tl;dr
The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale's proposal to list its Hedera ETF on Nasdaq. The SEC's confirmation of the proposal has sparked speculation about increased demand for Hedera's native token, HBAR. However, the acknowledgment does not indicate approval or r...
The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale's proposal to list its Hedera ETF on Nasdaq, sparking speculation about increased demand for Hedera's native token, HBAR. However, the acknowledgment does not indicate approval or rejection. The SEC has initiated a 21-day public comment period, after which it will determine whether to approve, reject, or extend its review of the application. If approved, the Grayscale Hedera ETF would become the firm's sixth altcoin investment product and would be traded on Nasdaq under commodity-based trust share rules. Hedera currently ranks as the 14th largest cryptocurrency by market capitalization.
As part of its standard review process, the SEC has initiated a 21-day public comment period, allowing market participants and other stakeholders to weigh in on the proposed ETF. Following this period, the SEC will determine whether to approve, reject, or extend its review of the application.
If approved, the Grayscale Hedera ETF would become the firm’s sixth altcoin investment product. According to the filings, shares of the trust would be traded on Nasdaq under commodity-based trust share rules. Grayscale Operating and Grayscale Investments Sponsors would oversee the trust, while CSC Delaware Trust Company would act as the trustee and Coinbase Custody Trust Company would serve as the custodian. As of now, Hedera ranks as the 14th largest cryptocurrency by market capitalization, according to data from CoinMarketCap.