Hashdex's ETF Gets a DeFi Glow-Up: ADA and LINK Crash the Institutional Party

Hashdex's Nasdaq CME Crypto Index ETF (NCIQ) just dropped its first annual 10-K filing with the SEC, and the paperwork reveals it decided to diversify its bag. The fund, which launched in late 2025, originally offered U.S. investors a curated selection of five blue-chip(ish) assets: Bitcoin, Ether, XRP, Solana, and Stellar. The new year-end filing, however, shows the fund's basket got a little heavier, expanding to a total of seven digital constituents by December 31.

The 10-K formally confirms the portfolio welcomed two new guests to the party: Cardano (ADA) and Chainlink (LINK). This isn't just gossip; the filing provides the first official peek under the hood at the fund's financials since its debut, proving it's more than just a fancy ticker symbol.

By the time the clock struck midnight on December 31, the ETF had managed to accumulate a cool $1,213 million in total net assets. Its net asset value (NAV) per share was $22.71, which was basically doing the electric slide in perfect sync with its closing market price of $22.73—a rare sight of efficiency in crypto markets.

This expansion isn't just a random shopping spree; it's riding the wave of a broader crypto index ETF boom. After the SEC finally gave generic listing standards for these products a reluctant nod in late 2025, the multi-asset ETF market went from zero to one hundred real quick.

A stampede of major asset managers promptly launched new funds or performed the bureaucratic equivalent of an ICO-era token migration, converting legacy over-the-counter trusts into proper, exchange-traded ETFs. Bitwise, for instance, uplisted its flagship fund to the NYSE Arca as an ETF in December 2025, and it's now flexing as the largest multi-asset crypto ETF by AUM.

Not to be outdone, Grayscale executed its own corporate-level hard fork, converting its legacy Digital Large Cap Fund into a shiny new ETF format back in September 2025. Meanwhile, Franklin Templeton entered the chat in February 2025 with its own ETF, though it started conservatively, holding only Bitcoin and Ethereum—the crypto equivalent of ordering a plain cheese pizza.