Grayscale Investments has filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to list and trade a Hedera (HBAR) exchange-traded fund (ETF) on the Nasdaq Stock Market. The move signals the asset management firm’s ongoing efforts to expand its crypto-based investment products.
The filing, submitted on Grayscale’s behalf by Nasdaq Stock Market LLC, outlines plans for the fund to track the price of HBAR, the native cryptocurrency of the Hedera blockchain. If approved, the ETF would allow institutional and retail investors to gain exposure to HBAR without directly holding the asset.
Nasdaq has filed a 19b-4 with the SEC to list the Grayscale Hedera (HBAR) Spot ETF, a step toward offering regulated exposure to $HBAR.
— More Crypto Online (@Morecryptoonl) March 4, 2025
If approved, it would allow investors access without direct custody, aligning with Grayscale’s broader push into crypto ETFs.
The SEC’s review… pic.twitter.com/UtI0eWNtA0
Growing Interest in Hedera ETFs
Grayscale’s attempt to launch a Hedera ETF follows recent industry movements advocating for similar products. Canary Capital has already pushed for an HBAR ETF, making it unlikely that Grayscale’s proposal will be the first of its kind.
While details regarding the ETF’s custodian remain undisclosed, previous filings suggest Coinbase Custody could be a likely candidate. Coinbase has served as the custodian for Grayscale’s existing crypto funds, including its Bitcoin Trust (GBTC) and Ethereum Trust (ETHE).
Regulatory Hurdles and Market Implications
Grayscale’s Hedera ETF proposal must go through the SEC’s standard approval process, which includes a public comment period and regulatory review. The 19b-4 filing marks a key step in gaining approval, though the timeline for a decision remains uncertain.
The push for crypto-based ETFs has intensified in recent years, with several firms seeking regulatory approval for blockchain-related investment products. If greenlit, the Grayscale Hedera ETF would provide investors with a new avenue for exposure to the growing Hedera ecosystem.
The SEC has yet to comment on the filing, and it remains unclear whether the agency will approve the product amid ongoing scrutiny of cryptocurrency-based funds.
