TL;DR
- Nasdaq has filed with the SEC for approval to list the Canary HBAR ETF, a product that tracks the spot price of HBAR, the token of the Hedera network.
- Hedera (HBAR) saw a 3.58% price increase and a 231% growth in trading volume following the ETF announcement.
- Canary Capital aims to expand its offerings with ETFs for HBAR, Litecoin, XRP, and Solana, as well as presenting the Canary AXL Trust for institutional investors.
Nasdaq has filed Form 19b-4 with the SEC to list and trade shares of the Canary HBAR ETF, an investment product designed to track the spot price of the HBAR token.
The filing comes amid the growing availability of digital assets for institutional investors. HBAR is the token of the Hedera network, which has become very popular in the blockchain ecosystem for being one of the platforms with the highest transaction volume.
Following the news, Hedera (HBAR) had a positive day in the market. According to the latest data from CoinMarketCap, the token rose 3.58% and reached a value of $0.2173 per unit. Additionally, trading volume increased by 231%, nearing $530 million. Furthermore, its market capitalization surpassed $9.1 billion.
The Canary HBAR ETF seeks to provide investors with direct access to one of the standout assets in the crypto market. This initiative is part of Canary Capital’s plan to expand its cryptocurrency investment product portfolio, which also includes Litecoin ETFs and a filing with the SEC to list an XRP ETF.
The Potential of Hedera in Various Markets
Canary Capital has set its sights on the digital asset market, having launched the first Canary HBAR Trust in the United States in October. Furthermore, in November 2024, the company filed an S-1 registration statement for the HBAR ETF, a crucial step toward its approval. Steven McClurg, CEO of Canary Capital, emphasized that Hedera stands out due to its ability to scale in the real world, making it an attractive option for those interested in the crypto space applied to the business sector.
The filing for the Litecoin ETF is also progressing, and the company has received favorable recognition from the CFTC, which classifies Litecoin as a commodity, helping to smooth its path toward approval. Additionally, the Litecoin ETF is already registered with the Depository Trust and Clearing Corporation (DTCC), a key step toward its launch.
On the other hand, Canary Capital is not only focusing on HBAR and Litecoin but has also sought approval to launch ETFs for assets like Solana and XRP, aiming to expand its offerings to include some of the most important tokens in the market. Additionally, the company recently launched the Canary AXL Trust, a fund targeting institutional investors that seeks to provide exposure to AXL, the token powering Axelar Network, a crucial platform for blockchain interoperability
