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Nasdaq Files for Grayscale HBAR ETF Amid Ongoing SEC Review and Market Flux
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Nasdaq’s recent filing to list Grayscale Hedera Trust (HBAR) marks a significant development in the cryptocurrency ETF landscape, showing increasing institutional interest in crypto assets.
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As the SEC begins its review process, the landscape for cryptocurrency investment products continues to evolve, reflecting the growing regulatory focus on digital assets.
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“The proposed rule change is designed to protect investors and enhance competition among market participants,” highlighted the filing from Nasdaq, affirming the initiative’s objectives.
Nasdaq’s filing for Grayscale’s HBAR ETF signals growing institutional interest in cryptocurrency, pending SEC reviews, with unique implications for the market.
Grayscale HBAR ETF Awaits SEC Green Light
The filing marks the latest development in a series of efforts to bring Hedera into the regulated financial spotlight. The proposal was submitted under Section 19(b)(1) of the Securities Exchange Act 1934, allowing exchanges to request rule changes to list new financial instruments.
“The proposed rule change is designed to perfect the mechanism of a free and open market and, in general, to protect investors and the public interest in that it will facilitate the listing and trading of Shares that will enhance competition among market participants, to the benefit of investors and the marketplace,” the filing read.
Nasdaq’s move follows a similar application on behalf of Canary Capital, which has also pursued an HBAR-based ETF. Canary Capital first submitted an S-1 application on November 12, 2024, followed by a 19b-4 application in late February, marking its own advancement in the ETF approval pipeline.
Currently, neither Grayscale nor Canary Capital’s HBAR ETF proposal has been published in the Federal Register, which indicates that both remain in a preliminary review stage. The SEC is actively evaluating whether the filings meet procedural and completeness requirements before determining the next steps.