The United States Securities and Exchange Commission has officially accepted the proposal of Nasdaq to list and trade the shares of the Grassscale Hedera Trust.
According to March 11 NOtisThe SEC has accepted Nasdaq’s 19B -4 filing for commodity -based trust holding Habbar, aimed at giving investors a regulated exposure for the native tokens of the Hedera Network.
This commodity-based trust structure directly keeps Hbar, in which the trust represents the partial ownership of Hbar holdings of the trust. However, unlike a spot ETF, it does not allow direct redemption, which means that shares can trade at a premium or discount on the actual asset value.
The administration and agent for the BNY Melon Asset Servicing Trust is ready to oversee duties, while the CSC Delaware Trust will serve as a company trustee, and the coinbase custody will manage asset detention.
With this acknowledgment, the SEC has now revealed the period of 21-day public comments, allowing the participants of the industry and the public to weigh on the proposal. After this phase, the regulator will decide whether its review process is to approve, reject or extend.
HBAR responded positively for development, increased by more than 7% in the last 24 hours
Grassscale and Canary Capital are currently the only asset managers that pursue HBAR ETF.
While SEC accepted Nasdaq’s filing for the Grassscale Hedera Trust, on the same day, it pushed back its decision on several ultachoin ETFs, including Grassscale’s XRP ETF and CBOE BZX Spot Solana ETF of CBOE BZX Exchange, which expand the review period by May.
However, Bloomberg ETF analyst James Safarte removed it late, calling it a standard procedure rather than a cause of concern.
As the previously reported by Crypto.news, SEC has been filled with ETF filing after Trump’s election and former SEC President Gary Gensler’s resignation.
The latest joint of this wave is Bitwaiz Bitcoin Standard Corporation ETF, declared on 11 March. The funds will track companies with publicly trading companies in their corporate Treasury to at least 1,000 BTC companies, which will provide exposure to investors for firms accumulating bitcoins.
