SEC Acknowledges Grayscale's Proposal to List Its Hedera ETF on Nasdaq

On March 11, the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale's proposal to list its Hedera ETF on Nasdaq.

The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale’s proposal to list its Hedera ETF on Nasdaq, according to filings.

Nasdaq is seeking regulatory approval to list and trade shares of the Grayscale Hedera Trust. The SEC’s confirmation of the proposal has sparked speculation that the development could drive higher demand for Hedera’s native token, HBAR, potentially leading to a price increase.

The SEC is now seeking public opinion on the Grayscale Hedera ETF application.

What is known so far

The SEC has acknowledged receipt of Grayscale’s application for an ETF that tracks the price of Hedera. However, it’s important to note that this does not necessarily mean the application has been approved or rejected.

As part of its standard process, the SEC is now opening a 21-day period for public comment on the proposed ETF. During this time, market participants and other stakeholders can provide feedback on the application.

Following the comment period, the SEC will decide whether to approve, reject, or extend its review of the Grayscale Hedera ETF application.

If approved, this would be Grayscale’s sixth altcoin investment product. Shares of the trust will be traded on Nasdaq under commodity-based trust share rules, according to the filings.

Grayscale Operating and Grayscale Investments Sponsors will sponsor the trust, CSC Delaware Trust Company will serve as trustee, and Coinbase Custody Trust Company will be the custodian.

What is Hedera?

Hedera is a distributed ledger technology (DLT) network powered by six leading technology companies. The network’s native token, HBAR, is used for paying fees and securing the network.

The SEC’s confirmation of Grayscale’s Hedera ETF proposal has sparked interest in the token, with some speculating that the development could lead to increased demand and price surges.

According to data from CoinMarketCap, Hedera is currently the 14th largest cryptocurrency, with a market capitalization of $3.6 billion at the time of writing.