USDWeekly Crypto ETF Frenzy Grows as SEC Reviews HBAR, Solana, ADA, and DOT
Nasdaq Files for Canary HBAR Spot ETF
Nasdaq has filed a 19b-4 form with the SEC to seek approval for the Canary HBAR Spot ETF, marking a significant advancement for HBAR and Litecoin. This ETF aims to track the real-time price of HBAR, the 21st-largest cryptocurrency by market capitalization, and comes after Canary Capital's HBAR Trust launch in October 2024 and an initial ETF registration in November.
The news has positively affected HBAR’s market performance, with a 5% price increase post-filing following a prior 20% surge. Canary Capital is also pursuing a spot Litecoin ETF, which has favorable regulatory outlook, and has filed for an XRP ETF. The firm’s activities indicate a growing influence in the crypto ETF space, underscoring increased interest in institutional crypto investments.
Franklin Templeton Proposes First Solana ETF with Staking to SEC
Franklin Templeton has proposed an innovative ETF on Solana (SOL) to the SEC, marking a significant move in the cryptocurrency ETF sector. This fund aims to offer regulated exposure to Solana, incorporating staking activities that allow investors to earn rewards alongside the asset's value appreciation. Notably, this would be the first Solana ETF in the U.S., reflecting institutional interest in Solana’s high scalability and low transaction fees.
To ensure asset security, Coinbase Custody Trust Company has been chosen as the custodian, enhancing trust among institutional investors. The proposed ETF will be listed on the Cboe BZX Exchange, offering liquidity for both retail and institutional markets. If approved, this ETF could catalyze broader institutional adoption of Solana and motivate other issuers to develop similar products on proof-of-stake blockchains. The SEC's decision will be pivotal in determining the future landscape of digital asset ETFs.
SEC Acknowledges Grayscale's Spot Cardano ETF Filing, Approval Odds Rise to 64%
The U.S. SEC has acknowledged Grayscale's filing for a spot Cardano (ADA) ETF, marking the start of the regulatory review process aimed at listing on NYSE Arca. This acknowledgment enhances ADA's exposure options, with the ETF designed to track ADA's price across major exchanges like Coinbase and Kraken. Approval odds for the ETF have risen to 64%, with a final decision expected by August 2025. The proposed Grayscale Cardano Trust will allow investors regulated access to ADA without direct ownership, maintaining a passive investment strategy.
Security for the trust's holdings will be provided by Coinbase Custody Trust Company, and BNY Mellon will serve as the transfer agent. This initiative aligns with a growing trend of cryptocurrency ETF applications under review, including those related to Solana, XRP, and Litecoin.
Nasdaq Files with SEC for Grayscale Polkadot ETF
On February 25, 2025, Nasdaq filed a 19b-4 proposal with the U.S. Securities and Exchange Commission (SEC) to list the Grayscale Polkadot ETF, representing an important step towards its potential approval. If authorized, this ETF would enable both institutional and retail investors to gain regulated exposure to Polkadot (DOT), indicating a significant shift in the crypto investment landscape. This filing is part of Grayscale's broader strategy to convert its crypto trusts into publicly tradable ETFs, driven by the increasing demand for regulated cryptocurrency products.
Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted the filing on social media, underlining its importance. The filing follows the SEC's ongoing reviews of Grayscale’s ETFs for XRP and Dogecoin, reflecting an intensified effort to expand crypto ETFs. Approval of the Grayscale Polkadot ETF could enhance liquidity and institutional interest in the Polkadot ecosystem, indicating growing recognition of crypto assets.
This article has been refined and enhanced by ChatGPT.
