Nasdaq has officially submitted a 19-b 4 form to the SEC seeking approval to list and trade the Grayscale Hedera Trust (HBAR) shares. This filing is a standard step in the HBAR exchange-traded fund (ETF) approval process.

The exchange classifies the shares as Commodity-Based Trust Shares under Nasdaq Rule 5711(d). This aligns them with regulated investment vehicles like spot Bitcoin (BTC) ETF.

Grayscale HBAR ETF Awaits SEC Green Light

The filing marks the latest development in a series of efforts to bring Hedera into the regulated financial spotlight. The proposal was submitted under Section 19(b)(1) of the Securities Exchange Act 1934. This allows exchanges to request rule changes to list new financial instruments.

“The proposed rule change is designed to perfect the mechanism of a free and open market and, in general, to protect investors and the public interest in that it will facilitate the listing and trading of Shares that will enhance competition among market participants, to the benefit of investors and the marketplace,” the filing read.

Nasdaq’s move follows a similar application on behalf of Canary Capital. The asset manager has also been pursuing an HBAR-based ETF. 

Canary Capital first submitted an S-1 application on November 12, 2024. This was followed by a 19b-4 application in late February, marking its own advancement in the ETF approval pipeline.

At present, neither Grayscale’s nor Canary Capital’s HBAR ETF proposal has been published in the Federal Register. This means both remain in a preliminary review stage. 

The SEC is currently evaluating whether the filings meet procedural and completeness requirements before determining the next steps. Once published, the proposals will enter a 45-day initial review period, during which the SEC can approve, deny, or extend the evaluation timeline. If the SEC needs more time, it may extend the review process for up to 240 days before making a final decision.

If approved, the Grayscale and the Canary Capital HBAR ETF would offer investors a regulated pathway to gain exposure to HBAR without directly holding the asset. This reflects a growing trend of institutional interest in cryptocurrency-based investment products.

Meanwhile, HBAR previously saw a fleeting 10% price surge following the news of Nasdaq’s filing for Canary Capital’s ETF. Nonetheless, the latest development has failed to generate a similar market response. 

Instead, HBAR was down 6.8% over the past 24 hours. Its trading price stood at $0.23 at press time. Despite the decline, HBAR has still outperformed other smart contract platform cryptocurrencies, which have collectively fallen 8.8%, as per CoinGecko.

Bitcoin price started a fresh decline from the $95,000 resistance zone. BTC is back below $90,000 and might continue to move down.

• Bitcoin started a fresh decline from the $95,000 resistance zone.
• The price is trading below $92,000 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $88,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to stay above the $82,250 zone.

Bitcoin Price Dips Over 10%

Bitcoin price rallied above the $88,000 and $90,000 resistance levels. BTC tested the $95,000 resistance where it faced a strong resistance. The price failed to retain gains and started a fresh decline below $92,000.

There was a move below the $92,000 and $90,000 support levels. The price dived over 10% and traded below the 50% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. There was also a break below a connecting bullish trend line with support at $88,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $90,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $85,000 level. The first key resistance is near the $86,600 level.

The next key resistance could be $88,500. A close above the $88,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,000 resistance level. Any more gains might send the price toward the $92,000 level or even $93,500.

More Losses In BTC?

If Bitcoin fails to rise above the $88,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,250 level and the 76.4% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. The first major support is near the $80,000 level.

The next support is now near the $78,500 zone. Any more losses might send the price toward the $76,000 support in the near term. The main support sits at $75,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $82,250, followed by $80,000.

Major Resistance Levels – $88,000 and $90,000.