The launch of the first U.S. HBAR Trust by Canary Capital has sparked excitement and speculation regarding a potential ETF launch for Hedera. Such trusts have previously paved the way for Bitcoin and Ethereum Spot ETFs in the U.S.
HBAR Trust Initiated
Under the leadership of Steven McClurg, Canary Capital has initiated the first U.S. HBAR Trust, offering institutional investors an opportunity to invest in Hedera’s native cryptocurrency. This move allows institutional investors interested in HBAR to purchase through a familiar investment method while minimizing custody risks. Canary Capital’s action coincides with a period of increased interest from Wall Street players in Bitcoin and other altcoins. The launch aims to respond to the growing institutional demand in the market.
Speculations Surrounding Hedera ETF Intensify
Hedera’s reputation as a corporate-level blockchain continues to attract investor interest. With its acclaim in areas such as asset tokenization, NFTs, and web3 applications, Hedera’s trust launch has triggered speculations about a potential ETF launch. However, it is essential to note that the SEC currently does not classify altcoins other than ETH and BCH as commodities, which has previously led to SOL Coin ETF applications being withdrawn. Canary Capital stated that U.S. institutional investors can now invest in cryptocurrencies through this new trust. Many experts view this development as a significant milestone for the cryptocurrency, believing that if the network continues to gain momentum, an ETF could be a natural step toward increasing institutional adoption.
Current Market Situation
Steven McClurg from Canary Capital pointed out the rising demand for crypto offerings in the U.S. In a press release, he emphasized the need for innovative solutions beyond simple products. Despite a general decline in the market, HBAR’s trading volume has increased by approximately 10%, reaching $56.67 million. However, cryptocurrencies continue to decline due to U.S. PMI data and Iran’s missile activities.
In conclusion, the launch of the first U.S. HBAR Trust could pave the way for a potential ETF for Hedera. Developments in the crypto market and institutional interests continue to shape this process.
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