SEC’s Nov. 12 Deadline Could Approve Grayscale’s First U.S. Spot HBAR ETF

• The deadline to decide on Nasdaq’s proposal to list and trade Grayscale’s spot Hedera (HBAR) ETF has been postponed to November 12 by the US Securities and Exchange Commission (SEC).
• The Commission has already approved the launch of the Canary Hedera ETF on Nasdaq. 

Hedera (HBAR) has recently struggled to hold above crucial support levels as it declines across all major trading sessions.

According to our data, the asset has declined by 6.5% in the last 24 hours, 0.17% in the last seven days, 18% in the last 30 days, and 25% in the last 90 days, trading at $0.18.

Despite these falls, investor interest remains high, with daily trading volume surging 22% to $319 million. Per our observation, momentum is gathering in anticipation of the potential Grayscale’s Hedera (HBAR) ETF launch on Nasdaq.

What We Know About the Grayscale HBAR ETF So Far

Months ago, the Nasdaq Stock Market LLC filed a 19b-4 form with the US Securities and Exchange Commission (SEC) to list and trade the spot HBAR ETF.

The SEC has now released a document announcing the extension of its review of this application to November 12. According to our research, this would be the final deadline for the Commission to approve or reject the proposal.

According to information our data by Financial Press, the SEC cannot extend the deadline again beyond the stipulated date. Once it rejects this application, it must provide a comprehensive explanation to this effect. In most cases, the Commission may cite issues of investor protection or market surveillance.

It is also important to note that there is an option to appeal or refile.

Once the SEC approves the application, investors will have regulated access to the asset through the traditional markets.

Altcoin ETFs Already Hitting the Market

It is worth noting that the first-ever Hedera ETF (Canary Hedera ETF) has recently been launched by Nasdaq, as detailed in our recent news coverage. During this period, Solana and Litecoin ETFs were launched, as noted in our earlier post.

On its debut, the HBAR ETF recorded nearly $8 million in inflows, according to Bloomberg ETF analyst Eric Balchunas. This was far higher than the spot Litecoin ETF inflows, which were just $1 million.

Just days after this milestone, Hedera was selected to participate in the Bank of England’s Distributed Ledger Technology (DLT) Innovation Challenge. This program was launched by the Bank of England and the Bank for International Settlements (BIS) Innovation Hub to explore how large financial transactions and stablecoin settlements could be supported by blockchain networks.

According to our recent update, Hedera is already dominating the crypto market in Real World Assets (RWAs) development alongside the likes of Chainlink, IOTA, Avalanche, and Stellar Lumen. Apart from this, Hedera is also powering the first tokenized upstream oil and gas fund launched by Zoniqx and One World Petroleum, as indicated in our earlier discussion.