- Hashdex added HYPE to its NCIQ crypto index ETF with an estimated 3.36% weighting, ranking fifth among nine assets.
- HYPE met index requirements for market capitalization, liquidity and qualified custody, expanding its presence in regulated products.
- Bitcoin remains NCIQ’s largest holding at 74.36%, while HYPE’s inclusion brings new attention to its regulatory and governance risks.
Hyperliquid’s HYPE token has entered a U.S.-listed crypto index ETF for the first time. Hashdex added HYPE to NCIQ on September 1 during its quarterly reconstitution. The token received an estimated 3.36% weighting, placing it fifth among the fund’s nine crypto assets, behind Solana.
HYPE Meets Index Requirements
NCIQ tracks the Nasdaq CME Crypto Index, so its holdings follow the benchmark’s methodology. Hashdex said HYPE met requirements covering market capitalization, liquidity and qualified custody availability.
The token also met the SEC’s generic listing standards for crypto exchange-traded products. Notably, HYPE has existed since 2024 and now holds a larger allocation than several established cryptocurrencies.
The SEC filing describes Hyperliquid as a proof-of-stake Layer-1 blockchain focused on financial applications. Its network includes an on-chain order-book exchange for spot and perpetual-futures trading.
Meanwhile, HYPE serves several functions across the network. Users can pay transaction fees, stake tokens for blockchain security and participate in governance. Part of Hyperliquid’s exchange revenue also goes toward buying HYPE on the secondary market.
Bitcoin Still Dominates NCIQ
The latest portfolio gives Bitcoin an estimated 74.36% weighting. Ethereum follows at 11.88%, while XRP holds 5.21% and Solana has 3.79%. HYPE ranks next at 3.36%, followed by Cardano at 0.46%.
Chainlink accounts for 0.42%, while Stellar holds 0.31% and Bitcoin Cash has 0.21%. Bitcoin previously held 78.63% at the June 30 rebalance. Ethereum then stood at 10.97%, while Solana had 3.42%.
XRP also held 5.48% during that earlier rebalancing. Therefore, the September changes reduced Bitcoin’s share while increasing Ethereum and Solana’s allocations.
HYPE Adds New Regulatory Risks
Hashdex’s updated prospectus also includes a new section covering HYPE-specific risks. It cites Hyperliquid’s limited operating history and concentrated ownership and governance.
The filing also highlights regulatory uncertainty surrounding digital assets and perpetual futures. It notes that regulated HYPE derivatives markets remain less developed than those for Bitcoin and Ether.
HYPE could also leave NCIQ during a future quarterly reconstitution if it no longer meets the index methodology. Meanwhile, dedicated U.S. spot HYPE ETFs from Bitwise and 21Shares launched earlier in 2026.