tl;dr
Grayscale Investments has filed for approval of a new spot Hedera (HBAR) exchange-traded fund (ETF), marking its sixth altcoin-focused ETF. The SEC has acknowledged and published filings for ETFs linked to altcoins, signaling a more supportive stance. The 19b-4 filing is the first step in proposing ...
Grayscale Investments has filed for approval of a new spot Hedera (HBAR) exchange-traded fund (ETF) with the SEC, marking its sixth altcoin-focused ETF. The SEC's more supportive stance towards altcoin-based investment products under acting chair Mark Uyeda's leadership signals a potential shift in approach.
The 19b-4 filing is a two-step process for proposing a crypto ETF to the SEC, initiating the approval process once acknowledged by the agency. Grayscale's other spot ETF filings include Polkadot (DOT), XRP, Dogecoin (DOGE), Cardano (ADA), and Solana (SOL), with some filings still in early regulatory review stages.
The SEC's typical 45-day review period, public comment invitation, and potential 240-day decision timeline shape the approval process for proposed rule changes. Grayscale's pursuit of a HBAR ETF follows Nasdaq's filing on behalf of Canary Capital, with both Hedera and Litecoin noted to have "higher odds than others of approval" by industry analysts.
Crypto asset manager Grayscale Investments is pushing forward with its offerings for altcoins, filing for approval of a new spot Hedera (HBAR) exchange-traded fund (ETF). The SEC has acknowledged and published filings for ETFs linked to altcoins, signaling a more supportive stance. The 19b-4 filing is the first step in proposing a crypto ETF to the SEC, and once acknowledged, it initiates the approval process.
Grayscale's other spot ETF filings include Polkadot (DOT), XRP, Dogecoin (DOGE), Cardano (ADA), and Solana (SOL). The SEC's review process typically lasts 45 days and can stretch to 240 days. Nasdaq also filed a 19b-4 form for a spot HBAR ETF, and Bloomberg analysts suggest Hedera and Litecoin have higher odds of approval.
Crypto asset manager Grayscale Investments is pushing forward with its offerings for altcoins, filing for approval of a new spot Hedera (HBAR) exchange-traded fund (ETF). The Nasdaq Stock Market 19b-4 filing to the U.S. Securities and Exchange Commission marks Grayscale’s sixth altcoin-focused ETF. The SEC, under the leadership of acting chair Mark Uyeda, has already acknowledged and published filings for ETFs linked to altcoins, pointing to a more supportive stance toward altcoin-based investment products.
A 19b-4 filing is part of a two-step process to propose a crypto ETF to the SEC, and once acknowledged by the agency, the filing will be published in the Federal Register, initiating the SEC's approval process. Grayscale’s other spot ETF filings include tracking the performance of Polkadot (DOT), XRP, meme coin Dogecoin (DOGE), Cardano (ADA), and Solana (SOL). Grayscale was one of the first to file to convert its XRP Trust and Dogecoin Trust into ETFs, and the SEC has already acknowledged those filings along with Solana ETF, adding them to the Federal Register. The filings for the Polkadot and Cardano ETFs are still in the early stages of regulatory review.
The SEC’s review process typically lasts 45 days from the date of publication in the Federal Register, during which time the commission will consider the filings and invite public comments. Following this period, the SEC can either approve or reject the proposed rule changes or delay its decision, with the entire process potentially stretching to 240 days. Grayscale is not the first asset manager to pursue a HBAR ETF. Last month, Nasdaq filed a 19b-4 form with the SEC to list a spot HBAR ETF on behalf of Canary Capital. As of now, the SEC is still in the process of reviewing the application, and no official approval has yet been granted. Still, Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart have pointed out that both Hedera and Litecoin have “higher odds than others of approval.”