SEC Delays Decision on Canary Capital's HBAR ETF Filing

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the proposed Canary HBAR ETF, a spot ETF tied to Hedera Hashgraph's native token, HBAR. By Lucas Outwaters. Updated Apr 18, 2024 at 1:13 a.m. PDT.

The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on the proposed Canary HBAR ETF, a spot ETF that would be linked to Hedera Hashgraph’s native token, HBAR.

The application was filed by Canary Capital Group, with Steven McClurg listed as the contact representative. It is being registered under Form S-1.

The application was filed by Canary Capital Group, with Steven McClurg listed as the contact representative. Registration details are being submitted under Form S-1.

The ETF is being launched by Canary Capital Group and will be applied for in Form S-1. It is being launched with the intent to invest in the Hedera Luminet Token, commonly known as HBAR. The State of Incorporation is listed as Delaware, and the applicant’s legal counsel is Chapman and Cutler LLP.

The delay adds another digital asset fund to the growing queue of crypto-based ETFs to be banked up in the application backlog.

The move comes after a series of delays by the SEC on similar crypto ETF products, including those tied to Ethereum and Solana. Hedera’s community had hoped the approval of the HBAR ETF would be a milestone moment for broader adoption and institutional exposure to the HBAR token and Hedera’s broader ecosystem.

Canary Capital has not yet issued a comment in response to the reports of the SEC deferral and what the next expected timeline could be for a decision from the regulator.