Key Takeaways
- Nasdaq has filed with the SEC to list Grayscale Hedera Trust holding HBAR tokens.
- HBAR is the 16th largest crypto asset by market capitalization.
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The US SEC has acknowledged a proposed rule change that would allow Nasdaq to list and trade shares of the Grayscale Hedera Trust.
Upon acknowledging the application, the regulator has opened a 21-day public comment period for the submitted filing, after which the regulator will decide whether to approve, disapprove, or institute proceedings.
The latest development follows Nasdaq’s Form 19b-4 submission to the SEC earlier this month, requesting approval to offer Grayscale’s investment product that would hold HBAR, the native token of the Hedera Network.
The trust’s shares would trade on Nasdaq under commodity-based trust share rules. Grayscale Operating and Grayscale Investments Sponsors will serve as sponsors, with CSC Delaware Trust Company as trustee and Coinbase Custody Trust Company as custodian.
Although SEC acknowledgment does not guarantee approval of Grayscale’s proposed ETF, it signals a potential shift in the regulator’s stance towards crypto investment products. This contrasts with past instances where SEC reluctance resulted in the withdrawal of similar applications.
The proposal follows the SEC’s approvals of spot Bitcoin and Ethereum ETFs. Nasdaq stated that its surveillance-sharing agreement with Coinbase Derivatives through ISG membership provides sufficient investor protections, similar to arrangements that enabled those prior approvals.
So far, Grayscale and Canary Capital are the only two asset managers planning to launch HBAR ETFs. Last month, Nasdaq filed a 19b-4 form with the SEC for Canary Capital’s spot HBAR ETF.
Grayscale is also pursuing SEC approval for additional digital asset investment products, including those tracking XRP, Solana, Dogecoin, Litecoin, and Cardano.
HBAR, Hedera’s native coin, currently ranks as the 16th largest crypto asset by market capitalization, according to CoinGecko data.
HBAR is currently trading at around $0.19, down around 17% in the last seven days.
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