Nasdaq Files for Canary HBAR ETF Approval

Nasdaq has filed Form 19b-4 with the SEC to seek approval for the listing and trading of shares in the Canary HBAR ETF, which aims to track the spot prices of HBAR. Currently, HBAR is the 21st largest crypto asset by market cap.

The filing follows the launch of the first HBAR Trust in the U.S. by Canary Capital in October, along with an S-1 registration statement for the HBAR ETF filed in November. This initiative aims to provide investors with exposure to the Hedera’s HBAR token.

> “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, at the launch of the firm’s HBAR Trust.

Nasdaq’s filing occurs as Canary Capital’s spot Litecoin ETF nears potential SEC approval for listing and trading, according to Bloomberg ETF analyst Eric Balchunas. Litecoin has seen a favorable regulatory outlook, avoiding SEC legal disputes and being classified as a commodity by the CFTC in its KuCoin lawsuit.

The spot Litecoin ETF has been made available on the Depository Trust and Clearing Corporation (DTCC) under the ticker LTCC, a crucial milestone towards its potential launch.

In addition to HBAR and Litecoin, the crypto-focused firm is also seeking SEC approval for other digital assets, including XRP and Solana. Canary Capital has submitted a spot XRP ETF filing, acknowledged by the SEC.

Additionally, Canary Capital recently launched the Canary AXL Trust, designed to provide institutions and accredited investors with secure exposure to AXL, the token that powers the Axelar Network’s blockchain interoperability technology. This marks the first investment vehicle of its kind to focus on blockchain interoperability.