Nasdaq has officially filed a 19b-4 form with the SEC to list and trade the Grayscale Hedera Trust (HBAR) ETF. This marks a key step in launching an HBAR-based exchange-traded fund, offering investors regulated access to Hedera (HBAR) without directly holding the asset.
SEC Review Process Underway
The filing classifies the ETF under Commodity-Based Trust Shares (Nasdaq Rule 5711(d)), aligning it with spot Bitcoin ETFs. However, the SEC has yet to publish the proposal in the Federal Register, keeping it in a preliminary review stage.
Once published, the SEC will have 45 days to decide, with the option to extend the review period up to 240 days. The agency will assess whether the proposal meets regulatory standards before approving or rejecting the ETF.
Canary Capital Also Competes for HBAR ETF Approval
Nasdaq’s filing follows a similar application by Canary Capital, which submitted an S-1 form in November 2024, followed by a 19b-4 filing in February. Both proposals are now awaiting SEC review.
Market Reaction: HBAR Price Dips
Following Nasdaq’s Canary Capital ETF filing, HBAR briefly surged 10%. However, this latest development has not had the same impact.
✔ HBAR is down 6.8% in 24 hours
✔ Currently trading at $0.23
✔ Outperformed other smart contract cryptos, which fell 8.8%
Final Thoughts
If approved, the Grayscale HBAR ETF would open the door for institutional investors, reinforcing HBAR’s role in regulated markets. However, the SEC’s decision timeline remains uncertain.
What do you think? Will the SEC approve an HBAR ETF? Let us know in the comments!
