Canary Capital, an asset management firm based in Nashville, recently filed an S-1 for an exchange-traded fund (ETF) linked to HBAR, the native token of the Hedera blockchain.
This move comes just weeks after Canary registered a HBAR trust fund and expanded its suite of ETF-related applications, including assets like Litecoin, XRP, and Solana.
Following this news, HBAR has risen over 40% before a slight correction, according to data from Coinmarketcap. Currently, this token ranks 48th in market capitalization, with a fully diluted value of around $3.3 billion.
ETF Store CEO Nate Geraci predicted that more crypto-related ETF filings would be submitted this week, driven by expectations of a more crypto-friendly environment in the US after the election.
Surprise from analysts
However, the HBAR ETF has surprised some market analysts, who were expecting filings related to more prominent assets in the top 50.
In his predictions, Geraci emphasized that he expected new ETF filings linked to Cardano, Solana, and XRP, and even joked that he was "serious" about the HBAR filing on social media, clearly expressing his surprise.
Bloomberg's senior ETF analyst, Eric Balchunas, also shared this sentiment, commenting that this is a "spaghetti cannon effect in the post-Trump era".
He added:
"Every two years or so, there's a filing that I have to Google to understand what it's tracking. And this is one of those cases."
Additionally, Balchunas predicted that a spot Dogecoin (DOGE) ETF could be the next name on the list of companies entering the crypto ETF market.
Meanwhile, Bloomberg ETF analyst James Seyffart admitted that he "knows very little" about Hedera.
