Fund appears to open HBAR ETF, Token price jumps 40%

avatar
All-in station
2 days ago
This article is machine translated
Show original

HBAR-tham-vong

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.

gia-hbar

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.

Sector:
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments