, and Bitcoin Cash. HYPE entered after meeting the index's eligibility requirements covering liquidity, market capitalization, qualified custody support, and applicable regulatory listing standards. Hashdex launched NCIQ in February 2025 with Bitcoin and Ethereum and has added eligible cryptocurrencies as the underlying index has been reconstituted.

Hyperliquid is a layer-1 blockchain built around onchain perpetual futures trading, which let traders speculate on price without owning the underlying asset. HYPE reached an all-time high of $84.80 in late August, a move supported by a new buyback program funded by reserve yield. HYPE price has risen 1.29% to about $83 in recent trading, up 5.74% over 24 hours, with market capitalization near $18.31 billion, ranking tenth among all cryptocurrencies.

The listing adds to steady institutional demand for crypto ETFs this year, as spot Bitcoin ETF inflows have stayed strong and Solana ETF inflows recently hit a multi-month high. Rival index providers have taken different approaches to asset selection, with a Bitcoin-free benchmark from S&P Dow Jones and Pantera excluding BTC entirely.