Emily Walker
There has been a notable increase in applications for new altcoin exchange-traded funds (ETFs) recently. On November 13, Canary Capital, a crypto asset management firm, submitted an S-1 form for a Hedera HBAR ETF to the US Securities and Exchange Commission (SEC).
Upcoming Hedera HBAR ETF
The SEC filing details that this ETF will invest solely in Hedera’s native token, HBAR, and will avoid using derivatives, futures, or other financial instruments.
This HBAR application is significant as it marks a pioneering effort in the ETF space and opens up possibilities for others in the altcoin market, especially with Donald Trump’s recent reelection, which may influence the regulatory landscape in favor of cryptocurrencies.
Trump’s commitment to promote the digital asset sector could lead to the dismissal of current SEC chairman Gary Gensler and the introduction of a clearer regulatory framework, facilitating the approval of similar investment vehicles by 2025.
HBAR Price Increase
As per Bitrabo’s report, Canary Capital has also initiated applications for ETFs involving Solana, XRP, and a spot Litecoin ETF, alongside the HBAR ETF filed recently.
In October, the asset manager launched the Canary HBAR Trust, providing qualified investors with a private investment opportunity in HBAR.
Following the announcement of the HBAR ETF, the price of HBAR surged to $0.067, experiencing a nearly 20% increase in just minutes and a total rise of 50% over the week.
Featured image from DALL-E, chart from TradingView.com