8-K: Hashdex ETF Adds Cardano to Crypto Index Holdings

Hashdex Nasdaq Crypto Index US ETF announces the inclusion of Cardano (ADA) as an eligible asset in its holdings, effective October 1, 2025.

Summary

• Cardano (ADA) will become an eligible asset for the Hashdex Nasdaq Crypto Index US ETF's holdings, effective October 1, 2025.
• The inclusion follows Cardano becoming eligible under the generic listing standards adopted by The Nasdaq Stock Market LLC and approved by the U.S. Securities and Exchange Commission (SEC).
• Cardano (ADA) was already a constituent of the Nasdaq Crypto US Settlement Price Index (NCIUSS), which the Trust aims to replicate.
• The Trust's holdings will now include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Stellar Lumens (XLM), XRP (XRP), and Cardano (ADA).
• Holdings are subject to quarterly rebalancing and any additional Index Constituents added in accordance with the Index methodology and generic listing standards.
• The Sponsor will monitor the Index composition and adjust the Trust's holdings as necessary to replicate the Index.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as the ETF is successfully expanding its asset base in line with its index methodology and regulatory approvals, which can be seen as a positive development for diversification and adherence to strategy.

Positives

• The Trust's portfolio will be more diversified by including Cardano (ADA), aligning with the underlying Nasdaq Crypto US Settlement Price Index.
• The inclusion demonstrates the Trust's adherence to its stated methodology and generic listing standards, enhancing transparency and compliance.
• The addition of Cardano, a significant cryptocurrency, may broaden the appeal of the ETF to investors seeking exposure to a wider range of digital assets.

Risks

• The Trust's holdings are subject to quarterly rebalancing, which may lead to changes in asset allocation and potential trading costs.
• The Sponsor's ability to replicate the Index is subject to restrictions set forth in the Index methodology and generic listing standards, which could impact performance if not managed effectively.

Future Outlook

The Sponsor will continue to monitor the Index composition and adjust the Trust's holdings as necessary to replicate the Nasdaq Crypto US Settlement Price Index, in accordance with its methodology and generic listing standards. Holdings will be subject to quarterly rebalancing.

Management Comments

• Samir Elias Hachem Kerbage, Director of the Sponsor (Principal Finance Officer and Principal Accounting Officer), signed the report on behalf of Hashdex Nasdaq Crypto Index US ETF.

Industry Context

This announcement reflects a broader trend in the digital asset industry where ETFs are expanding their exposure to a wider array of cryptocurrencies beyond Bitcoin and Ethereum, as more assets meet regulatory and exchange listing standards. It aligns with the increasing institutional acceptance and product diversification within the crypto ETF market, aiming to offer investors more comprehensive index-tracking options.

Comparison to Industry Standards

• The inclusion of Cardano (ADA) aligns Hashdex's ETF with other diversified crypto index products that seek to track a basket of major digital assets, moving beyond single-asset or dual-asset (BTC/ETH) focused offerings.
• This move is comparable to how other broad-market crypto indices, such as those from Bloomberg or CoinDesk, incorporate a range of eligible cryptocurrencies based on market capitalization, liquidity, and regulatory compliance criteria.
• The adherence to Nasdaq's generic listing standards and SEC approval for ADA's eligibility sets a precedent for other crypto ETFs looking to expand their asset base, emphasizing regulatory compliance as a key driver for asset inclusion.

Stakeholder Impact

• Shareholders will gain exposure to Cardano (ADA) within the ETF's diversified crypto holdings, potentially impacting portfolio risk and return characteristics.
• The inclusion reinforces the Trust's commitment to tracking its underlying index, providing clarity and consistency for investors.

Next Steps

• The Sponsor will continue to monitor the Index composition.
• The Sponsor will adjust the Trust's holdings as necessary to replicate the Index.
• The Trust's holdings will be subject to quarterly rebalancing.

Key Dates

Recommendation

This filing details an operational update regarding the inclusion of Cardano (ADA) into the ETF's holdings, consistent with its stated index methodology and regulatory approvals. It does not present new financial performance data or a change in the fundamental investment thesis of the ETF. While the diversification is a positive, it's an expected adjustment for an index-tracking product. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current positions as this update aligns with the ETF's existing strategy rather than signaling a significant shift warranting a buy or sell action.

Keywords

Hashdex, Cardano, ADA, Crypto ETF, Nasdaq Crypto Index, Cryptocurrency, Digital Assets, ETF Holdings, SEC Filing, NCIQ