Nasdaq Seeks Approval for ETF Focused on Hedera’s HBAR Token

Nasdaq has officially submitted an application to list an exchange-traded fund (ETF) focused on Hedera’s native token, HBAR, according to recent filings.

This request is part of a broader wave of filings by exchanges and asset managers looking to launch ETFs tied to various altcoins.

The US Securities and Exchange Commission (SEC) now faces the task of reviewing these filings before any trading activity can begin.

Earlier in November, Canary Capital, an investment firm, filed for approval to list its Canary HBAR ETF, aiming to provide investors with direct exposure to HBAR, the token associated with Hedera’s hashgraph technology. Canary has also proposed ETFs for other prominent altcoins, including Solana, Litecoin, and XRP, along with other filings for tokens like Polkadot, Dogecoin, and TrumpCoin.

At the same time, issuers are awaiting SEC decisions on proposals to modify existing ETFs, which could introduce features such as staking, options, and in-kind redemptions.

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The SEC’s stance on crypto regulation shifted following changes in the US presidency. Under the leadership of President Donald Trump, new approvals began to emerge, including the launch of two crypto index ETFs in February. This shift has sparked expectations for even more ETF approvals in 2025.

On February 20, Franklin Templeton introduced an ETF that holds both Bitcoin and Ethereum, marking the second crypto index ETF to be launched in February, following Hashdex’s Nasdaq Crypto Index US ETF debut on February 14. Bloomberg Intelligence has estimated a 65% likelihood of an XRP ETF approval in the US, with even higher chances for Solana (90%) and Litecoin (70%). However, they have yet to speculate on the chances for an HBAR ETF approval.

Under the Biden administration, the SEC took a tough stance against crypto firms, filing numerous lawsuits related to alleged securities law violations. Yet, in 2024, the SEC approved spot Bitcoin and Ether ETFs, signaling a shift in regulatory policy towards more acceptance of digital asset investment vehicles.

Alexander Stefanov