Nasdaq files for Hedera HBAR ETF
Nasdaq has officially filed with the U.S. Securities and Exchange Commission (SEC) to list shares of the Canary HBAR ETF, aiming to provide investors with exposure to Hedera's (CRYPTO:HBAR) native cryptocurrency, HBAR.
The filing represents a notable development in the cryptocurrency investment landscape.
According to the documentation, Canary Capital, an asset management firm, had initially submitted its proposal for the Canary HBAR ETF to the SEC in November 2024.
This ETF is designed to track the performance of HBAR, granting investors access to Hedera's distributed ledger technology.
Now, the SEC is responsible for reviewing the application and deciding whether to permit the ETF to commence trading.
The market has reacted to the news, with HBAR's price showing an increase following the announcement of Nasdaq's filing
The trading volume for HBAR also experienced a rise.
In addition to the HBAR ETF, Canary Capital has also filed applications to list ETFs for other altcoins, including Solana (CRYPTO:SOL), Litecoin (CRYPTO:LTC), and XRP (CRYPTO:XRP), suggesting an interest in expanding cryptocurrency investment options.
Bloomberg Intelligence has assessed the potential for approval of altcoin ETFs.
Their analysts estimate the probability of an XRP ETF approval in the U.S. at 65%, while the odds for Litecoin and Solana ETFs are higher, at 90% and 70%, respectively.
"As the most used network by transaction count, Hedera is a prime example of the type of enterprise technology that sits at the intersection of crypto and real-world scalability," stated Steven McClurg, CEO of Canary Capital, emphasing Hedera's potential.
The SEC will now take up to 90 days to provide a comprehensive response to the filing.
At the time of reporting, the Hedera (HBAR) price was $0.1965.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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