Key Points:
- Nasdaq has filed with the SEC to list and trade shares of the Canary HBAR ETF, seeking to offer investors direct exposure to HBAR.
- The development follows Canary Capital’s launch of an HBAR Trust and S-1 registration filing, and could pave the way for more altcoin ETFs.
Nasdaq has officially submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC), seeking approval to list and trade shares of the Canary HBAR ETF.
The push for an HBAR ETF comes amid growing institutional interest in altcoin-backed financial products. If approved, it could set a precedent for similar cryptocurrency ETFs beyond Bitcoin and Ethereum.
Nasdaq Files Form 19b-4 Form for Canary HBAR ETF Approval
The filing is the latest step in Canary Capital’s efforts to introduce an HBAR-focused investment product. The digital asset investment company initially launched the first U.S.-based HBAR Trust in October, followed by an S-1 registration statement in November.
The Canary HBAR ETF is designed to provide investors with direct exposure to HBAR, utilizing a structure similar to approved spot Bitcoin ETFs.
HBAR is the currency of the Hedera blockchain, which operates on a Hashgraph consensus mechanism. It is used for transaction fees, application development, and governance activities within the network. According to CoinMarketCap, as of February 2025, the token ranks as the 16th largest cryptocurrency by market cap.
A key step in the regulatory approval process for the ETF is the SEC’s review of the S-1 registration statement. In response to regulatory feedback, Canary Capital recently amended its filing, a move that suggests ongoing discussions with the commission.
While the amended submission marks progress, the final approval depends on the acceptance of Form 19b-4, which is necessary for the ETF to be listed on an exchange.
Canary Capital Expands Crypto Investment Offerings
The push for the Canary HBAR ETF comes as the company awaits a decision on its spot Litecoin ETF, which is nearing potential SEC approval.
If successful, this would make it the first altcoin-focused ETF outside of Bitcoin and Ethereum to receive regulatory recognition. The firm’s ability to navigate the ETF approval process for Litecoin may indicate a growing familiarity with regulatory requirements, potentially benefiting its HBAR ETF application.
However, the SEC remains cautious about cryptocurrency ETFs. The regulatory body has intensified scrutiny of digital asset markets with the establishment of a specialized unit to address crypto-related fraud and cybercrime.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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