Nasdaq has submitted Form 19b-4 to the U.S. Securities and Exchange Commission to list and trade shares of the Canary HBAR ETF. This ETF aims to follow the spot price of Hedera Network’s cryptocurrency, HBAR. The filing follows Canary Capital’s earlier launch of the first U.S. HBAR Trust in October 2024 and an S-1 registration statement for an HBAR ETF filed in November 2024.
Context and Background
Canary Capital previously launched the HBAR Trust and filed an S-1 registration, initiating the journey towards establishing the HBAR ETF. Canary Capital CEO Steven McClurg highlighted Hedera’s high transaction volume and real-world scalability as key factors for the fund’s establishment.
Filing Details and Plans
Nasdaq’s registration is accompanied by filings for ETFs on other cryptocurrencies such as XRP and Solana. Specifically, the XRP-based ETF has already been registered and accepted by the SEC, indicating an expansion in crypto investment opportunities.
Future Developments and Other Initiatives
In addition to HBAR and Litecoin, Canary Capital is developing investment products focused on other digital assets. Recently, the Canary AXL Trust was launched for institutional and accredited investors interested in AXL token blockchain interoperability.
Nasdaq's initiative and further steps by Canary Capital represent an expansion in cryptocurrency investments. The combination of traditional exchange structures with blockchain innovations continues to attract attention from regulators and investors.
