Hashdex Adds HYPE to NCIQ With 3.36% Allocation

Hashdex NCIQ expands from eight assets to nine

Hashdex said NCIQ now holds nine assets after HYPE qualified for the Nasdaq CME Crypto Index. The addition is rules-based, not a discretionary call on the token’s price, and it followed the index’s quarterly reconstitution.

The fund’s SEC prospectus supplement shows how that change reset the portfolio. Bitcoin’s estimated weight moved from 78.63% to 74.36%, while Ether rose to 11.88%, XRP was set at 5.21% and Solana at 3.79%.

HYPE entered at 3.36%, ahead of Cardano, Stellar, Chainlink and Bitcoin Cash in the supplement’s estimated composition. Those weights are not fixed: the filing says the ratio of assets per share changes quarterly, and market-price moves can change the effective exposure between rebalances.

The headline is an institutional-distribution milestone, but it does not mean every brokerage customer has a new direct HYPE product. NCIQ is a U.S.-listed exchange-traded product holding a basket of crypto assets; its creation and redemption process is distinct from buying the token on a crypto venue.

Hashdex’s earlier DEFI fund liquidation also shows why ticker names alone are not enough. That Bitcoin-only ETF was a separate product, while NCIQ remains a multi-asset index vehicle with its own assets, benchmark and risk disclosures.

HYPE’s 3.36% NCIQ allocation changes the basket

HYPE is the native token of the Hyperliquid Layer 1 network, which runs a spot and perpetual-futures exchange through its HyperCore system and supports smart contracts through HyperEVM. The prospectus says HYPE is used for network gas, staking and governance, and that some exchange fees are used to buy HYPE in secondary markets.

The filing puts the token’s maximum supply at 1 billion HYPE. It says the community received most of the supply, with the rest allocated to core contributors and the Hyper Foundation under distribution and vesting schedules. A maximum supply is not the same as immediately tradable supply.

HYPE’s one-month move provides the immediate market context. The CoinCodex closing series rose from $56.11 on Aug. 7 to $85.40 on Sept. 6, a gain of roughly 52%. That historical change does not establish that the NCIQ inclusion caused the move, particularly because the token traded through several other market developments during the period.

Hyperliquid is also building products beyond the exchange basket. The protocol’s planned HIP-4 outcome-market framework would use a 500,000-HYPE stake for new deployers, subject to validator oversight. It is separate from the ETF decision and was not part of Hashdex’s announcement.

SEC filing flags HYPE ownership and derivatives risks

The new NCIQ supplement added a dedicated risk factor for HYPE. It says the network began operating in 2024 and has a shorter history than the fund’s other constituents, leaving a more limited basis to assess security and long-term viability.

The filing also cites concentration. It says a significant portion of total HYPE supply is held by, or reserved for, a limited number of holders, including core contributors and the Hyper Foundation, and that future scheduled releases could add selling pressure.

Validators, staking and governance are likewise concentrated among a relatively small set of holders, the filing says. The disclosure does not allege wrongdoing; it sets out the risks investors should weigh when a protocol depends on a narrower operating group than Bitcoin or Ethereum.

Regulatory treatment is another open variable. The supplement says Hyperliquid’s perpetual-futures activity faces significant and evolving scrutiny in the United States and elsewhere, and that HYPE derivatives markets are smaller and less established than those for Bitcoin and Ether. It also says HYPE could leave the index at a later reconstitution.

Alternative.me’s Crypto Fear and Greed Index read 73, or Greed, on Sept. 6. The broad Bitcoin-focused sentiment gauge is not a measure of NCIQ demand or a forecast for HYPE.

The next signals are the fund’s disclosed holdings, any subsequent index methodology updates and the next quarterly reconstitution. Investors comparing NCIQ with direct HYPE ownership or a single-asset ETF will also need to assess the basket’s dominant Bitcoin weight, fees, liquidity and the separate risks set out in the prospectus.