Nasdaq has officially submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) seeking approval to list and trade shares of the Canary HBAR ETF. This investment product is designed to track the spot price of Hedera’s HBAR, currently the 21st largest cryptocurrency by market capitalization.
The filing follows Canary Capital’s strategic expansion into the crypto investment space. In October, the firm launched the first HBAR Trust in the U.S., followed by an S-1 registration statement for an HBAR ETF in November. The move underscores a growing institutional interest in Hedera’s ecosystem.
“As the most used network by transaction count, Hedera is a prime example of the type of enterprise technology that sits at the intersection of crypto and real-world scalability,” said Steven McClurg, CEO of Canary Capital. The firm aims to offer regulated exposure to HBAR, catering to institutional investors seeking diversified crypto assets.
Nasdaq’s filing comes as Canary Capital’s spot Litecoin ETF nears potential approval. Bloomberg ETF analyst Eric Balchunas has highlighted its progress, noting that Litecoin’s regulatory clarity may work in its favor. Unlike other digital assets facing scrutiny, Litecoin has been classified as a commodity by the Commodity Futures Trading Commission (CFTC) in its KuCoin lawsuit.
A major step toward launch, Canary Capital’s spot Litecoin ETF has also appeared on the Depository Trust and Clearing Corporation (DTCC) under the ticker LTCC. This listing signals a crucial milestone in the approval process.
Beyond HBAR and Litecoin, Canary Capital is expanding its crypto ETF portfolio. The firm has filed for a spot XRP ETF, which has already been acknowledged by the SEC. Additionally, Canary Capital recently introduced the Canary AXL Trust, a pioneering investment vehicle focused on Axelar Network’s interoperability technology. The trust is designed for institutional and accredited investors, marking the first initiative of its kind in blockchain interoperability.
Also Read: SEC Forms CETU to Combat Crypto Fraud and Cyber Threats
With multiple crypto ETFs in the pipeline, Canary Capital is positioning itself at the forefront of regulated digital asset investment. As regulatory developments unfold, the market eagerly anticipates the SEC’s stance on these innovative investment products.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
