Canary Capital Files to List and Trade Shares of the Canary HBAR ETF, an Investment Product Designed to Track the Spot Price of the HBAR Token

Nasdaq has filed Form 19b-4 with the SEC to list and trade shares of the Canary HBAR ETF, an investment product designed to track the spot price of the HBAR token.

Nasdaq, Inc. has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Canary HBAR ETF (NYSE Arca: HBAR), an exchange-traded fund designed to track the spot price less than a day ago HBAR token.

The filing comes as digital assets become increasingly available to institutional investors. HBAR is the token of the Hedera network, which has gained significant traction within the blockchain landscape, emerging as one of the platforms boasting the highest transaction volumes.

Upon the news, Hedera (HBAR) had a positive day in the markets. According to the latest data available on CoinMarketCap, the token experienced a 3.58% gain, reaching a price of $0.2173 per unit. Additionally, trading volume surged by 231%, reaching close to $530 million, while its market capitalization crossed the $9.1 billion mark.

The Canary HBAR ETF seeks to provide investors with direct access to one of the standout assets within the crypto market. This initiative forms part of Canary Capital's endeavors to expand its cryptocurrency investment product portfolio, which also includes Litecoin ETFs and a filing with the SEC to list an XRP ETF.

Canary Capital has notably ventured into the digital asset market, having launched the first Canary HBAR Trust in the United States in October. Furthermore, the company filed an S-1 registration statement for the HBAR ETF in November 2024, a crucial step toward its approval. According to Steven McClurg, CEO of Canary Capital, Hedera is particularly compelling due to its capability to scale in the real world, making it an attractive avenue for those interested in the application of crypto within the business realm.

The filing for the Litecoin ETF is also progressing, and the company has received favorable recognition from the Commodity Futures Trading Commission (CFTC) classifying Litecoin as a commodity, aiding in paving the way toward approval. Notably, the Litecoin ETF is already registered with the Depository Trust and Clearing Corporation (DTCC), a key step toward its launch.

Beyond HBAR and Litecoin, Canary Capital has also sought approval to launch ETFs for assets such as Solana and XRP, expanding its offerings to include some of the most prominent tokens within the market. Recently, the company also launched the Canary AXL Trust, a fund targeting institutional investors that seeks to provide exposure to AXL, the token powering Axelar Network, a crucial platform for blockchain interoperability.