Hashdex Adds Hyperliquid's HYPE to NCIQ ETF as Fifth-Largest Holding

Hyperliquid's HYPE token has been added to a U.S.-listed crypto index ETF for the first time. Hashdex included HYPE in its NCIQ crypto index ETF during the fund's quarterly reconstitution on September 1, assigning the token an estimated 3.36% weight, which ranks fifth among the ETF's nine holdings. NCIQ tracks the Nasdaq CME Crypto Index, and Hashdex said HYPE satisfied the benchmark's requirements for market capitalization, liquidity, and the availability of qualified custody. The firm also noted the token met the SEC's generic listing standards for crypto exchange-traded products. First issued in 2024, HYPE now carries a larger allocation than several longer-established cryptocurrencies. According to the SEC filing, Hyperliquid is a proof-of-stake Layer 1 blockchain geared toward financial applications, featuring an on-chain order book exchange for spot and perpetual-futures trading. HYPE is used to pay transaction fees, can be staked to help secure the network, and enables governance participation. A portion of exchange revenue is also used to purchase HYPE on the secondary market. Bitcoin remains the dominant holding in the refreshed portfolio at an estimated 74.36%, followed by Ethereum at 11.88%. XRP stands at 5.21% and Solana at 3.79%. HYPE comes next at 3.36%, then Cardano at 0.46%, Chainlink at 0.42%, Stellar at 0.31%, and Bitcoin Cash at 0.21%. At the prior rebalance on June 30, Bitcoin's weight was 78.63%, with Ethereum at 10.97%, Solana at 3.42%, and XRP at 5.48%. The September reconstitution reduced Bitcoin's share while lifting allocations to Ethereum and Solana. Hashdex's updated prospectus also adds a section on HYPE-specific risks, pointing to Hyperliquid's limited operating history and concentrated ownership and governance. The filing highlights broader regulatory uncertainty for digital assets and perpetual futures, noting that regulated derivatives markets for HYPE are less developed than those for Bitcoin and Ether. HYPE may also be removed in a future quarterly reconstitution if it no longer meets index methodology. Bitwise and 21Shares launched dedicated U.S. spot HYPE ETFs earlier in 2026.