Nasdaq Files 19b-4 for Canary Capital’s Hedera HBAR Spot ETF
Big news about HBAR and Litecoin. Nasdaq has officially Filed SEC Form 19b-4, seeking approval to list shares and trading shares of Canary HBAR ETF. According to Bloomberg analyst Eric Balchunas Putter HBAR and Litecoin are at the best position in the current Altcoin ETF application, increasing their chances of obtaining regulatory approval. The ETF is designed to track the real-time price of HBAR, the top 21 cryptocurrency in market capitalization.
This submission marks a massive expansion of Canadian crypto investment products following Canary Capital’s launch of the HBAR Trust in October 2024 and the initial ETF registration (S-1) in November.
What does this mean for HBAR?
If approved, the ETF will allow investors to obtain Hedera’s HBAR tokens without direct purchase or holding. This institutional investment vehicle has historically been seen as a positive development in adopting cryptocurrencies, making it easier for traditional investors to enter the field.
HBAR’s price responded positively to the news, soaring 5% after Nasdaq filed documents. This is after a 20% jump after the S-1 filing filing submission in November, showing strong investor enthusiasm for HBAR-based ETFs.
Canary Capital’s growing impact on crypto ETFs
Canary Capital is also pursuing other cryptocurrency ETFs. Along with the HBAR ETF, the company also applied for a Litecoin ETF and is now awaiting SEC approval. According to Bloomberg analyst Eric Balchunas, the regulatory outlook for Litecoin seems to be favorable because it has not yet been struggling with the SEC’s legal dispute and has been listed as a commodity by the CFTC.
The spot Litecoin ETF has been listed under the “LTCC” of Stock Trusts and Clearing Corporations (DTCC), which is an important step towards its initiation.
More encrypted ETFs in the pipeline
Canary Capital has not stopped on HBAR and Litecoin. The company also applied for the XRP ETF that the SEC has recognized. Additionally, reports have been reported that Canary is exploring similar investment products from Solana (Sol), which suggests a greater driving force for crypto ETFs.
Introducing more spot crypto ETFs says there is growing interest in making digital assets more accessible to institutional investors. Although the SEC’s decision on the HBAR ETF is still pending, the application represents an important step towards mainstream encryption adoption. If approved, it may pave the way for more blockchain-based investment products in the future.
