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Canary Capital files 19b-4 for Hedera HBAR ETF

Canary Capital files 19b-4 for Hedera HBAR ETF

The BlockThe Block2025/02/23 16:00
By:By Jason Shubnell

Quick Take HBAR is the underlying token of Hedera, a decentralized public network that utilizes the Hashgraph consensus algorithm to facilitate fast and secure transactions globally.

Canary Capital files 19b-4 for Hedera HBAR ETF image 0

The Nasdaq Stock Market LLC, on behalf of Canary Capital, submitted a 19b-4 filing with the U.S. Securities and Exchange Commission on Monday for a spot Hedera exchange-traded fund. Back in November, the crypto investment firm was the first to file an S-1 registration for the Canary HBAR ETF, a fund that will “provide exposure to the value of the native asset of the Hedera Network."

A 19b-4 filing is the second part of a two-step process for proposing a crypto ETF to the SEC. Once acknowledged by the SEC, the filing will be published in the Federal Register, initiating the agency's approval process.

Hedera is a decentralized public network that uses the Hashgraph consensus algorithm to facilitate fast and secure transactions globally. Unlike other cryptocurrencies, Hedera is governed by a council composed of prominent companies and organizations responsible for decision-making and token distribution.

"Although the primary purpose of the Hedera Network is not to operate a payments system or store of value, like most public distributed ledger technology (“DLT”) networks, the Hedera Network requires a cryptocurrency to properly operate and incentivize consensus and behavior on the network," according to the filing.

Bloomberg analysts recently estimated  Litecoin ETFs have the highest chance of approval (90%) among the wave of spot crypto ETFs .

"Canary just filed the 19b-4 for their HBAR ETF," Bloomberg's Eric Balchunas said Monday in a post on X . "This comes on heels of them amending S-1 last week (which means SEC gave comments which gives HBAR and Litecoin the best odds and the pole position among the current slew of alt coin ETF filings)."
 
The price of Hedera's token saw a small spike Monday and traded at around $0.22 at publication time, according to The Block's HBAR price data .

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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