Hedera ETF: Nasdaq seeks approval for new crypto investment product

• Nasdaq seeks approval for Hedera ETF.
• Canary Capital: Developer of the HBAR ETF.
• Approval process in progress.

In a move that could expand institutional investor access to the cryptocurrency market, Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) seeking approval for the listing and trading of shares of the Canary HBAR ETF. This new investment product, developed by Canary Capital, aims to track the spot prices of HBAR, the native token of the Hedera network.

“Nasdaq Stock Market LLC, pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, is filing with the Securities and Exchange Commission a proposed rule amendment to list and trade shares of the Canary HBAR ETF pursuant to Nasdaq Rule 5711(d),” it said in the document .

According to the Nasdaq filing, Canary Capital will act as the sponsor of the Trust. “The Exchange proposes to list and trade the Shares in accordance with Nasdaq Rule 5711(d), which governs the listing and trading of Commodity-Based Trust Shares on the Exchange. Canary Capital Group LLC is the sponsor of the Trust. The shares will be registered with the SEC through the Trust’s registration statement on Form S-1.”

The pursuit of Nasdaq approval for the Hedera ETF comes as Canary Capital also awaits the SEC’s decision on its spot Litecoin ETF. It is worth noting that last week, Canary Capital’s spot Litecoin ETF was listing in the Depository Trust and Clearing Corporation (DTCC) system under the symbol LTCC. This move represents a significant step forward for Canary Capital and the Litecoin market, bringing the possibility of a Litecoin ETF fund being available to investors closer following approval from the Securities and Exchange Commission (SEC).

In addition to HBAR and Litecoin, Canary Capital is seeking SEC approval to offer ETFs for other digital assets, such as XRP and Solana.

The move by Nasdaq and Canary Capital reflects the growing interest in cryptocurrency investment products from the traditional financial market. Approval of ETFs for different crypto assets could increase the adoption of these assets by institutional investors and boost market development.