Grayscale's $0.22 Hedera ETF advances

Nasdaq has submitted a key 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) for Grayscale's spot Hedera (CRYPTO:HBAR) ETF, marking a significant step towards listing and trading the fund.

This filing follows a similar submission by Nasdaq for Canary Capital's spot HBAR ETF just a week prior.

Bloomberg Senior ETF Analyst Eric Balchunas has noted that Hedera and Litecoin (CRYPTO:LTC) ETF applications have the "best odds" of approval among altcoin ETF filings, given their progress with the SEC.

Hedera is a decentralised network utilising the Hashgraph consensus algorithm, with governance by a council including Google and IBM.

The recent surge in crypto ETF filings is attributed to a pro-crypto regulatory shift following Donald Trump's reelection, with applications for tokens like Solana (CRYPTO:SOL), XRP (CRYPTO:XRP), Cardano (CRYPTO:ADA), Litecoin, and Dogecoin (CRYPTO:DOGE).

Bloomberg analysts predict a 75% approval chance for Dogecoin ETFs.

The Hedera ETF, if approved, will allow qualified investors to gain exposure to HBAR without directly holding the asset, potentially trading on the Nasdaq exchange.

As of now, Hedera's price has dropped 14.5% over the past 24 hours to $0.221.

The SEC's acknowledgment of the filing will initiate the approval process, which involves publishing the filing in the Federal Register.

This development highlights the growing interest in altcoin ETFs as the crypto market continues to evolve under new regulatory conditions.

As noted by experts, the current regulatory environment is more favorable for crypto ETF approvals, which could lead to increased market participation and visibility for altcoins like Hedera.

At the time of reporting, the Hedera (HBAR) price was $0.2278.