Nasdaq filed Form 19b-4 with the SEC to list and trade the Canary HBAR ETF. If approved, this ETF will track the spot price of HBAR, Hedera's cryptocurrency, offering investors direct exposure to the asset.
Why Does This Matter?
The S-1 form is required for securities registration. By filing Form 19b-4, Nasdaq indicates its intent to list the ETF. SEC approval would open public trading of the Canary HBAR ETF.
Why Hedera (HBAR) and Why Now?
Hedera’s fundamentals make it a strong candidate for a spot ETF. Unlike many cryptocurrencies, HBAR is not classified as a security by the SEC. According to Canary Capital CEO Steven McClurg, HBAR’s high transaction volume and enterprise adoption were key reasons for launching the ETF. Hedera’s governing council, which includes companies like Google, IBM, and Boeing, adds further credibility. The SEC has been cautious about approving crypto ETFs, with most approvals so far limited to Bitcoin and Ethereum, but 2025 may be the year of altcoin ETFs.
Canary’s Growing Crypto ETF Portfolio
Canary Capital is expanding beyond HBAR, also filing for spot ETFs for Litecoin (LTC), XRP, and Solana (SOL). The Litecoin ETF is currently under SEC review with a 90% chance of approval, according to Bloomberg analysts. The XRP ETF has had its filing accepted by the SEC, a step toward potential approval. The Solana ETF is still in the early stages but gaining traction.
All eyes are on whether HBAR will be among the first altcoin ETFs to gain approval in 2025, with Nasdaq’s 19b-4 filing now under SEC review. HBAR has a chance due to its regulatory clarity and institutional backing.
