Grayscale Pushes for Hedera ETF, Expanding Crypto Product Line
Grayscale Investments has taken a significant step in expanding its cryptocurrency portfolio by submitting a filing to the U.S. Securities and Exchange Commission (SEC) for a Hedera ETF.
The filing, handled through Nasdaq, aims to launch an exchange-traded fund tracking the performance of HBAR, Hedera’s native digital asset. This would allow investors to gain exposure to HBAR without directly purchasing the token itself.
While Grayscale’s move isn’t entirely groundbreaking, as other firms like Canary Capital have previously pushed for similar products, it signals the firm’s continued effort to lead the market in crypto-based ETFs. If approved, this ETF would be listed on Nasdaq, joining the firm’s other products, though details such as the custodian remain unclear. There’s speculation that Coinbase Custody might serve this purpose, as it has for Grayscale’s previous offerings.
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This filing is part of a larger strategy by Grayscale to dominate the crypto ETF space. Along with the Hedera ETF, the company has sought approval for products tied to assets like Cardano, Solana, and XRP. With its past legal victories, notably a court decision forcing the SEC to reconsider its stance on Bitcoin ETFs, Grayscale is positioned to push through additional crypto ETFs, especially now that the SEC has approved spot Bitcoin and Ethereum ETFs.
The crypto ETF market has seen increasing interest from other asset managers as well. Companies such as Rex-Osprey and Tuttle Capital have joined the fray with proposals for Dogecoin ETFs, while the success of memecoin ETFs remains up in the air. The SEC has shown more flexibility towards crypto products recently, though it remains to be seen how many of these proposals will be approved.
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.
