Nasdaq Files for HBAR ETF, Joining Growing Altcoin Trend

Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) focused on the Hedera Network's native token, HBAR. This move is part of a growing trend of exchanges and asset managers seeking to list ETFs tied to alternative cryptocurrencies, or "altcoins." The SEC must review and approve the filings before trading can commence.

Canary Capital, an asset manager, initially filed with the SEC in November to list its proposed Canary HBAR ETF. The ETF aims to provide investors with exposure to HBAR, the native currency for Hedera's hashgraph distributed ledger. Canary has also filed to list ETFs holding other altcoins, such as Solana (SOL), Litecoin (LTC), and XRP (XRP). Other issuers have proposed ETFs for altcoins like Polkadot (DOT), Dogecoin (DOGE), and Official Trump (TRUMP).

In addition to new ETF filings, issuers are awaiting SEC approval for proposed changes to existing ETFs, including allowances for staking, options, and in-kind redemptions. The SEC's stance on cryptocurrency has evolved, with two crypto index ETFs launching in February 2025. Analysts expect more ETF approvals to follow in the coming years.

Bloomberg Intelligence has set the odds of an XRP ETF approval in the U.S. at 65%. The estimates for Litecoin and Solana ETF approval odds are even higher, at 90% and 70%, respectively. However, odds for HBAR ETF approvals have not yet been set. Under former President Joe Biden, the SEC brought numerous lawsuits against crypto firms, alleging various securities law violations. In 2024, the SEC approved spot Bitcoin (BTC) and Ether (ETH) ETFs but stymied proposed ETFs tied to other cryptocurrencies.