HYPE has become the fifth-largest holding in Hashdex's NCIQ fund at a 3.36 percent portfolio weight, joining Bitcoin, Ethereum, XRP, and Solana in the nine-asset US-listed crypto index ETF. The inclusion creates a passive demand channel for the token through quarterly reconstitutions.
Hyperliquid's HYPE token entered Hashdex's Nasdaq CME Crypto Index ETF at 3.36 percent on September 1, its first inclusion in a US-listed crypto index fund.
"When we launched NCIQ in February 2025 with two assets, the whole point was that the portfolio would expand as the market matured," Samir Kerbage, chief investment officer at Hashdex, said. "Hyperliquid's innovative approach to decentralized trading, combined with recent regulatory advances, has made its ecosystem an increasingly important part of crypto and financial markets."
NCIQ, which tracks the Nasdaq CME Crypto Settlement Price Index, now holds nine assets. Bitcoin leads at 74.36 percent, down from roughly 78 percent in the prior reconstitution, followed by Ethereum at 11.88 percent, XRP at 5.21 percent, and Solana at 3.79 percent — up from 3.2 percent. HYPE's allocation places it as the fifth-largest holding, within half a percentage point of Solana and ahead of Cardano, Chainlink, Stellar, and Bitcoin Cash. The fund held about $431.37 million in net assets as of September 1, with shares closing at $19.46 against a net asset value of $19.50.
HYPE was trading near $81.76 at publication, up 5.74 percent over 24 hours and roughly 230 percent year-to-date, with a market capitalization of about $18.31 billion — the tenth-largest among all cryptocurrencies. The token reached an all-time high of $84.80 in late August, supported by a buyback program funded by reserve yield. Hyperliquid operates a layer-1 blockchain built around onchain perpetual futures trading, where traders speculate on price without owning the underlying asset.
The ETF inclusion creates a structural demand channel for HYPE. Every dollar of new inflows into NCIQ allocates 3.36 cents to the token, and index funds buy regardless of short-term price action. HYPE qualified after meeting the index's criteria covering market capitalization, liquidity, custody availability, and regulatory standards for crypto exchange-traded products.
NCIQ's expansion from two assets at launch in February 2025 to nine within roughly 18 months reflects how quickly the eligible universe of crypto assets has grown under the index methodology. Hashdex conducts quarterly reconstitutions to incorporate newly eligible assets. Spot Bitcoin ETF inflows have remained strong this year, and Solana ETF inflows recently hit a multi-month high, suggesting sustained institutional appetite for digital assets beyond the two largest tokens.
Hyperliquid is also pursuing a broader US footprint. The platform is in talks with Payward, Kraken's parent company, to offer selected perpetual futures to US traders through Bitnomial, a derivatives exchange regulated by the Commodity Futures Trading Commission. A regulated setup could give Hyperliquid products a path into the US market, though any move would still need to satisfy US rules.
How future NCIQ rebalances unfold could determine whether HYPE's weighting continues to grow as the fund's asset base expands.
This article is for informational purposes only and does not constitute investment advice.
