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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
Previous / Next Documents
Previous: 2025-03968, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To List and Trade Shares of the Grayscale Polkadot Trust Under Nasdaq Rule 5711(d)
Nasdaq wants to start trading shares of the Grayscale Polkadot Trust, a new way for investors to buy into Polkadot cryptocurrency without owning it directly. This change affects anyone interested in crypto investments and could open up fresh money moves starting soon after SEC approval. It’s a big step for making crypto easier and safer to trade on a major stock exchange!
Next: 2025-03970, Agency Collection Activities; Requesting Comments Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) Programs
The IRS wants your thoughts on how it collects info for the VITA and TCE volunteer tax help programs. These programs assist people with their taxes, especially seniors and those who need extra help. Your feedback can help make the process easier and less paperwork-heavy, with no immediate cost changes but better service down the road.