Nasdaq has taken steps to list and trade the Canary HBAR ETF, offering investors direct exposure to Hedera's cryptocurrency.
Significance of the Filing
Nasdaq filed Form 19b-4 with the SEC to list and trade the Canary HBAR ETF. This move follows the October 2024 launch of the first U.S. HBAR Trust and the November 2024 S-1 registration for an HBAR ETF. If approved by the SEC, this ETF will track the spot price of Hedera's cryptocurrency, providing investors with direct exposure to the asset. The filing of both forms with the SEC signals Nasdaq's intention to list the ETF, which if approved, would allow for public trading of the fund.
Why Hedera (HBAR)?
Hedera stands out among cryptocurrencies due to its solid fundamentals. HBAR is not classified as a security by the SEC, providing regulatory clarity. Canary Capital CEO Steven McClurg highlighted the high transaction volume and enterprise adoption of Hedera as key reasons for launching the ETF. Hedera's governing council, which includes companies like Google, IBM, and Boeing, adds credibility to the project. While the SEC has been cautious about crypto ETFs, 2025 is shaping up to be a breakthrough year for altcoin ETFs like HBAR.
Canary's Expanding ETF Portfolio
Canary Capital is expanding beyond HBAR by filing for spot ETFs for Litecoin (LTC), XRP, and Solana (SOL). The Litecoin ETF is currently under SEC review, with Bloomberg analysts giving it a 90% chance of approval. The XRP ETF filing has been accepted by the SEC, a step toward potential approval. The Solana ETF is in the early stages but gaining traction.
With the launch and filing of new ETFs by Canary, particularly the HBAR ETF, Hedera is positioned for increased liquidity and popularity in the U.S. The success of these new funds could pave the way for more such products in the future.
