Key Takeaways
- Nasdaq has filed with the SEC to checklist Grayscale Hedera Belief holding HBAR tokens.
- HBAR is the sixteenth largest crypto asset by market capitalization.
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The US SEC has acknowledged a proposed rule change that will enable Nasdaq to checklist and commerce shares of the Grayscale Hedera Belief.
Upon acknowledging the appliance, the regulator has opened a 21-day public remark interval for the submitted submitting, after which the regulator will determine whether or not to approve, disapprove, or institute proceedings.
The most recent improvement follows Nasdaq’s Type 19b-4 submission to the SEC earlier this month, requesting approval to supply Grayscale’s funding product that will maintain HBAR, the native token of the Hedera Community.
The belief’s shares would commerce on Nasdaq beneath commodity-based belief share guidelines. Grayscale Working and Grayscale Investments Sponsors will function sponsors, with CSC Delaware Belief Firm as trustee and Coinbase Custody Belief Firm as custodian.
Though SEC acknowledgment doesn’t assure approval of Grayscale’s proposed ETF, it alerts a possible shift within the regulator’s stance in direction of crypto funding merchandise. This contrasts with previous cases the place SEC reluctance resulted within the withdrawal of comparable purposes.
The proposal follows the SEC’s approvals of spot Bitcoin and Ethereum ETFs. Nasdaq acknowledged that its surveillance-sharing settlement with Coinbase Derivatives via ISG membership offers ample investor protections, much like preparations that enabled these prior approvals.
To this point, Grayscale and Canary Capital are the one two asset managers planning to launch HBAR ETFs. Final month, Nasdaq filed a 19b-4 kind with the SEC for Canary Capital’s spot HBAR ETF.
Grayscale can also be pursuing SEC approval for added digital asset funding merchandise, together with these monitoring XRP, Solana, Dogecoin, Litecoin, and Cardano.
HBAR, Hedera’s native coin, at the moment ranks because the sixteenth largest crypto asset by market capitalization, in response to CoinGecko information.
HBAR is at the moment buying and selling at round $0.19, down round 17% within the final seven days.
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