US securities exchange Nasdaq has sought permission to list an exchange-traded fund (ETF) designed to hold the Hedera Network’s native token, HBAR (HBAR), filings showed.
The filing is the latest in a litany of applications with the US Securities and Exchange Commission by exchanges and asset managers seeking to list ETFs tied to alternative cryptocurrencies, or “altcoins.”
The SEC must review and approve the filings before trading can commence.
In November, Canary Capital, an asset manager, filed with the SEC to list its proposed Canary HBAR ETF. It aims to offer investors exposure to HBAR, the native currency for Hedera’s hashgraph distributed ledger.
HBAR price performance. Source: CoinGecko
A litany of crypto ETF filings
Founded in 2017, Canary has also filed to list ETFs holding altcoins, including Solana (SOL), Litecoin (LTC) and XRP (XRP), as filings show. Other issuers have proposed ETFs for altcoins, such as Polkadot (DOT), Dogecoin (DOGE) and Official Trump (TRUMP).
Issuers are also waiting on SEC approval for proposed changes to existing ETFs, including allowances for staking, options and in-kind redemptions.
The SEC changed its stance on cryptocurrency after US President Donald Trump started his second term. Consequently, two crypto index ETFs launched in February, and analysts expect more ETF approvals to follow in 2025.
On Feb. 20, asset manager Franklin Templeton launched an ETF holding both spot Bitcoin and Ether. It was the second crypto index ETF to hit the market after asset manager Hashdex launched its Nasdaq Crypto Index US ETF (NCIQ) on Feb. 14.
Bloomberg Intelligence has set the odds of an XRP ETF approval in the US at 65%. Its estimates for Litecoin and Solana ETF approval odds are even higher, at 90% and 70%, respectively. It has not yet set odds for HBAR ETF approvals.
Under former President Joe Biden, the SEC brought upward of 100 lawsuits against crypto firms, alleging various securities law violations. In 2024, the SEC approved spot Bitcoin (BTC) and Ether (ETH) ETFs but stymied proposed ETFs tied to other cryptocurrencies.
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