HashDex's NCIQ ETF Adds Hyperliquid (HYPE) With 3.4% Weighting

HashDex's NCIQ ETF Adds HYPE

Hyperliquid (HYPE) has landed in a regulated United States cryptocurrency index exchange-traded fund for the first time, joining the NCIQ fund with a 3.4% weighting that makes it the fifth-largest holding. NCIQ is managed by asset manager HashDex and tracks an index calculated jointly by Nasdaq and CME, spreading exposure across multiple cryptocurrencies through a market-cap-weighted allocation. For the token that powers the Hyperliquid protocol — home to the largest decentralized perpetual futures trading book in the industry — the milestone opens a regulated wrapper that ordinary brokerage clients can buy without touching on-chain wallets or self-custody.

The rebalance also reshaped the rest of the portfolio. Bitcoin's weight fell from 78% to 74.6% as room was made for the new constituent, while Solana's share climbed from 3.2% to 3.7%. As of September 2, the index composition stood at 74.6% Bitcoin, 11.7% Ethereum, 5.2% XRP, 3.7% Solana and 3.3% Hyperliquid. HashDex brings a track record to the mandate: the firm was founded in 2018, listed HNCI in 2021 — at the time described as the world's first crypto index ETF — and has worked with Nasdaq and CME on index calculation since the two exchange groups formed their partnership in 2020. Inclusion in a cap-weighted Nasdaq-CME benchmark effectively converts HYPE into passive, rule-based demand: any new money flowing into the fund buys the token mechanically at the prevailing weight, independent of discretionary conviction. For a coin that has spent the past year fighting for institutional legitimacy, a top-five slot in a regulated US index product is a structural endorsement — as tracked in our Hyperliquid tag hub, it arrives alongside a widening set of access products.

PURR Lifts Facility to $2.5 Billion

Separately, Hyperliquid Strategies (NASDAQ: PURR), a treasury company holding HYPE on its balance sheet, has raised the cumulative capacity of its committed equity facility — known as a ChEF — from $1 billion to $2.5 billion, per the company's investor-relations disclosure. Under the arrangement, the firm can draw capital in tranches by issuing new shares to Chardan Capital Markets as needed, with proceeds designated for general corporate purposes, including potential purchases of HYPE. The amended agreement carries guardrails: once cumulative funding reaches $1 billion, any further issuance priced below $12.02 per share is limited in principle to 19.99% of shares outstanding before the amendment, and breaching that ceiling generally requires shareholder approval. Mechanically, a ChEF works like an ATM: the treasury company sells equity into strength and parks the proceeds against the token, so facility size functions as a forward-looking proxy for latent buying demand — though actual purchases remain discretionary until executed.

The move mirrors a broader treasury build-out around the asset. Earlier this year, another HYPE treasury firm, HSI, doubled its equity facility to $2.5 billion, signaling that listed vehicles see discounted equity issuance as an efficient route to accumulate the token. Supply dynamics, however, are heating up in parallel. Vesting-schedule data shows HYPE among the tokens with single unlock events above $10 million scheduled over the coming month, alongside XPL, ENA, ZRO, H and CARDS, while linear unlocks above $10 million per month — spanning RAIN, SOL, TRUMP, ZEC, AVAX, NEAR and others — are set to release more than $1.535 billion in value across the market over the same window. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

Passive Flows Meet Unlock Supply

The thread connecting the two stories is HYPE's institutionalization: a Nasdaq-CME index ETF now holds the coin alongside Bitcoin and Ethereum, a NASDAQ-listed treasury vehicle has pre-arranged up to $2.5 billion of equity capacity to buy more, and Coinbase's wrapped HYPE on Base keeps widening the access layer. Our reading of the composition data dated September 2 is that passive, weight-based demand is now a structural buyer — but scheduled supply remains the swing factor. With over $1.535 billion of linear unlocks across majors in the next month, and Hyperliquid having led a record $638 million token buyback wave, the balance between rule-based inflows and dilution will set the token's near-term path. For newcomers, our how to trade on Hyperliquid guide covers the venue mechanics.