Breaking: Canary Capital Files For HBAR ETF

Investment management firm Canary Capitalhas filed application for HBAR ETF in yet another push for more crypto-based funds in the United States. While unexpected, the Canary HBAR ETF will mark the latest from the firm as it doubles down on the hype around the incoming Donald Trump administration.

The Canary HBAR ETF – The Odds

This latest filing from Canary Capital is coming as a major shock to many ETF experts. This is because many do not know much about the Hedera Network and its ecosystem. This is not unexpected since the entire crypto revolution is just going mainstream.

Despite the relative obscurity of Hedera to mainstream market participants, Canary Capital said the fund will hold HBAR. The filing also noted that it will establish the coin’s Net Asset Value (NAV) by referencing the price of HBAR in US Dollars as calculated by Coindesk.

🚨NEW: @CanaryFunds has filed an S1 with the @SECGov to launch an $HBAR ETF.

This comes following Canary’s launch of its $HBAR Trust in October. pic.twitter.com/9NyvUpWXil

— Eleanor Terrett (@EleanorTerrett) November 12, 2024

As reported earlier by Coingape, Canary Capital pioneered the Litecoin ETF filing move, and this HBAR ETF pursuit makes it the most aggressive asset manager for crypto. Beyond the Litecoin ETF, Canary Capital has also filed application for spot Solana ETF, XRP ETF as it claims it believes in the progress in the regulatory landscape.

The Hedera Network is one of the old protocols for enterprise adoption in the industry. Over the past few months, Hedera has made many headlines, buoyed by the Prove AI integration unveiled in October.

Hedera Price Reacts to ETF Update

Following the update on the Canary Capital HBAR ETF application, the price of the coin has exploded. As of writing, market data pegged the HBAR price at $0.06764, up 21.34% in the past 24 hours. For an asset that has recorded a relatively sluggish move amid the ongoing bullish market rally, HBAR has now jumped from a 24-hour low of $0.05317 to a high of $0.074.

Whether or not HBAR will retain its long term growth remain hinged on the current market cycle and the ETF prospect. While many analysts hinge the success of crypto ETFs on prior Trust offerings, Canary Capital has a related product tracking the price of HBAR.

The victory of Donald Trump in the past election has set the industry on a new pedestal. With a likely removal of Gary Gensler as SEC Chair, many analysts believe there is hope for crypto ETFs.