Applications for new altcoin exchange-traded funds (ETFs) have surged in recent months. Now, on November 13, an Hedera HBAR ETF S-1 form was filed with the US Securities and Exchange Commission (SEC) by crypto asset manager Canary Capital.
Hedera HBAR ETF On The Horizon
According to the filing with the SEC, the Canary HBAR ETF intends to hold only the Hedera protocol’s native token directly, without the use of derivatives, futures or other financial instruments.
This filing for HBAR is notable not only for being the first of its kind, but also for the potential for similar and new applications for other altcoins in the future in the US, especially as Donald Trump secured another term in the White House after winning last Tuesday’s presidential election.
Trump has become increasingly vocal in his support for the growth of the digital asset industry, promising to remove current SEC chairman Gary Gensler and create a comprehensive regulatory framework for the crypto market, which could pave the way for easier approval of similar index funds in 2025.
HBAR Price Surge
As reported by Bitcoinist, Canary Capital has already filed similar applications for Solana, XRP and a spot Litecoin ETF, in addition to the recent HBAR ETF filed on Tuesday.
Back in October, the asset manager also announced its official launch alongside the debut of its first trust offering, the Canary HBAR Trust, a private offering that provides qualified investors exposure to HBAR.
With the release of the HBAR ETF by Canary Capital on Tuesday, HBAR’s price has risen to $0.067, up nearly 20% in a matter of minutes and 50% in a week.
Featured image from DALL-E, chart from TradingView.com
