Canary Capital’s Spot Hedera ETF Under SEC Review via Nasdaq Filing

The Nasdaq filing marks a significant step toward listing the Canary HBAR ETF as a spot exchange-traded product. The filing outlines the ETF’s structure and trading framework under Nasdaq Rule 5711(d) for commodity-based trust shares. It provides details on the ETF’s registration with the SEC and establishes the regulatory basis for trading shares that represent fractional ownership in a trust holding HBAR and cash.

According to the registration documents, the ETF is designed to track the value of HBAR by holding the digital asset directly. The trust will determine its net asset value by referencing HBAR’s price in U.S. dollars using a pricing benchmark developed by a leading financial data provider. Investors would gain exposure to HBAR without needing to manage digital wallets or custody arrangements, as the ETF holds the asset on their behalf.

Hedera is a public distributed ledger that uses hashgraph technology to enable secure, efficient digital transactions. Its native digital asset, HBAR, functions as both a means of securing the network and as fuel for executing transactions. The 19b-4 filing stresses that unlike traditional stocks or bonds, HBAR does not confer ownership rights or income streams, and its value is subject to market volatility.

The filing is a part of several efforts to expand digital asset investment options and follows previous approvals for similar spot-based products like BTC and ETH. The 19b-4 filing details operational procedures, custody arrangements, and pricing methodologies while emphasizing compliance with SEC regulations. If approved, the ETF could provide a streamlined avenue for exposure to HBAR and the broader digital asset market.

The move illuminates a burgeoning trend of incorporating decentralized digital assets into conventional investment platforms while conforming to established ETF standards. Market analysts observe that filings such as these might expedite the widespread acceptance of digital asset ETFs across the board. Numerous experts contend that these developments are poised to materialize under the crypto-friendly Trump administration.

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