SEC Acknowledges Nasdaq’s Proposal to List Grayscale Hedera Trust Shares

The United States Securities and Exchange Commission (SEC) has officially acknowledged Nasdaq’s proposal to list and trade shares of the Grayscale Hedera Trust, marking a key step toward regulated exposure to HBAR, the native token of the Hedera Network.

According to a March 11 filing, the SEC noted Nasdaq’s 19b-4 submission, which outlines a commodity-based trust structure for HBAR. Unlike a spot exchange-traded fund (ETF), this trust directly holds HBAR but does not offer direct redemptions, meaning its shares could trade at a premium or discount to the underlying asset’s value.

BNY Mellon Asset Servicing is set to handle administration and transfer agent duties, while CSC Delaware Trust Company will serve as the trustee. Meanwhile, Coinbase Custody Trust Company will oversee asset custody.

The SEC has started a 21-day public comment period for feedback from stakeholders and the public before deciding on HBAR-based ETFs. After this phase, the SEC may approve, reject, or extend its review. Grayscale and Canary Capital are the only asset managers pursuing these ETFs.

While the SEC acknowledged Nasdaq’s filing for the Grayscale Hedera Trust, it has delayed decisions on other crypto-related ETFs, including Grayscale’s XRP ETF and the Cboe BZX Exchange’s spot Solana ETF, with reviews extended until May.

Bloomberg ETF analyst James Seyffart downplayed the delay, describing it as a routine step in the SEC’s review process. Echoing this sentiment, fellow ETF analyst Eric Balchunas likened the delays to a common commuter issue, jokingly comparing them to a New York City-bound Amtrak train experiencing “mechanical issues in DC.”

ETF filings are rising, especially after former SEC Chair Gary Gensler’s resignation and political changes related to Trump’s election campaign. A notable recent submission is Bitwise’s Bitcoin Standard Corporations ETF, launched on March 11. It seeks to track publicly traded companies that hold at least 1,000 BTC in their treasuries, providing investors with exposure to firms accumulating Bitcoin.

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