Canary Capital Files for Hedera Hashgraph (HBAR) ETF
Canary Capital, an asset management firm based in Nashville, has filed an S-1 form for an exchange-traded fund (ETF) focused on HBAR, the native cryptocurrency of the Hedera blockchain.
This filing follows the firm’s previous submissions for spot ETFs linked to other major assets like Litecoin, XRP, and Solana, further expanding its offerings in the crypto space.
In response to the news, HBAR experienced a significant price surge of nearly 28%, pushing it to the 48th spot in the cryptocurrency rankings, with a total market valuation of approximately $3.3 billion.
The move has raised eyebrows within the industry. Nate Geraci, CEO of The ETF Store, had previously predicted that more crypto ETFs would be filed this week, driven by a potentially more favorable regulatory climate in the U.S. due to the upcoming elections. However, the filing for an HBAR-focused ETF came as a surprise to many analysts, who were anticipating filings related to larger, more well-known cryptocurrencies.
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Geraci, in a social media post, expressed his surprise and amusement, noting that he had predicted a filing for more prominent assets like Cardano or Solana. Bloomberg’s senior ETF analyst, Eric Balchunas, echoed similar thoughts, humorously commenting on the unpredictability of the crypto ETF space and remarking that some filings require a quick Google search to understand. He also speculated that a Dogecoin ETF might be the next to follow in the wake of these developments.
Meanwhile, fellow Bloomberg analyst James Seyffart admitted that he knew little about Hedera, adding to the sense of surprise surrounding the new ETF filing.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
