SEC Greenlights Nasdaq Crypto Index Featuring XRP, ADA, and XLM: Spot Altcoin ETFs Next? AllinCrypto June 8, 2025
The SEC has approved a Nasdaq Crypto US Settlement Price Index (NCIUS), which could lead to multiple altcoin ETFs gaining approvals this year.
Altcoin tokens such as Solana, Ripple’s XRP, Cardano (ADA), and Stellar Lumens (XLM) will be included.
Settled on June 2, the ETF can pave the way for the approval of spot ETFs for XRP and more, with the SEC willing to go ahead with indexes.
Nasdaq altcoin index gains SEC approval
The Nasdaq Crypto US Settlement Price Index is huge for upcoming approvals of spot altcoins like XRP, Cardano, and possibly Hedera HBAR.
The index’s acknowledgement proves the SEC believes the selected altcoins have enough demand and liquidity to maintain themselves in a market alongside larger ETFs such as Bitcoin or traditional stocks.
With an index including XRP, ADA, and XLM, it may also give confidence down the line that the SEC can approve individual spot ETFs of such tokens by referring to existing examples within the Nasdaq index.
Alongside altcoins, the index will also include Bitcoin and Ethereum. From the SEC’s official document:
Effective June 2, 2025, Nasdaq, Inc. (“Nasdaq”) reconstituted the Nasdaq Crypto US Settlement Price Index (the “NCIUS”), which currently serves as the benchmark index for the Trust. As a result of this reconstitution, the NCIUS now includes four additional digital assets—Cardano (“ADA”), Solana (“SOL”), Stellar Lumens (“XLM”), and XRP Ledger (“XRP”)
Nasdaq’s existing Nasdaq Crypto Settlement Price Index (NCI), which began in 2021, has been tracking Bitcoin, Etheruem, Litecoin, and other alts, including Chainlink, XLM, and Uniswap.
Since November 2024, the index has pushed to new highs. Nasdaq’s NCIUS will track a smaller basket of currencies. With Circle (CRCL) now live on the NYSE and opening to a 167%+ surge, there’s clearly high demand from institutions for crypto-related products on the market.
Nasdaq index paves way for spot altcoins ETFs
Cryptocurrency ETFs and products are becoming increasingly popular. Circle’s CRCL stock opened higher than expected and surged to highs of $103 after opening at $69.
According to Dunan Moir, president of 21Shares, the 21Shares HBAR ETP was launched in part due to high institutional demand for the HBAR token.
Bloomberg ETF analyst Eric Balunchan has shared multiple altcoin ETF odds with many sitting over 80%. With Bitcoin ETFs helping secure continued inflows for BTC, pushing it to new all-time highs, future altseasons could be influenced by institutional demand instead of retail.
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