The recent launch of the first US HBAR Trust has sparked speculation about the potential introduction of a Hedera ETF. This buzz comes amid rising conversations about similar developments for Solana and XRP, following the launch of Bitcoin and Ethereum Spot ETFs in the US.
Canary Capital Rolls Out First US HBAR Trust
Canary Capital, led by Steven McClurg, announced the launch of the first US HBAR Trust, offering institutional investors a chance to invest in Hedera’s native cryptocurrency, HBAR. This move reflects the growing institutional demand for crypto investment products and further highlights Wall Street’s increasing interest in major altcoins like Bitcoin and HBAR.
The launch also positions US institutions to tap into Hedera’s scalable distributed ledger technology. As a direct investment tool, the Trust opens doors to broader institutional adoption and has sparked speculation that an ETF could be the next logical step. McClurg, who co-founded Valkyrie Funds and helped launch the Bitcoin ETF, expressed optimism about the growing demand for innovative crypto solutions tailored for institutional investors.
Growing Hopes for a Hedera ETF
Hedera’s reputation as an enterprise-grade blockchain is attracting attention from investors, particularly for its utility in asset tokenization, NFTs, and Web3 applications. The launch of the HBAR Trust is seen as a key milestone, fueling optimism that a Hedera ETF could be on the horizon.
The broader crypto market has already seen discussions about ETFs for Solana and XRP, especially after Grayscale’s XRP Trust launch. These developments suggest that Hedera may soon follow suit as interest in crypto ETFs grows.
Despite the exciting news, HBAR’s price saw a 6% dip today, aligning with a market-wide downturn. Trading volume increased by 10% to $56.67 million, as concerns over a shrinking US economy added pressure to the crypto market.
