SEC’s Latest Move: Nasdaq’s Grayscale HBAR Trust ETF Gets the Green Light! 🚦

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In a development that could only be described as thrillingly mundane, the United States Securities and Exchange Commission has graciously acknowledged Nasdaq’s proposal to list and trade shares of the Grayscale Hedera Trust. One can only imagine the confetti raining down in the hallowed halls of finance.

According to a notice dated March 11, the SEC has given a nod to Nasdaq’s 19b-4 filing for a commodity-based trust holding HBAR. This trust, dear reader, aims to provide investors with a regulated exposure to the native token of the Hedera Network. Because who wouldn’t want to dip their toes into the murky waters of cryptocurrency?

This commodity-based trust structure, in all its glory, holds HBAR directly, with shares representing fractional ownership of the trust’s HBAR holdings. However, unlike a spot ETF, it does not allow for direct redemptions. This means that shares may trade at a premium or discount to the actual asset value—because why make things simple when you can add a dash of chaos?

BNY Mellon Asset Servicing is set to oversee the administration and transfer agent duties for the trust, while the ever-reliable CSC Delaware Trust Company will act as the trustee. Meanwhile, Coinbase Custody Trust Company will manage asset custody, presumably while sipping artisanal coffee and pondering the existential dread of the crypto market.

With this acknowledgment, the SEC has opened a 21-day public comment period, allowing industry participants and the public to weigh in on the proposal. After this phase, the regulator will decide whether to approve, reject, or extend its review process—because nothing says “we’re on top of things” like a good old-fashioned delay.

In a delightful twist, HBAR responded positively to the news, gaining over 7% in the past 24 hours. Perhaps it’s celebrating with a nice bottle of champagne, or maybe just a good old-fashioned digital high-five. 🥂

Grayscale and Canary Capital are currently the only asset managers pursuing HBAR ETFs, which is a bit like being the last two people at a party where everyone else has already left for a more exciting soirée.

While the SEC acknowledged Nasdaq’s filing for the Grayscale Hedera Trust, on the same day, it decided to push back its decision on several altcoin ETFs, including Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF, extending the review period until May. Because who doesn’t love a good cliffhanger?

However, Bloomberg ETF analyst James Seyffart, in a display of remarkable nonchalance, shrugged off the delay, calling it standard procedure rather than a cause for concern. One can only hope he’s right, for the sake of all our sanity.

Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on Monday morning: “Mechanical issues in DC”

— Eric Balchunas (@EricBalchunas) March 11, 2025

As previously reported by crypto.news, the SEC has been inundated with ETF filings following Trump’s election and the resignation of former SEC Chair Gary Gensler. It’s as if the floodgates have opened, and we’re all just trying to keep our heads above water.

The latest addition to this wave is Bitwise’s Bitcoin Standard Corporations ETF, announced on March 11. This fund will track publicly traded companies holding at least 1,000 BTC in their corporate treasuries, offering investors exposure to firms accumulating Bitcoin. Because if you can’t beat them, you might as well join them, right?

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2025-03-12 12:11