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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
