Canary HBAR ETF Lands on Nasdaq for Crypto Fans
Published Date: 3/13/2025
Notice
Summary
Nasdaq wants to start trading shares of the Canary HBAR ETF, a new fund tied to the cryptocurrency Hedera Hashgraph (HBAR). This change affects investors looking for fresh ways to invest in crypto through the stock market, with the SEC now reviewing the proposal. If approved, trading could begin soon, opening up new money moves in the crypto world.
Analyzed Economic Effects
7 provisions identified: 4 benefits, 1 costs, 2 mixed.
Exchange-Traded HBAR Exposure
If the SEC approves the proposal, Nasdaq would list and trade the Canary HBAR ETF, so you could buy and sell shares that represent fractional ownership of a Trust holding HBAR (the Hedera Network native cryptocurrency) on the stock market once the Trust's Form S-1 registration statement is effective.
Custody and Cold-Storage Safeguards
The Trust will custody its HBAR with BitGo Trust Company, Inc. and Coinbase Custody Trust Company, LLC, holding assets in segregated accounts with cold storage procedures and fidelity insurance, and transfers to/from custodians will occur only in connection with creations and redemptions.
Daily NAV and Real-Time IIV Rules
The Trust will calculate NAV once daily using the Pricing Benchmark as of 4:00 p.m. ET and will publish an intraday indicative value (IIV) every 15 seconds during the Regular Market Session to reflect intraday changes (the IIV uses the prior day's closing NAV as a base).
Surveillance Link to HBAR Futures Market
Nasdaq cites its comprehensive surveillance-sharing arrangements via the Intermarket Surveillance Group (ISG) with Coinbase Derivatives (which offers HBAR futures) as an "other means" to assist in detecting and deterring fraud and manipulation related to trading in the Shares.
No Forks or Airdrops for Shareholders
The Trust will not acquire or account for incidental rights (for example, assets received from forks or airdrops), and such incidental assets will not be included when determining the Trust's net asset value (NAV), so owners of Shares will not receive those incidental assets through the Trust.
Trading Hours, Minimums, and Basket Size
The Exchange plans to trade the Shares from 4:00 a.m. to 8:00 p.m. ET, requires a minimum of 40,000 Shares outstanding at commencement of trading, and creation/redemption will occur in Baskets of 10,000 Shares.
Member Notices, Suitability, and Prospectus Delivery
Before trading starts, Nasdaq will issue an Information Circular to members describing special risks (including pre- and post-market trading risks when IIV is not updated), suitability obligations under Nasdaq General Rule 9 Section 10, and the requirement that a prospectus be delivered to investors purchasing newly issued Shares prior to or concurrently with trade confirmation.
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