1 week ago
Nashville-based plus manager Canary Capital filed an S-1 signifier for an exchange-traded money (ETF) tied to HBAR, the autochthonal plus of the Hedera blockchain.
The determination comes weeks aft Canary’s filed for an HBAR spot and adds to its increasing repertoire of applications for spot ETFs connected to Litecoin, XRP, and Solana.
Following the news, HBAR surged astir 28%, according to CryptoSlate data. The token is presently the 48th largest crypto by marketplace cap, with a afloat diluted worth of astir $3.3 billion.
The ETF Store CEO Nate Geraci had predicted that much crypto-related ETFs would beryllium filed this week, fueled by the expectations of a much crypto-friendly situation successful the US owed to the elections.
However, the HBAR ETF amazed immoderate marketplace analysts, who were expecting applications connected to much salient assets successful the apical 50.
Analysts surprised
In his prediction earlier this week, Geraci said helium expects caller filings for ETFs linked to Cardano, Solana, and XRP. He jokingly said that helium was “serious” astir the filing for HBAR successful a societal media, highlighting his surprise.
Bloomberg elder ETF expert Eric Balchunas echoed the sentiment, commenting that this is the “post-Trump spaghetti cannon successful effect.”
He added:
“Once each 2 years oregon truthful determination an ETF filing wherever I virtually person to usage google to recognize what it tracks. This was 1 of those times.”
Additionally, Balchunas speculated that a spot Dogecoin (DOGE) ETF could beryllium adjacent connected the cards for companies progressive successful crypto ETFs.
Meanwhile, Bloomberg ETF expert James Seyffart said that he knows “next to nothing” astir Hedera.
The station Canary Capital files exertion for a spot HBAR ETF appeared archetypal connected CryptoSlate.
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