Hedera Spot ETF Approval Timing: Canary Capital Files HBAR Fund 19b-4 With Nasdaq

• Canary Capital has filed an amended S-1 form and a fresh 19b-4 form, officially kicking off the approval process with the SEC.
• Other spot altcoin ETF applications include Ripple (XRP), Solana (SOL), Litecoin (LTC), Cardano (ADA), and Dogecoin (DOGE).
• Hedera (HBAR) is not classified as a security under the SEC.

Yet another spot altcoin exchange-traded fund (ETF) application has been sent to the U.S. Securities and Exchange Commission (SEC) as Hedera (HBAR) becomes the latest candidate.

Now that it has both S-1 and 19b-4 forms on the SEC’s table, and thanks to the fact that it’s not regulated as a security, a spot HBAR ETF could launch in the near future.

Canary Capital Files 19b-4

Canary Capital has taken another step toward launching an HBAR ETF, as Nasdaq filed the 19b-4 form seeking approval.

Canary initially filed its S-1 form for a spot HBAR ETF in November 2024. The fact that Canary Capital has now submitted an amended version suggests that it has already received feedback and comments from the SEC.

Notably, in October 2024, Canary Capital launched the first-ever HBAR Trust in the U.S., marking a pretty major step forward in the adoption of HBAR.

Hedera ETFs?

Though it lacks the brand awareness that other altcoin ETF hopefuls carry, HBAR is, perhaps, one of the strongest candidates next to Litecoin (LTC) .

Way back in December 2024, Bloomberg analyst Eric Balchunas predicted a wave of altcoin ETF applications to pile up in 2025, and he noted that HBAR could be a frontrunner, as it’s not classed as a security by the SEC.

There are some HBAR-based exchange-traded products (ETP) on the markets, namely Canary’s HBAR Trust.

Furthermore, in mid-2024 the first Hedera HBAR ETP from Valour Digital Securities Group and Hashgraph launched on the German Börse Frankfurt Exchange. It then achieved a second listing as a physically-backed ETP on the Euronext Amsterdam Exchange.

Launch Conditions

Typically, an asset would need to be traded as a futures-based product for at least 18 to 24 months on U.S. stock exchanges before getting serious consideration to become a spot ETF. Currently, aside from Canary’s HBAR Trust, it has zero exposure in the States.

There are also the two HBAR ETPs trading on European exchanges to consider. Though these funds are still very fresh and despite a pro-crypto SEC now in charge, there are still standards to maintain.

Regardless, Hedera is now among a growing cohort of altcoins such as XRP, SOL, LTC, and even DOGE that are also seeking the coveted spot ETF status through various applications.

Arguably, a spot HBAR ETF launch is less likely to come down to the tokens fundamentals or the launch of other spot altcoin ETFs. Chances are, the aforementioned Canary Capital HBAR Trust, and others, will need some time to gather momentum and demonstrate its suitability to the SEC.

However, the fact that HBAR isn’t considered a security by the SEC could see it speed through the process.

Eyes on Hedera

The HBAR token responded well to the news, jumping from $0.209 to a 24-hour high of $0.225. This also saw its market cap peak at $9.44 billion.

It has since fallen slightly, with HBAR now trading at $0.214. Its market cap now stands at $8.97 billion.

HBAR ETF Filings

Canary Capital

Canary Capital has submitted both an amended S-1 form, which is now accompanied by a 19b-4 form with the SEC, the clock has officially begun ticking on the spot Hedera ETF approval process. This can take up to 90 days to respond in full.