Connect with us

Hi, what are you looking for?

Economy

Is Hedera ETF Next In Line After First US HBAR Trust Launch?

The first US HBAR Trust went live recently, sparking discussions over a potential Hederal ETF launch. The launch of the Bitcoin and Ethereum Spot ETF in the US has fueled discussions over which altcoins will be there in line to witness an ETF launch in the same market. For instance, discussions are soaring over a potential Solana and XRP ETF launch in the US, given the recent developments in the crypto market.

Canary Capital Rolls Out First US HBAR Trust

Canary Capital, led by Steven McClurg, has announced the launch of the first US HBAR trust today, sparking discussions over a potential Hedera ETF launch. This investment instrument would provide institutional investors the opportunity to invest in the native crypto of the Hedera.

Notably, Canary Capital’s recent move appears to be aiming at the growing institutional demand for top crypto investment solutions in the crypto. Besides, it also comes amid a time when the Wall Street players are shifting their focus towards Bitcoin and other top altcoins.

Meanwhile, according to the announcement, this launch aims to open new opportunities for the US institutions that have been sidelined. In addition, it also lauds the efficacy and scalability of the network’s distributed ledger technology. By enabling direct access to the crypto, it also fueled speculations over a potential ETF launch in the near future.

McClurg has shown confidence in the growing demand for crypto offerings in the US. He emphasizes the need for innovative solutions beyond the retail products in the press release. It’s worth noting that he is a co-founder at Valkyrie Funds, which is known for the Bitcoin ETF launch.

Hedera ETF Speculations Soar

The growing reputation of Hedera as an enterprise-grade blockchain has caught the investors’ eyes so far. It is also widely praised in areas like asset tokenization, NFTs, and web3 applications. This increasing utility, along with the launch of the Trust, has led to soaring speculations over a potential Hedera ETF.

The HBAR Foundation highlighted that US institutional investors can now acquire the crypto through this new trust. It marks a crucial milestone for the cryptocurrency. As the network continues to gain traction, many believe that an ETF might be the next logical step to further institutional adoption.

The crypto market has already seen discussions about possible ETFs for Solana and XRP, driven by recent developments. For context, the recent launch of XRP Trust by Grayscale has sparked discussions about a potential XRP ETF launch in the US happening in the near future.

However, despite the soaring discussions, HBAR price slipped nearly 6% today, amid a broader market downturn. Its trading volume was up nearly 10% to $56.67 million during writing. Notably, the slump in the crypto market today comes after the US PMI showed a shrinking economy, which has sparked concerns among traders.

The post Is Hedera ETF Next In Line After First US HBAR Trust Launch? appeared first on CoinGape.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com