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The push for a spot Hedera ETF product by Canary Capital has taken a more promising twist from the asset management firm. According to the latest update, Canary Capital has submitted the 19b-4 filing with the United States Securities and Exchange Commission (SEC). The Nasdaq Stock Market LLC made this application on behalf of Canary Capital.
Hedera ETF on track for Approval
The NASDAQ filing is a proposed rule change seeking approval to launch the Hederal ETF on the stock exchange. This filing precedes the S-1 registration statement filed last year, signaling the firm’s move to issue an HBAR ETF.
Gamza KhanzadaevIn the ETF listing process, this filing is crucial, and if acknowledged by the U.S. SEC, it may usher in the 240-day approval window. Notably, the regulator has acknowledged filing for products like 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 hinges on 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 confident in securing approval for the product.
Crypto regulatory shift gives gope
The trend in the broader crypto ETF market shows optimism as several asset managers push for XRP, Solana, Litecoin and Dogecoin ETFs. With a new president and acting chairman of the SEC, Mark Uyeda, showing a pro-crypto stance, analysts have issued relatively higher odds of approval for the products.
Dan BurginPer Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart, the Litecoin ETF has the highest approval odds at 90%. This is based on 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.
Dan Burgin
Vladislav Sopov