Canary Capital Ignites ETF Race with Bold 19b-4 Filing for Hedera

Digital asset managers are making notable moves to get as many tokens as possible approved for exchange-traded funds (ETF). The latest in this trend is that the NASDAQ Stock Market has submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) on behalf of Canary Capital.

Hedera ETF Filing Gains Momentum

Notably, the filing is for a spot Hedera (HBAR) ETF. HBAR is the native token of Hedera, a decentralized public network that uses the Hashgraph consensus algorithm to facilitate fast and secure transactions globally.

Interestingly, the crypto investment firm was the first to file an S-1 registration for the Canary HBAR ETF. If approved, the fund will provide institutional investors exposure to the value of HBAR.

Regarding ETF approval, a 19b-4 filing is the second stage in a two-step process when proposing a crypto ETF to the U.S. regulatory body. Canary Capital will have to await acknowledgment from the SEC and will know when the filing is published in the Federal Register.

Analysts Tips HBAR Among Top ETF Contenders

According to the filing, the Hedera Network’s principal aim is not to operate a payment system or store value. Unlike other publicly distributed ledger technology (DLT) networks, a cryptocurrency must operate seamlessly and prompt the network’s consensus behavior.

In an analysis of the filing’s chances, Eric Balchunas, Bloomberg’s Senior ETF analyst, noted that among the recent filings, HBAR and Litecoin have the best odds and are in the lead.

Meanwhile, following the filing, HBAR registered a mild uptick of 3.88% and traded at $0.2176 in the crypto market. The token is experiencing massive investor interest as trading volume soared 230.84% to $527.86 million.

Is HBAR’s Long-Term 100x Growth Possible?

HBAR has been a major attraction in the digital asset space due to its unique hashgraph that provides better speed and scalability. This makes it a strong competition in the market despite its seemingly low value. It has also contributed to its price performance.

Some analysts have predicted that HBAR’s bullish signals suggest that the token could climb and grow by 100x. The prediction relies on the recent partnership with technology giant NVIDIA and Intel.