Nasdaq Seeks SEC Approval for Expanded Crypto ETF

Nasdaq seeks approval from the SEC to include XRP, SOL, ADA, and XLM in its crypto index ETF as of June 2024.

The expansion could alter U.S. altcoin investment opportunities and increase institutional interest in these cryptocurrencies.

Nasdaq Targets XRP, SOL, ADA, XLM for ETF Inclusion

Nasdaq, Inc. has filed a proposed rule change with the SEC to broaden the scope of its crypto index ETF. The plan aims to include XRP, SOL, ADA, and XLM, aligning with an ongoing trend of expanding altcoin accessibility.

The filing involves transitioning the benchmark for the Hashdex Nasdaq Crypto Index US ETF , affecting how altcoins are incorporated. Key entities involved in the request include Nasdaq and the ETF issuer, Hashdex.

Potential for Billions in Institutional Altcoin Investments

If the ETF inclusion is approved, it may lead to billions in institutional capital moving into altcoins like XRP and SOL. This is because ETFs are often preferred by large-scale investors for structured market exposure.

The decision could signal growing confidence in altcoins within mainstream financial markets. Anticipation of approval has already stoked investor optimism, evident across social platforms and market speculations.

Lessons from Past Bitcoin and Ethereum ETF Expansions

Previous expansions in crypto ETFs, involving BTC and ETH, have led to increased liquidity and investment. These moves show potential patterns for how altcoin inclusion might affect market dynamics.

“As of this update, no direct official or leadership quotes have been found regarding this event.” – Adena Friedman, CEO, Nasdaq, Inc.

Historical data suggests that ETF announcements typically spur price increases and trading activity. Experts speculate similar outcomes if Nasdaq gains approval, continuing trends of expanded integration into financial products.