By filing an amended registration statement on Tuesday, Canary Capital has somewhat of a relief from the uncertainty of approval of its HBAR ETF. The amended registration disclosed that the exchange-traded fund (ETF) will use the ticker symbol HBR and a sponsor fee of 0.95%. The company is also planning to launch a Litecoin ETF, which will be the ticker LTCC with a similar fee structure.
These filings, as per local experts, are the very last steps before the green light can be given. Bloomberg Senior ETF Analyst Eric Balchunas pointed out that the updates in the filing are usually “the last thing to be updated before go-time.” He also warned that a shutdown of the U.S. government might cause the process to be slower. Nevertheless, he feels that the documents “are in a very final stage.”
The U.S. Securities and Exchange Commission (SEC) is assessing a variety of crypto ETF proposals that a range of companies have submitted. The proposals include a fund related to Dogecoin, XRP, and Litecoin, all of which were filed in the last year in response to a more favorable stance for digital assets by the Trump administration.
Nevertheless, the present government shutdown has temporarily put the brakes on progress. The SEC has been operating with “an extremely limited number of staff members available to respond to emergencies,” according to agency guidance. The delay in response creates uncertainty about the time when the approvals will be granted, with the estimates varying from several weeks to a month.
Aside from Canary Capital’s initiatives, worldwide investment company GraniteShares also made a filing on Tuesday for various leveraged ETFs involving Solana, XRP, and Ethereum. Last week was full of similar filings for the funds, a trend that reflects issuers’ growing push to get the first-mover advantage in the expanding U.S. crypto ETF market. The momentum around the new ETF products, in spite of the regulatory and political obstacles, is an indication of the sustained demand for more diversified exposure to digital assets in the traditional markets.
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