Grayscale Investments, a prominent crypto asset manager, is making strides towards launching an exchange-traded fund (ETF) for Hedera Network’s native token HBAR, as per a recent filing. The Nasdaq Stock Market has filed a 19b-4 document with the U.S. Securities and Exchange Commission (SEC) to seek approval for listing and trading the Grayscale Hedera Trust.
ETFs provide traders with the opportunity to gain exposure to various assets, including precious metals and cryptocurrencies, without the need to physically own them. In 2024, the SEC approved ETFs based on Bitcoin (BTC) and Ethereum (ETH), paving the way for similar altcoin-focused ETFs like the one Grayscale is pursuing for Hedera.
At the time of writing, HBAR is trading at $0.24, experiencing a 7.4% increase in value over the last 24 hours. Grayscale has also filed for the establishment of the Grayscale Cardano Trust, aiming to introduce the first-ever ETF for the Ethereum competitor ADA. Additionally, the company is in the process of seeking approval for ETFs focused on Solana (SOL) and converting the existing Grayscale XRP Trust into a spot exchange-traded fund.
Moreover, Grayscale recently unveiled a new trust that allows investors to access the popular meme asset Dogecoin (DOGE). These developments come amidst a promising regulatory environment for digital assets in the United States, with President Donald Trump nominating pro-crypto Paul Atkins to lead the SEC. This move is seen as a shift from the previous anti-crypto stance held by former SEC chair Gary Gensler.
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