Canary Capital files application for a spot HBAR ETF Canary Capital files application for a spot HBAR ETF
The filing surprised market analysts, with some of them claiming not to know Hedera and its native token HBAR.
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Updated: Nov. 12, 2024 at 6:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Nashville-based asset manager Canary Capital filed an S-1 form for an exchange-traded fund (ETF) tied to HBAR, the native asset of the Hedera blockchain.
The move comes weeks after Canary’s filed for an HBAR trust and adds to its growing repertoire of applications for spot ETFs connected to Litecoin, XRP, and Solana.
Following the news, HBAR surged nearly 28%, according to CryptoSlate data. The token is currently the 48th largest crypto by market cap, with a fully diluted value of roughly $3.3 billion.
The ETF Store CEO Nate Geraci had predicted that more crypto-related ETFs would be filed this week, fueled by the expectations of a more crypto-friendly environment in the US due to the elections.
However, the HBAR ETF surprised some market analysts, who were expecting applications connected to more prominent assets in the top 50.
Analysts surprised
In his prediction earlier this week, Geraci said he expects new filings for ETFs linked to Cardano, Solana, and XRP. He jokingly said that he was “serious” about the filing for HBAR in a social media, highlighting his surprise.
Bloomberg senior ETF analyst Eric Balchunas echoed the sentiment, commenting that this is the “post-Trump spaghetti cannon in effect.”
He added:
“Once every two years or so there an ETF filing where I literally have to use google to understand what it tracks. This was one of those times.”
Additionally, Balchunas speculated that a spot Dogecoin (DOGE) ETF could be next on the cards for companies involved in crypto ETFs.
Meanwhile, Bloomberg ETF analyst James Seyffart said that he knows “next to nothing” about Hedera.
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Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don’t know or trust each other to securely collaborate and transact online without the need for a trusted intermediary.
Solana
$215.073
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
XRP
$0.70271
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Litecoin
$74.8941
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
James Seyffart is a well-regarded analyst at Bloomberg Intelligence, specializing in Exchange-Traded Funds (ETFs) and the broader fund industry.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.