Is Hedera ETF Next In Line After First US HBAR Trust Launch?

Rupam Roy
October 1, 2024
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Hedera Gains Attention: Will HBAR Price Skyrocket To $0.9?

Highlights

  • Canary Capital launches the first US HBAR Trust, sparking Hedera ETF speculations.
  • Hedera's enterprise-grade blockchain and growing utility fuel institutional adoption hopes.
  • Many are seeing HBAR as a potential contender for the next ETF launch to XRP and Solana.

The first US HBAR Trust went live recently, sparking discussions over a potential Hederal ETF launch. The launch of the Bitcoin and Ethereum Spot ETF in the US has fueled discussions over which altcoins will be there in line to witness an ETF launch in the same market. For instance, discussions are soaring over a potential Solana and XRP ETF launch in the US, given the recent developments in the crypto market.

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Canary Capital Rolls Out First US HBAR Trust

Canary Capital, led by Steven McClurg, has announced the launch of the first US HBAR trust today, sparking discussions over a potential Hedera ETF launch. This investment instrument would provide institutional investors the opportunity to invest in the native crypto of the Hedera.

Notably, Canary Capital’s recent move appears to be aiming at the growing institutional demand for top crypto investment solutions in the crypto. Besides, it also comes amid a time when the Wall Street players are shifting their focus towards Bitcoin and other top altcoins.

Meanwhile, according to the announcement, this launch aims to open new opportunities for the US institutions that have been sidelined. In addition, it also lauds the efficacy and scalability of the network’s distributed ledger technology. By enabling direct access to the crypto, it also fueled speculations over a potential ETF launch in the near future.

McClurg has shown confidence in the growing demand for crypto offerings in the US. He emphasizes the need for innovative solutions beyond the retail products in the press release. It’s worth noting that he is a co-founder at Valkyrie Funds, which is known for the Bitcoin ETF launch.

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Hedera ETF Speculations Soar

The growing reputation of Hedera as an enterprise-grade blockchain has caught the investors’ eyes so far. It is also widely praised in areas like asset tokenization, NFTs, and web3 applications. This increasing utility, along with the launch of the Trust, has led to soaring speculations over a potential Hedera ETF.

The HBAR Foundation highlighted that US institutional investors can now acquire the crypto through this new trust. It marks a crucial milestone for the cryptocurrency. As the network continues to gain traction, many believe that an ETF might be the next logical step to further institutional adoption.

The crypto market has already seen discussions about possible ETFs for Solana and XRP, driven by recent developments. For context, the recent launch of XRP Trust by Grayscale has sparked discussions about a potential XRP ETF launch in the US happening in the near future.

However, despite the soaring discussions, HBAR price slipped nearly 6% today, amid a broader market downturn. Its trading volume was up nearly 10% to $56.67 million during writing. Notably, the slump in the crypto market today comes after the US PMI showed a shrinking economy, which has sparked concerns among traders.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.