KEY TAKEAWAYS
- Canary Capital filed for an $HBAR ETF with the SEC, spiking $HBAR’s price by 20%. It ultimately lost most of its pump, though.
- The new ETF promises exposure to the Hedera blockchain, increased liquidity, and more market involvement, with the token price potentially increasing, too.
- Overall, the SEC has received an increasing number of ETF listing requests, signifying the crypto market’s bullish stance.
Another ETF is in the making – $HBAR ETF – and its announcement hiked $HBAR’s price by 20%.
Canary Capital Group (the company behind the Hedera blockchain and $HBAR token) filed an S-1 registration statement with the US SEC yesterday, November 12.
Many voices agree that Trump’s reelection as US president is a major contributor to the recent wave of crypto ETF filings, $HBAR among them.
Is this the beginning of a massive push for institutional adoption of crypto?
Let’s discuss it.
With $BTC Peaking and Trump in Office, New ETFs Are Coming
As part of the wave of ETF filings received by the SEC, $HBAR is taking the lead.
Hedera is a blockchain governed by a centralized council of organizations and companies. Its native token ($HBAR) doesn’t have the most bullish history.
Its historic performance shows –86.23%, with a weekly pump of 15.52%.
The ETF filing news kicked $HBAR up by 37.68%, from $0.05347 to $0.07362. However, it couldn’t maintain the bullish stance and dropped back to $0.05 levels.
By the looks of it, the coin might go back to the $0.053 level, with the recent pump being mostly FOMO.
On the other hand, Hedera’s new ETF holds significant potential. It will offer exposure to $HBAR, attracting institutional and retail investors interested in the network.
Interestingly, the ETF won’t use derivatives. Investors will hold $HBAR directly, though Canary hasn’t mentioned anything about a central custodian or fund administrator.
Is the $HBAR ETF Worth the Attention?
Steven McClurg (former co-founder and CEO of Canary Capital) said the company is foremost interested in risk management and strategic insight in crypto.
The accelerating demand for crypto offerings seems to be exponential since this year’s launch of Spot Bitcoin ETFs, yet there remains a gap regarding firms with institutional experience who are willing to continue to innovate and deliver solutions beyond retail products.
– Steven McClurg, Canary Capital CEO
Just last month, Canary Capital launched its HBAR Trust, offering benefits to accredited investors. This was the second step in its ETF journey after filing for a Solana ETF last month.
How would the $HBAR ETF stand out in the market?
It would increase liquidity and market involvement in the Hedera network, for one. And the network has many use cases (like RWA tokenization, DeFi, and NFTs).
However, the SEC hasn’t approved Canary Capital’s ETF request. And with Gary Gensler potentially stepping down as SEC Chair, the situation might be more complicated.
All in All – A Good Sign for the Crypto Industry
Even if the SEC doesn’t approve the $HBAR ETF, the pro-development trend by industry crypto powerhouses is clear.
As Trump slowly settles back into the Oval Office and makes crypto-centric plans, everyone is preparing for the most bullish crypto cycle in history.
References
- $HBAR Performance (CoinMarketCap)
- Canary has just filed for Hedera’s HBAR ETF application with the U.S. SEC (Cryptopolitan)
- Canary Capital Makes Debut, Launches U.S.’s First HBAR Trust (HBAR Foundation)
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Alex is a junior crypto editor passionate about data privacy, cybersecurity, and crypto. You’ll often find him geeking out on the latest security key, password manager, or the hottest crypto presale, looking for that one digital currency to rule them all. With over six years of freelance writing under his belt, Alex fell in love with the process.
From researching data and brainstorming topics to comparing cryptocurrency whitepapers and digging deep into crypto roadmaps, it’s all in the keyboard. Ideally, a mechanical one with brown switches.
Alex is an eternal learner who knows that continuous improvement is the best way to remain relevant. Currently, he’s brushing up his E-E-A-T and SEO skills, but who knows what comes next? In his spare time, he enjoys video games, horror movies, and going to the gym, which sometimes conflicts with his gourmand nature. Oh, well, you can’t have them all.
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