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On Tuesday, November 12, Canary Capital filed for a Hedera (HBAR) ETF with the U.S. Securities and Exchange Commission (SEC), expanding its portfolio in the crypto ETF market. This latest filing comes shortly after the October launch of Canary’s HBAR Trust, which set the stage for the firm’s recent focus on altcoin-based financial products. Also, the filing has captured significant attention owing to the previous altcoin ETF applications, including the XRP ETF.
About Canary Capital’s Hedera ETF Filing
Today, Canary filed the Form S-1 for a Hedera ETF application to the SEC. According to the latest SEC filing, the firm is looking to add a spot HBAR ETF to its line of altcoin ETFs. Earlier, the company had filed for three different crypto ETFs, deviating from the usual trend of Bitcoin and Ethereum ETFs.
Prior to this, on October 30, Canary Capital submitted a filing for a Solana (SOL) ETF. The Solana ETF application places Canary in direct competition with VanEck, which has also submitted a SOL ETF proposal. Meanwhile, 21Shares recently withdrew its application for a Solana ETF, positioning Canary and VanEck as the primary contenders for this asset.
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On October 15, Canary made headlines with a filing for a Litecoin (LTC) ETF. This submission diverged from the typical emphasis on leading cryptocurrencies like Bitcoin and Ethereum, which have historically dominated ETF applications. Filed through Form S-1, the LTC ETF proposal indicates a strategic shift towards assets that have not traditionally been the focus of such financial products.
The XRP ETF Hype
Additionally, Canary Capital’s October 8 filing for an XRP ETF attracted considerable attention as one of the pioneering efforts to bring a spot XRP ETF to the market. This submission closely followed a similar move by Bitwise, another major asset management firm exploring crypto ETFs. The XRP application generated notable discussions within the crypto community.
Canary’s series of ETF filings underscores its strategy to broaden access to a wider range of digital assets. These filings also reflect the firm’s response to rising demand for regulated financial products tied to cryptocurrencies. However, the SEC has not yet approved any of Canary Capital’s crypto ETF applications, as the regulatory body remains cautious regarding crypto-based ETFs.
If approved, the proposed ETFs for Solana, XRP, or Litecoin would offer traditional investors more diversified options within the digital asset market. This potential expansion beyond established cryptocurrencies like Bitcoin and Ethereum could set a new standard for altcoin ETFs.
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