# 2025-11094: SEC Debates Listing Grayscale's Crypto Hedera Trust on Nasdaq

2025-11094, Self-Regulatory Organizations; Nasdaq Stock Market LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Grayscale Hedera Trust (HBAR) Under Nasdaq Rule 5711(d) (Commodity Based Trust Shares), is a Federal Register notice from Securities and Exchange Commission published 2025-06-17, effective The Commission designated June 15, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-11094
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-11094
- Title: Self-Regulatory Organizations; Nasdaq Stock Market LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Grayscale Hedera Trust (HBAR) Under Nasdaq Rule 5711(d) (Commodity Based Trust Shares)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 25705
- Published: 2025-06-17
- Effective: The Commission designated June 15, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Debates Listing Grayscale's Crypto Hedera Trust on Nasdaq

## Summary

Nasdaq wants to start trading shares of the Grayscale Hedera Trust (HBAR), a new kind of investment tied to a digital commodity. The SEC is now deciding if this is a good idea and will approve or reject it by June 15, 2025. If approved, investors could buy and sell HBAR shares on Nasdaq, opening up fresh opportunities in the crypto world.

## Effects PRIA read

- Possible Nasdaq Listing of HBAR Shares: benefit, medium. If the SEC approves the proposed rule change by June 15, 2025, Nasdaq could list and trade shares of the Grayscale Hedera Trust (HBAR). That would let investors who hold investments buy and sell HBAR shares on Nasdaq like other exchange-traded products.
- HBAR Shares Track Token Value Minus Fees: cost, medium. The Trust's shares are intended to reflect the U.S. dollar value of the Hedera Network native token (HBAR) as measured by the CoinDesk HBAR reference Index at 4:00 p.m. New York time each business day, minus the Trust's expenses and liabilities. The Trust will hold only HBAR and create or redeem sh…

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- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-11094 on federalregister.gov](https://www.federalregister.gov/documents/2025/06/17/2025-11094/self-regulatory-organizations-nasdaq-stock-market-llc-order-instituting-proceedings-to-determine)
- [2025-11094 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-06-17/pdf/2025-11094.pdf)

## Related
- [Previous: 2025-11093, Notice of Intent To Grant an Exclusive, Co-Exclusive or Partially Exclusive Pat…](https://policyrisk.com/federal-register/2025-11093)
- [Next: 2025-11095, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designati…](https://policyrisk.com/federal-register/2025-11095)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-11094 (as of 2026-06-08).