Hyperliquid’s HYPE token has been added to the Hashdex Nasdaq CME Crypto Index ETF with an approximately 3.4% weighting, making it the fifth-largest cryptocurrency in the U.S.-listed multi-asset fund. Hashdex announced the addition on September 1 as part of the quarterly reconstitution and rebalancing of the Nasdaq CME Crypto Index.
An SEC prospectus supplement gives HYPE an estimated weighting of 3.36%. Bitcoin remains overwhelmingly dominant at 74.36%, followed by Ethereum at 11.88%, XRP at 5.21% and Solana at 3.79%. HYPE enters immediately behind SOL but comfortably ahead of Cardano at 0.46%, Chainlink at 0.42%, Stellar at 0.31% and Bitcoin Cash at 0.21%. The addition expands the Hashdex Nasdaq CME Crypto Index ETF, trading under ticker NCIQ, from eight crypto assets to nine.
HYPE Clears Index Eligibility Requirements
HYPE’s addition was not a discretionary token selection by Hashdex. NCIQ tracks the Nasdaq CME Crypto Index, meaning changes to the underlying benchmark determine which cryptocurrencies the ETF holds and their relative allocations. Hashdex said HYPE entered the index after meeting eligibility requirements covering market capitalization, liquidity, availability through qualified custodians and compliance with the SEC’s generic listing standards for crypto exchange-traded products. The development is significant because HYPE has only existed since 2024 yet already commands a portfolio allocation approaching Solana’s.
Its 3.36% weighting is more than seven times Cardano’s and eight times Chainlink’s. The SEC filing describes Hyperliquid as a proof-of-stake Layer-1 blockchain optimized for financial applications, particularly its on-chain order-book exchange for spot and perpetual-futures trading. It also highlights HYPE’s multiple functions within the network. The token can be used for transaction fees, staked to secure the blockchain and participate in governance, while part of the revenue generated by Hyperliquid’s exchange is used to repurchase HYPE in the secondary market.
Bitcoin Weight Falls as Index Broadens
HYPE’s arrival coincided with a meaningful rebalancing elsewhere in the portfolio. Bitcoin’s estimated weighting fell from 78.63% at the previous June 30 rebalance to 74.36%. Ethereum increased from 10.97% to 11.88%, while Solana rose from 3.42% to 3.79%. XRP declined modestly from 5.48% to 5.21%. The changes illustrate how index-based crypto ETFs can automatically broaden their exposure as alternative digital assets increase in relative market importance and satisfy institutional eligibility requirements. HYPE’s inclusion does not mean the SEC has separately endorsed Hyperliquid or concluded that the token is free from regulatory risk.
Hashdex’s updated prospectus specifically introduces a new HYPE risk section. It warns investors that Hyperliquid has a limited operating history, concentrated ownership and governance and heightened regulatory uncertainty. The filing also identifies regulatory scrutiny surrounding perpetual futures and other derivatives as a potential risk and notes that regulated HYPE derivatives markets remain substantially less developed than those for Bitcoin and Ether. HYPE could also be removed during a future quarterly reconstitution if it ceases to satisfy the index methodology. The September addition nevertheless represents another step in HYPE’s rapid move into regulated investment products. Dedicated U.S. spot HYPE ETFs from Bitwise and 21Shares launched earlier in 2026 and have already attracted institutional flows.
NCIQ is different because investors buying the fund are purchasing a diversified crypto portfolio rather than deliberately selecting HYPE. That distinction potentially creates a new source of structural demand. When investors allocate money to NCIQ, approximately 3.36 cents of every dollar of crypto exposure is now directed toward HYPE under the current weighting. More importantly, HYPE has moved into the top five of an institutional crypto benchmark after less than two years of operating history. Its position just 43 basis points behind Solana makes future quarterly rebalances particularly noteworthy. If HYPE’s relative market capitalization continues increasing, it could eventually overtake SOL’s index weighting — further altering the composition of diversified U.S. crypto investment products.