Hedera’s Spot ETF: Will the SEC Give Green Light to Grayscale’s Latest Filing?

Will Hedera (HBAR) Become the Next Big Crypto ETF? SEC Filing Could Pave the Way

Hedera’s Spot ETF – On Monday, the Nasdaq Stock Market LLC submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC), proposing to list and trade Grayscale’s spot Hedera (HBAR) exchange-traded fund (ETF). This filing marks the second part of a two-step process required to propose a crypto ETF to the SEC. Once acknowledged, the SEC will publish the filing in the Federal Register, initiating the agency’s approval process.

This filing follows the Nasdaq’s recent submission of a similar 19b-4 filing for Canary Capital’s spot HBAR ETF just a week earlier. Eric Balchunas, Senior ETF Analyst at Bloomberg, has noted that Hedera and Litecoin are among the top contenders for crypto ETF approvals, thanks to their progress with the SEC.

Hedera’s Role in the Crypto Market

Hedera is a decentralized public network that utilizes the Hashgraph consensus algorithm for transaction facilitation. The Hedera token (HBAR) is governed by a council made up of major companies such as Google and IBM, overseeing decision-making and token distribution. Despite the progress with the ETF filing, Hedera’s price saw a 14.5% drop in the last 24 hours, currently trading at $0.22, as reported by The Block‘s HBAR price page.

A Surge in Crypto ETF Filings

Following the re-election of Donald Trump, the U.S. has witnessed a surge in new crypto ETF filings, with issuers targeting tokens beyond just Bitcoin (BTC) and Ether (ETH). These filings include applications for Solana (SOL), XRP, Cardano (ADA), Litecoin (LTC), and Dogecoin (DOGE), with hopes that the SEC’s more crypto-friendly stance will lead to approvals.

Earlier today, the New York Stock Exchange filed its own 19b-4 for the Bitwise Dogecoin ETF, with Bloomberg analysts predicting a 75% chance of approval for Dogecoin ETFs.

As the race for crypto ETFs heats up, all eyes are on the SEC to see which altcoin tokens could soon make their way into the mainstream investment market through these innovative financial products.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.