New Altcoin Trust Launched, ETF May Be on the Way

HBAR Trust Launched

Canary Capital, led by Steven McClurg, has launched the first US HBAR trust, which will allow institutional investors to invest in Hedera’s native cryptocurrency. Thanks to this step, institutional investors who want to invest in HBAR will be able to purchase with the same investment method they are used to by reducing the risk of asset storage.

This move by Canary Capital took place at a time when Wall Street players’ interest in Bitcoin and other altcoins increased. This launch aims to respond to the growing corporate demand of the market.

Hedera ETF Speculation Increases

Hedera’s enterprise-level blockchain reputation continues to attract investor interest. Widely touted in areas such as asset tokenization, NFTs, and web3 applications, Hedera has sparked speculation of a potential ETF launch with the launch of the Trust. However, at this stage, we need to remind that the SEC does not consider altcoins other than ETH and BCH as commodities. As a matter of fact, SOL Coin ETF applications had to be withdrawn for this reason.

Canary Capital stated that it now allows US institutional investors to invest in cryptocurrencies through this new trust. This development is seen as a major milestone for the cryptocurrency, and many experts believe that if the network continues to gain momentum, an ETF could be a natural step to increase institutional adoption.

Canary Capital’s Steven McClurg noted the growing demand for crypto offerings in the US. In the press release, he emphasized that innovative solutions beyond simple products are needed.

Despite the market-wide decline, HBAR’s trading volume increased by approximately 10% to $56.67 million. However, cryptocurrencies continue to fall due to US PMI data and Iran’s missiles.

In summary, the launch of the first US HBAR Trust could pave the way for a potential ETF for Hedera. Developments in the crypto market and corporate interests continue to shape this process.