Hyperliquid’s native token, HYPE, has achieved a historic milestone by entering a U.S.-listed spot crypto index ETF for the first time. Hashdex added HYPE to the Nasdaq CME Crypto Index ETF (ticker NCIQ) as part of its quarterly reconstitution and rebalancing announced on September 1. According to the updated index composition, HYPE carries an estimated weighting of 3.36%–3.4%, making it the fifth-largest asset in the fund, immediately behind Solana and ahead of Cardano, Chainlink, Stellar, and Bitcoin Cash.
Bitcoin remains the dominant holding at 74.36%, down from 78.63% at the June 30 rebalancing. 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 fund expanded from eight to nine crypto assets. Hashdex emphasized that HYPE was included after meeting objective eligibility criteria covering market capitalization, liquidity, availability through qualified custodians, and compliance with the SEC’s generic listing standards for crypto exchange-traded products.
HYPE has existed only since 2024, yet its allocation 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, especially its on-chain order-book exchange for spot and perpetual-futures trading. HYPE can be used for transaction fees, staking, and governance, and part of Hyperliquid’s exchange revenue is used to repurchase HYPE in the secondary market. The prospectus also includes new risk warnings about limited operating history, concentrated ownership and governance, regulatory uncertainty, and less developed regulated derivatives markets. NCIQ’s diversified structure may create structural demand for HYPE because roughly 3.36 cents of every dollar allocated to the fund is now directed toward the token. Previously, dedicated U.S. spot HYPE ETFs from Bitwise and 21Shares launched earlier in 2026 and attracted institutional flows.
