Canary Capital has filed for a Hedera HBAR spot exchange-traded fund with the U.S. Securities and Exchange Commission — marking a first for that type of crypto fund.
The crypto investment firm filed an S-1 registration statement with the SEC on Tuesday. The fund looks to "provide exposure to the value of the native asset of the Hedera Network," according to the filing.
HBAR is the native digital asset of the Hedera network, which is a decentralized public network using the Hashgraph consensus algorithm. Hedera facilitates fast and secure transactions globally and is governed by a council made up of prominent companies and organizations. This governance model is designed to ensure decision-making and token distribution are conducted in a secure and compliant manner. HBAR is used within the Hedera ecosystem for various purposes, including powering decentralized applications, facilitating transactions and participating in network governance.
According to the filing, the Canary HBAR ETF intends to hold only HBAR directly without using derivatives, futures, or other financial instruments.
Steven McClurg founded Canary Capital and previously founded Valkyrie Funds, which has other spot crypto ETFs. Canary Capital has previously filed registration statements for a spot Litecoin ETF, a Solana ETF and an XRP ETF.
The story will be updated.
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