Nasdaq has filed Form 19b-4 with the SEC to seek approval for the listing and trading of Canary Capital’s HBAR ETF spot. This investment fund aims to replicate the spot price of HBAR, currently the 21st largest crypto asset by market capitalization.

This filing follows the October launch of the first HBAR Trust in the US by Canary Capital and the subsequent filing of its S-1 registration statement in November, intending to offer investors exposure to Hedera’s HBAR token.

“Hedera, as the network with the highest transaction volume, is a clear example of enterprise technology that unites the crypto world with real scalability,” said Steven McClurg, CEO of Canary Capital, during the launch of the firm’s HBAR trust.

The Nasdaq initiative aligns with the imminent SEC evaluation of Canary Capital’s Litecoin spot ETF, which could receive approval soon, according to Bloomberg ETF analyst Eric Balchunas.

The Litecoin ETF has a favorable regulatory outlook, as it has not faced legal disputes with the SEC and has been classified as a commodity by the CFTC in its lawsuit against KuCoin. Additionally, it has been registered with the Depository Trust & Clearing Corporation (DTCC) under the ticker LTCC, a crucial step toward its potential launch.