Nasdaq Applies to List Grayscale Hedera ETF
Key Takeaways
Nasdaq has submitted an application to the U.S. Securities and Exchange Commission (SEC) to list and trade the Grayscale Hedera ETF. This could allow institutional investors to invest in HBAR without directly owning the cryptocurrency. Despite this news, HBAR experienced a price decline of 9.18% within 24 hours.
Nasdaq Submits Application for Grayscale Hedera ETF
Nasdaq Stock Market LLC has filed a so-called 19b-4 form with the U.S. Securities and Exchange Commission (SEC). This is an important step in the approval process for exchange-traded funds (ETFs). Once the SEC acknowledges the application, it will be published in the Federal Register and await final approval.
This application comes shortly after Nasdaq had already submitted a similar request for a Hedera ETF from Canary Capital. The repeated filings suggest that Hedera is being considered as a promising candidate for ETF approval.
What Impact Would a Hedera ETF Have?
If the ETF is approved, institutional investors could gain exposure to HBAR without directly holding the cryptocurrency. This could increase demand for HBAR and positively influence its price in the long run.
However, the Hedera network is currently struggling with declining activity. The number of active accounts has dropped by 93% over the past three months – from 621,000 to only 39,000. This indicates decreasing network usage, which could pose challenges for the cryptocurrency’s growth.
HBAR Price Performance Remains Weak
Despite the positive news about a potential ETF, the market reaction remained muted. HBAR fell by 9.18% within a day to $0.2272. Open interest data, which measures the total volume of open futures contracts, dropped from $145 million to $103 million. This suggests that many investors are closing their positions to take profits or are facing forced liquidations.
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The market currently holds a pessimistic outlook on HBAR. If selling pressure continues, the price could drop to $0.21. However, if investors see the ETF application as a positive signal and increase buying activity, a recovery to $0.25 could be possible.
Our Assessment
Nasdaq’s filing for the Grayscale Hedera ETF is a significant step for HBAR. If the SEC approves the ETF, it could attract institutional investors in the long term and boost demand for HBAR.
In the short term, however, the market remains skeptical. Weak network usage and the recent price decline indicate that investors currently have little confidence in HBAR. The key factor will be whether the SEC approves the ETF and whether this improves the market environment for Hedera.
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