Canary Capital, a Nashville-based asset manager, has decided to launch its first Hedera (HBAR) exchange-traded fund (ETF). The company has filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) in partnership with Nasdaq as reported by Fox journalist, Eleanor Terrett.
This is the first time a U.S. exchange has formally engaged in the HBAR ETF approval process, indicating a growing institutional confidence un Hedera’s enterprise-focused blockchain network.
Strategic Shift to Nasdaq Listing
The amended filing designated Nasdaq as the proposed listing exchange, a strategic upgrade from Canary Capitals’s previous ETF applications from Litecoin, XRP and Solana. While the S-1 outlines the fund’s structure, Nasdaq’s anticipated submission of a complementary Form 19b-4, a critical regulatory requirement for exchange-traded products, remains pending.
Analyst now speculate that Nasdaq’s involvement in this process, could streamline the regulatory review because of its established track record with crypto adjacent ETFs.
Market Reaction and HBAR Performance
HBAR surged by 6.0% in the last 24 hours following the announcement and the token price now stands at $0.2238, with its market capitalization surpassing $9 billion mark as per CoinGecko. Eric Balchunas, Bloomberg’s ETF analyst, has pin pointed the fact that “Nasdaq’s participation elevates this from a speculative filing to a credible market infrastructure play”.
Regulatory and Political Considerations
The filing arrives at time when there is heightened regulatory uncertainty. With President Donald Trump’s transition team signaling potential changes in the SEC leadership, which will be more leaned towards crypto-friendly stance.
Analysts still believe that it might take 12-18 months for the review period. If approved, this move could unlock $400 million in inflows.
Canary Capital’s aggressive filing of ETF, which also includes October 2024’s HBAR Trust for accredited investors, tests regulator’s want for altcoin investment vehicles after the success stories of Bitcoin/ETH ETFs.
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