Nashville-based asset manager Canary Capital submitted an S-1 form for an exchange-traded fund (ETF) linked to HBAR, the original asset of the Hedera blockchain.
The move comes weeks after Canary’s filed for an HBAR trust and adds to the growing repertoire of applications for spot ETFs tied to Litecoin, XRP and Solana.
After the news, the HBAR rose almost 28% CryptoSlate facts. The token is currently the 48th largest cryptocurrency by market capitalization, with a fully diluted value of approximately $3.3 billion.
ETF Store CEO Nate Geraci had predicted that more crypto-related ETFs would be filed this week, fueled by expectations of a more crypto-friendly environment in the US following the election.
However, the HBAR ETF surprised some market analysts, who expected applications tied to more prominent assets in the top 50.
Analysts surprised
In his forecast earlier this week, Geraci said he expects new signups for ETFs linked to Cardano, Solana and XRP. He jokingly said he was “serious” about applying for HBAR on social media, highlighting his surprise.
Bloomberg senior ETF analyst Eric Balchunas echoed the sentiment, noting that this is essentially the “post-Trump spaghetti cannon.”
He added:
“Once every two years there is an ETF application where I literally have to use Google to understand what it is tracking. This was one of those moments.”
Moreover, Balchunas speculated That a spot Dogecoin (DOGE) ETF could be the next for companies involved in crypto ETFs.
Meanwhile, Bloomberg ETF analyst James Seyffart said That he knows “almost nothing” about Hedera.
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