Nasdaq Seeks SEC Nod for Grayscale's Spot Hedera ETF

Coin WorldTuesday, Mar 4, 2025 5:09 am ET

1min read

The US Securities and Exchange Commission (SEC) is currently reviewing Nasdaq's filing to list Grayscale's spot Hedera (HBAR) ETF, as part of the growing momentum in cryptocurrency exchange-traded funds (ETFs). This development comes amidst the SEC's ongoing evaluation of its approach to crypto investment products, including the delay of a decision on Cboe's request to list options for Ether ETFs.

On Monday, Nasdaq Stock Market LLC submitted a 19b-4 form with the SEC to list and trade Grayscale's spot Hedera (HBAR) ETF. This marks another significant step in the expanding landscape of cryptocurrency ETFs, as institutional demand for digital assets continues to rise. The filing initiates a structured review process by the SEC, following the agency's acknowledgment of the submission.

This latest move by Nasdaq follows a similar filing for Canary Capital's spot HBAR ETF just a week prior. The back-to-back applications indicate growing interest in Hedera (HBAR) as an investment-grade asset and suggest that the altcoin ETF market is quickly evolving beyond Bitcoin and Ethereum.

Hedera Hashgraph, the decentralized public network on which HBAR operates, offers an alternative to traditional blockchain solutions. Its unique consensus system provides faster transaction speeds, improved security, and lower fees compared to proof-of-work or proof-of-stake networks. The governance of the Hedera network is handled by a council of major industry players, including google, ibm, boeing, Deutsche Telekom, and LG Electronics, which has given the project a level of legitimacy and institutional trust.

Bloomberg's Senior ETF Analyst, Eric Balchunas, has noted that Hedera and Litecoin currently hold the best odds of securing SEC approval for their respective spot ETFs. Given their advanced progress in regulatory discussions, these altcoin ETFs may be among the first approved beyond Bitcoin (BTC) and Ethereum (ETH).

Following the reelection of Donald Trump, the SEC has seen an influx of crypto ETF filings, signaling renewed optimism that a crypto-friendly regulatory landscape is emerging. Issuers have already filed for spot ETFs tied to Solana (SOL), XRP (XRP), Cardano (ADA), Litecoin (LTC), and Dogecoin (DOGE). Recently, the New York Stock

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