The Nasdaq Stock Market LLC, representing Canary Capital, has submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) for a spot Hedera exchange-traded fund (ETF). This follows Canary Capital’s previous filing of an S-1 registration for the Canary HBAR ETF, which aims to provide exposure to the value of the native asset of the Hedera Network.
A 19b-4 filing is the second step in proposing a crypto ETF to the SEC. Once acknowledged by the SEC, the filing will be published in the Federal Register, initiating the agency’s approval process.
Hedera is a decentralized public network that utilizes the Hashgraph consensus algorithm to facilitate fast and secure global transactions. Unlike other cryptocurrencies, Hedera is governed by a council composed of prominent companies and organizations responsible for decision-making and token distribution.
The filing states that while the primary purpose of the Hedera Network is not to operate a payments system or store of value, a cryptocurrency is necessary to properly operate and incentivize consensus and behavior on the network.
Bloomberg analysts recently estimated that Litecoin ETFs have the highest chance of approval (90%) among the wave of spot crypto ETFs.
The price of Hedera’s token experienced a small spike on Monday, trading at around $0.22 at the time of publication.
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