Hashdex added Hyperliquid to its NCIQ multi-asset spot exchange-traded fund effective September 1, according to an announcement from the asset manager. The addition expands the fund's holdings from eight to nine cryptocurrency assets.
NCIQ tracks the Nasdaq Crypto Index, a benchmark designed for institutional exposure to digital assets through a single fund. The inclusion of Hyperliquid, a decentralized derivatives exchange, adds trading infrastructure to the index beyond spot markets. Hyperliquid operates as a fully on-chain perpetual futures platform and has processed over $1 trillion in cumulative volume since launch, according to protocol data.
Hashdex's NCIQ fund held approximately $2.1 billion in assets under management as of early September 2026. The fund's prior nine holdings included Bitcoin, Ethereum, Solana, XRP, Cardano, Polkadot, Dogecoin, Polygon, and Litecoin. Hyperliquid's native token, HYPE, trades with a market capitalization exceeding $3 billion.
Traditional ETF providers including Grayscale and iShares have prioritized spot markets for their base holdings. Index-tracking products are expanding to capture derivatives revenue and user activity. Hyperliquid's architecture, a hybrid model combining on-chain settlement with off-chain order matching, differentiates it from centralized competitors.
Nasdaq Crypto Index rebalancing occurs quarterly. The index methodology weights constituents by market capitalization and trading volume, with concentration limits to prevent single-asset dominance. Hashdex manages roughly $4.7 billion across its crypto and digital-asset strategies and is the largest issuer of crypto ETFs in Latin America.
Index-based crypto ETF flows accelerated through 2025 and 2026 as institutions moved beyond single-asset vehicles into diversified exposures. This latest rebalancing adds a derivatives platform to a primarily spot-focused fund.
