Hyperliquid's HYPE Token Becomes Fifth-Biggest Holding in Hashdex Crypto ETF

The native token of Hyperliquid (HYPE) has been included in a US-listed crypto index exchange-traded fund (ETF) for the first time, securing a 3.4% weighting in Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ).

This addition makes HYPE the fifth-largest component of the fund, trailing only Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL).

How HYPE Joined the Hashdex Crypto ETF

NCIQ follows the Nasdaq CME Crypto Settlement Price Index (NCIS). That index tracks the daily closing value of the Nasdaq CME Crypto Index (NCI), which is constructed using methodology from Nasdaq and CME Group.

As of September 1, the fund held approximately $431.37 million in total net assets. Shares closed that day at $19.46, with the net asset value at $19.50, according to fund disclosures.

In the latest rebalancing, Bitcoin’s weighting fell from 78% to 74.6%. Over the same period, Solana’s share rose from 3.2% to 3.7%.

Ethereum, XRP, Cardano (ADA), Chainlink (LINK), Stellar (XLM), and Bitcoin Cash (BCH) make up the rest of the portfolio.

Growing Momentum for Hyperliquid

Hyperliquid operates as a layer-1 blockchain focused on onchain perpetual futures trading. Perpetual futures allow traders to speculate on price movements without taking ownership of the underlying asset.

HYPE hit an all-time high of $84.80 in late August. A recently introduced buyback program, funded by reserve yield, contributed to that rally.

At the time of writing, HYPE is trading at $81.76, a gain of 5.74% over the past 24 hours. Its market capitalization stands at roughly $18.31 billion, placing it tenth among all cryptocurrencies.

The listing reflects continued institutional interest in crypto ETFs this year. Spot Bitcoin ETF inflows have remained robust, and Solana ETF inflows recently reached a multi-month peak.

Other index providers have adopted varying selection strategies. A Bitcoin-free benchmark from S&P Dow Jones and Pantera excludes Bitcoin entirely.

Future rebalances may determine whether HYPE’s weighting continues to increase.