American asset management company Grayscale has filed a 19b-4 form with the SEC for listing a Hedera ETF on the Nasdaq Stock Market.
Details of Grayscale's Filing
Grayscale aims to provide investors indirect ownership of HBAR through the ETF. If approved, this fund will allow investors to purchase shares that reflect the value of HBAR without direct token ownership. The submission of 19b-4 form is required for listing approval on the exchange, similar to other ETFs registered by Grayscale.
Grayscale's ETF Strategy
Grayscale continues to lead in the crypto ETF market. The company has already filed ETF applications for cryptocurrencies like Cardano, Solana, and XRP. Grayscale successfully won a case against the SEC, which helped approve the Bitcoin ETF in early 2024, followed soon by the Ethereum ETF.
Broader Crypto ETF Trends
The SEC is processing numerous crypto ETF applications. In addition to Bitcoin and Ethereum, other companies are filing for funds related to Dogecoin and meme coins like TRUMP and BONK. However, the chance for approval of such funds is low due to the unregulated status of cryptocurrencies. According to Bloomberg, the approval chances for ETFs related to XRP, Solana, and Litecoin are most likely.
Grayscale's filing for Hedera ETF listing and the subsequent surge in HBAR prices highlight the growing desire of institutional and retail investors to participate in the cryptocurrency ecosystem.
