Hyperliquid’s HYPE token debuts in Hashdex’s NCIQ ETF at 3.4% weighting

Hyperliquid’s HYPE token is joining the ranks of Bitcoin, Ethereum, XRP, and Solana inside a regulated ETF wrapper. Hashdex’s Nasdaq CME Crypto Index ETF, which trades under the ticker NCIQ, will add HYPE as its ninth holding effective September 1, 2026, giving the token a 3.36% portfolio weight.

That makes HYPE the fifth-largest position in the fund.

Inside the numbers

Bitcoin dominates at 74.36%, Ethereum sits at 11.88%, XRP holds 5.21%, Solana commands 3.79%, and HYPE slides in at 3.36%. The gap between Solana and HYPE is less than half a percentage point.

NCIQ launched in February 2025 with only Bitcoin and Ethereum, so the expansion to nine assets over roughly 18 months reflects how quickly the eligible universe of crypto assets has grown under the index’s methodology. To qualify for inclusion, tokens must meet market capitalization thresholds, liquidity standards, and compliance requirements aligned with SEC regulations.

HYPE’s breakout year

HYPE was trading around $83 at the time of the announcement, representing a roughly 230% gain year-to-date.

Hyperliquid operates as a decentralized exchange focused on perpetual futures. The token had already attracted interest from dedicated spot ETF products prior to this index inclusion.

Hashdex, led by CIO Samir Kerbage, has conducted quarterly reconstitutions of NCIQ to incorporate newly eligible assets, gradually transforming what started as a two-asset Bitcoin-and-Ethereum fund into something closer to a broad market crypto index.

What this means for investors and the broader market

The inclusion creates a structural source of demand for HYPE. When new money flows into NCIQ, 3.36 cents of every dollar must be allocated to the token. Index funds are passive by design, meaning they buy regardless of short-term price action.