- Canary Funds has filed an S-1 registration statement with the SEC for an HBAR ETF
- Eric Balchunas noted the unusual amended S-1 filing and the absence of a 19b-4 filing
- The success of Bitcoin ETFs has set a precedent for cryptocurrency ETFs
Canary Funds has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) tied to HBAR, the native asset of the Hedera blockchain.
This filing, reported by Eleanor Terret and Eric Balchunas on Twitter, has sparked considerable interest and speculation within the crypto community.
The S-1 filing is one of the first major steps toward the potential HBAR ETF. Following this, the next critical step is the 19b-4 filing, which will propose a rule change for listing the ETF on an exchange.
Eric Balchunas commented on Twitter that Canary Funds has filed an amended S-1 for their HBAR ETF, which is unusual as amendments typically follow comments from the SEC. He also noted that this echoes a similar amendment with Litecoin’s ETF. Balchunas highlighted that there has not yet been a 19b-4 filing, which is necessary to get the approval process moving.
The potential HBAR ETF will look to provide investors with exposure to the altcoin. The success of Bitcoin ETFs has set a precedent for cryptocurrency ETFs, with funds like Fidelity’s FBTC and BlackRock’s IBIT leading the way.
In all likelihood, a 19b-4 filing will follow soon, as it is a necessary step for the Commission to approve the rule change. Furthermore, expectations remain optimistic about the HBAR ETF chances, given the more “less combative” mindset of the current Securities and Exchange Commission.
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