tl;dr
Canary Capital has submitted a 19b-4 filing with the SEC through the Nasdaq Stock Market LLC for the approval of the HEDERA ETF. If approved, this filing may initiate a 240-day approval window. The firm's choice of Hedera for the ETF is based on the protocol's technological innovation and the presen...
Canary Capital has submitted a 19b-4 filing with the SEC through the Nasdaq Stock Market LLC for the approval of the HEDERA ETF. If approved, this filing may initiate a 240-day approval window. The firm's choice of Hedera for the ETF is based on the protocol's technological innovation and the presence of top tech giants as validators. With a new pro-crypto stance at the SEC, analysts predict relatively higher odds of approval for crypto ETFs, including XRP, Solana, Litecoin, Dogecoin, and potentially the spot Hedera ETF.
The Litecoin ETF is seen to have the highest approval odds at 90%, while the Hedera ETF is expected to be favored by the crypto-friendly regulators. The push for a spot Hedera ETF product by Canary Capital has taken a more promising twist from the asset management firm. According to the latest update, Canary Capital has submitted the 19b-4 filing with the United States Securities and Exchange Commission (SEC). The Nasdaq Stock Market LLC made this application on behalf of Canary Capital.
The NASDAQ filing is a proposed rule change seeking approval to launch the Hederal ETF on the stock exchange. This filing precedes the S-1 registration statement filed last year, signaling the firm’s move to issue an HBAR ETF.
In the ETF listing process, this filing is crucial, and if acknowledged by the U.S. SEC, it may usher in the 240-day approval window. Notably, the regulator has acknowledged filing for products like Dogecoin ETF, showcasing its openness to these new products. Canary Capital is the first and only asset manager to file for an HBAR ETF in the crypto industry. The firm’s rationale for choosing Hedera hinges on the technological innovation tied to the protocol. With advanced solutions and top tech giants acting as validators within its ecosystem, Hedera has carved a niche in the market. By submitting the 19b-4 application, Canary Capital is confident in securing approval for the product.
The trend in the broader crypto ETF market shows optimism as several asset managers push for XRP, Solana, Litecoin and Dogecoin ETFs. With a new president and acting chairman of the SEC, Mark Uyeda, showing a pro-crypto stance, analysts have issued relatively higher odds of approval for the products.
Per Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart, the Litecoin ETF has the highest approval odds at 90%. This is based on its close ties to the Bitcoin blockchain as a proof-of-work (PoW) network. While the analysts did not issue any odds for spot Hedera ETFs, they named it a commodity that the now crypto-friendly regulators will likely favor.