Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission to list and trade the Canary HBAR ETF. This ETF will track the spot price of Hedera’s cryptocurrency, providing investors direct exposure to the asset.
Significance of Approval
This move follows Canary Capital’s launch of the first U.S. HBAR Trust in October 2024 and an S-1 registration for an HBAR ETF in November 2024. Both filings are under SEC review, suggesting that a spot HBAR ETF may be imminent.
Why Hedera (HBAR)
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, including companies like Google, IBM, and Boeing, adds further credibility.
Canary's Expanding ETF Portfolio
Canary Capital is expanding its ETF portfolio beyond HBAR. The firm has also filed for spot ETFs for Litecoin (LTC), XRP, and Solana (SOL). The Litecoin ETF is under SEC review with a 90% chance of approval, according to Bloomberg analysts. The SEC has accepted the filing for the XRP ETF, moving it closer to potential approval. The Solana ETF is still in early stages but gaining traction.
If approved, the Canary HBAR ETF would provide mainstream investors direct exposure to HBAR, boost liquidity and adoption of Hedera’s network, and pave the way for more altcoin ETFs in the future. All eyes are now on the SEC to see if HBAR will be among the first altcoin ETFs to gain approval in 2025.
