The push for a spot Hedera ETF product by Canary Capital has taken a more promising twist from the asset management firm.
Canary Capital, an asset management firm, has taken a significant step in its efforts to launch a spot Hedera ETF product with the latest update. According to the filing, Nasdaq Stock Market LLC is submitting this application on behalf of Canary Capital.
The application, filed with the United States Securities and Exchange Commission (SEC), is a proposed rule change to allow the Hederal ETF to be listed on the stock exchange. This filing follows the S-1 registration statement filed last year, which signaled the firm's move to issue an HBAR ETF.
This filing is a key step in the ETF listing process, and if acknowledged by the U.S. SEC, it will begin the 240-day approval window for the product. Notably, the regulator has acknowledged filing for products like the Dogecoin ETF, showcasing its openness to these new products.
Canary Capital is the first and only asset manager to file for an HBAR ETF in the crypto industry. The firm's rationale for choosing Hedera is rooted in the technological innovation tied to the protocol.
With advanced solutions and top tech giants acting as validators within its ecosystem, Hedera has carved a niche in the market. By submitting the 19b-4 application, Canary Capital is optimistic about securing approval for the product.
The broader crypto ETF market also shows promising trends as several asset managers push for XRP, Solana, Litecoin and Dogecoin ETFs. With a new president and acting chairman of the SEC, Mark Uyeda, exhibiting a pro-crypto stance, analysts have issued relatively higher odds of approval for the products.
According to Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart, the Litecoin ETF has the highest approval odds at 90%. This is due to its close ties to the Bitcoin blockchain as a proof-of-work (PoW) network. While the analysts did not issue any odds for spot Hedera ETFs, they named it a commodity that the now crypto-friendly regulators will likely favor.
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