As a seasoned crypto investor with a knack for recognizing promising opportunities, I find the recent surge in applications for altcoin exchange-traded funds (ETFs) particularly intriguing. The filing of the Hedera HBAR ETF by Canary Capital is not just another step in this trend, but a significant milestone that could potentially open the floodgates for similar applications in the US.
As a researcher delving into the dynamic world of cryptocurrencies, I’ve noticed a significant spike in applications for new altcoin exchange-traded funds (ETFs) over the past few months. Interestingly, on November 13, Canary Capital, a renowned crypto asset manager, submitted an S-1 form to the United States Securities and Exchange Commission (SEC) for a Hedera HBAR ETF.
Hedera HBAR ETF On The Horizon
As stated in the Securities and Exchange Commission (SEC) filing, the Canary HBAR ETF plans to solely invest in the original Hedera protocol token, eschewing derivative contracts, future agreements, and other financial tools.
This filing for HBAR is notable not only for being the first of its kind, but also for the potential for similar and new applications for other altcoins in the future in the US, especially as Donald Trump secured another term in the White House after winning last Tuesday’s presidential election.
Trump has been growing more outspoken about advocating for the expansion of the digital asset sector. He’s expressed intentions to replace the current Securities and Exchange Commission (SEC) chairman, Gary Gensler, and establish a thorough regulatory system for the cryptocurrency market. This potential change could smooth the path toward approving comparable index funds in 2025.
HBAR Price Surge
According to Bitcoinist, Canary Capital has previously submitted comparable applications for Solana, XRP, and a Litecoin spot ETF, along with a recently filed HBAR ETF on Tuesday.
In October, the asset management company introduced both itself and its inaugural trust offering – the Canary HBAR Trust. This private offering allows qualified investors an opportunity to invest in HBAR.
On Tuesday, Canary Capital unveiled its HBAR ETF, causing the price of HBAR to surge to approximately $0.067, representing an increase of almost 20% within just a few minutes, and a significant jump of around 50% in the past week.
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2024-11-12 22:26