The SEC Receives First-ever HBAR ETF Application

This move follows Canary Capitals October launch of an HBAR Trust for accredited investors. The firm, led by Steven McClurg, has previously filed for spot ETFs tied to Litecoin, Solana, and XRP. McClurg is also known for founding Valkyrie Funds, which manages other spot crypto ETFs.

The filing outlines scenarios that could trigger the Trust‘s termination. If the ETF’s shares are delisted and not relisted within five days, or if regulators classify the Trust as an investment company or commodity pool, operations will cease.

The SECs Stance on Crypto ETFs Remains Uncertain

While the SEC approved 11 Bitcoin ETFs and eight Ethereum ETFs earlier this year, further approvals are unclear.

his regulatory ambiguity coincides with speculation about SEC Chair Gary Gensler‘s potential departure following Trump’s return to the presidency. Trump has indicated he would replace Gensler if elected.

Crypto ETFs have seen a surge in activity since the 2024 US election. Bitcoin ETFs recorded over $7.22 billion in trading volume. Ethereum ETFs also experienced inflows of $295 million, with significant contributions from BlackRock and Fidelity.

BlackRock‘s Bitcoin ETF (IBIT) recently surpassed its Gold ETF in size, a notable achievement as Bitcoin hit an all-time high. This reinforces Bitcoin’s reputation as “digital gold,” particularly as gold itself trades at its highest level since 1980.

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