Grayscale Investments is stepping up its efforts within the crypto market by submitting with the SEC to launch an ETF based mostly on Hedera (HBAR). Nasdaq helped with the submitting course of. If accepted, this ETF would monitor HBAR’s worth, permitting buyers to profit from its efficiency with out having to purchase the token instantly. Like their different funds, it will be traded on Nasdaq.
Grayscale’s been busy currently, chasing ETF approvals for a bunch of altcoins: Polkadot (DOT), XRP, Dogecoin (DOGE), Cardano (ADA), and Solana (SOL) are all on their listing. The SEC has already began reviewing the filings for XRP, Dogecoin, and Solana, whereas Polkadot and Cardano are nonetheless within the queue. This Hedera submitting follows the identical playbook, exhibiting Grayscale’s not slowing down anytime quickly.
The 19b-4 filing is a key hurdle within the ETF approval course of. As soon as it’s printed within the Federal Register, the SEC will get 45 days to resolve—approve it, reject it, or kick the can down the highway for extra evaluation. That course of may stretch out to 240 days in the event that they take their candy time.
With performing SEC Chair Mark Uyeda calling the pictures, some analysts are feeling optimistic about altcoin ETFs. Bloomberg’s ETF gurus, Eric Balchunas and James Seyffart, reckon Hedera and Litecoin ETFs might need an edge over the others ready in line.
Grayscale’s not the one one eyeing Hedera. Canary Capital jumped in final month with its personal 19b-4 submitting via Nasdaq, hinting at a rising urge for food for HBAR-based merchandise. Grayscale hasn’t spilled the beans on who’d custody this ETF, however Coinbase Custody, already managing their Bitcoin and Ethereum trusts—looks as if a strong guess for later filings.
Competitors’s ramping up, and everybody’s watching the SEC’s subsequent transfer. If accepted, the Hedera ETF can be one other win for crypto ETFs, cementing altcoins’ place in conventional markets.
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