The United States Securities and Exchange Commission has officially acknowledged Nasdaq's proposal to list and trade shares of the Grayscale Hedera Trust.

According to a March 11 notice, the SEC has acknowledged Nasdaq's 19b-4 filing for a commodity-based trust holding HBAR, which aims to give investors regulated exposure to the native token of the Hedera Network.

The U.S. Securities and Exchange Commission has officially acknowledged Nasdaq’s proposal to list and trade shares of the Grayscale Hedera Trust, kicking off a 21-day public comment period.

This development follows closely the regulator’s decision to push back on several altcoin ETFs and extend the review period.

SEC Commences Public Comment on Nasdaq’s Filing for Grayscale Hedera Trust

According to a March 11 notice, the SEC has acknowledged Nasdaq’s 19b-4 filing for a commodity-based trust holding HBAR, aiming to provide investors with regulated exposure to the native token of the Hedera Network.

This commodity-based trust structure holds HBAR directly, with shares denoting fractional ownership of the trust’s HBAR. However, unlike a spot ETF, it does not permit direct redemptions, implying that shares may trade at a premium or discount to the underlying asset value.

BNY Mellon Asset Servicing will manage administration and transfer agent duties for the trust, CSC Delaware Trust Company will serve as the trustee, and Coinbase Custody Trust Company will handle asset custody.

With this acknowledgment, the SEC has now opened a 21-day period for public comment, inviting input from industry participants and the public on the proposed commodity-based shares of the Grayscale Hedera Trust. After this phase, the regulator will decide whether to approve, reject, or further extend its review process.

HBAR responded positively to the development, rising more than 7% in the past 24 hours.

Grayscale and Canary Capital are currently the only asset managers pursuing HBAR ETFs.

SEC Postpones Decision on Grayscale’s XRP ETF and Cboe BZX Exchange’s Solana ETF

On the same day, the SEC postponed its decision on several altcoin ETFs, including Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF, extending the review period until May 11.

The regulator also delayed its ruling on an in-kind bitcoin ETF filing from Bitwise and on a bitcoin futures ETF from Shapeshift.

However, Bloomberg ETF analyst James Seyffart downplayed the deferral, stating that it is standard procedure during busy periods and not a cause for concern.

“Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on Monday morning: ‘Mechanical issues in DC’,” Seyffart remarked.

As previously reported by crypto.news, the SEC has been inundated with ETF filings following Trump’s election and the former SEC Chair Gary Gensler’s resignation.

The latest addition to this wave is Bitwise’s Bitcoin Standard Corporations ETF, announced on March 11. The fund will track publicly traded companies holding at least 1,000 BTC in their corporate treasuries, offering investors exposure to firms accumulating Bitcoin.