EddieJayonCrypto
12 Nov 24
Investment management firm Canary Capital has filed an application for an HBAR ETF, signaling a push for more crypto-based funds in the United States. The move comes as the firm intensifies its focus on the incoming Donald Trump administration. Despite the relative obscurity of the Hedera Network to...
Investment management firm Canary Capital has filed an application for an HBAR ETF, signaling a push for more crypto-based funds in the United States. The move comes as the firm intensifies its focus on the incoming Donald Trump administration. Despite the relative obscurity of the Hedera Network to mainstream market participants, Canary Capital plans to establish the fund holding HBAR and calculate the coin's Net Asset Value (NAV) based on the price of HBAR in US Dollars as calculated by Coindesk. The announcement has led to a significant increase in the price of HBAR, which surged by 21.34% in the past 24 hours. The success of the HBAR ETF and its long-term growth potential may depend on the current market cycle and the ETF prospect. Analysts are optimistic about the potential for crypto ETFs under the new administration, particularly with the likely removal of Gary Gensler as SEC Chair.
This latest filing from Canary Capital is coming as a major shock to many ETF experts. This is because many do not know much about the Hedera Network and its ecosystem. This is not unexpected since the entire crypto revolution is just going mainstream. Despite the relative obscurity of Hedera to mainstream market participants, Canary Capital said the fund will hold HBAR. The filing also noted that it will establish the coin’s Net Asset Value (NAV) by referencing the price of HBAR in US Dollars as calculated by Coindesk.
Following the update on the Canary Capital HBAR ETF application, the price of the coin has exploded. As of writing, market data pegged the HBAR price at $0.06764, up 21.34% in the past 24 hours. For an asset that has recorded a relatively sluggish move amid the ongoing bullish market rally, HBAR has now jumped from a 24-hour low of $0.05317 to a high of $0.074. Whether or not HBAR will retain its long term growth remain hinged on the current market cycle and the ETF prospect. While many analysts hinge the success of crypto ETFs on prior Trust offerings, Canary Capital has a related product tracking the price of HBAR. The victory of Donald Trump in the past election has set the industry on a new pedestal. With a likely removal of Gary Gensler as SEC Chair, many analysts believe there is hope for crypto ETFs.