- Nasdaq filed a 19b-4 with the SEC for Grayscale’s spot Hedera ETF.
- NYSE Arca also filed for a Bitwise Dogecoin ETF, with a 75% approval chance.
Nasdaq has submitted a key 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) to list and trade Grayscale’s spot Hedera (HBAR) exchange-traded fund (ETF). The move marks the second step in the SEC’s approval process. Once acknowledged, the filing will be published in the Federal Register, triggering the agency’s review.
Nasdaq files 19b-4 to list & trade Grayscale Hedera ETF (HBAR)… pic.twitter.com/lbuyymptU7
— Nate Geraci (@NateGeraci) March 3, 2025
The submission follows a similar 19b-4 filing by Nasdaq last week for Canary Capital’s spot Hedera ETF. Bloomberg Senior ETF Analyst Eric Balchunas recently noted that Hedera and Litecoin ETFs have the highest approval odds among altcoin ETF applications. Their progress with the SEC places them ahead of other filings.
Hedera operates as a decentralized public network using the Hashgraph consensus algorithm. It facilitates secure transactions and is governed by a council that includes major companies like Google and IBM. The network’s structure allows for scalable and energy-efficient operations.
Since Donald Trump’s reelection, crypto ETF applications have surged. Issuers in the U.S. have filed spot ETF proposals for Solana, XRP, Cardano, Litecoin, and Dogecoin. Optimism around a crypto-friendly SEC has driven this wave of applications.
NYSE Arca Files 19b-4 for Bitwise Dogecoin ETF
Earlier today, the New York Stock Exchange (NYSE) Arca filed a similar 19b-4 on behalf of Bitwise’s Dogecoin ETF. The fund would provide institutional and retail investors with regulated Dogecoin exposure if approved. Bloomberg analysts estimated a 75% approval probability for Dogecoin ETFs.
NYSE Arca’s filing proposes a rule change to list and trade the Bitwise Dogecoin ETF. If accepted, Coinbase will act as the custodian for Dogecoin, while the Bank of New York Mellon will handle cash custody and administration. The ETF follows a cash-based creation and redemption model, preventing direct Dogecoin transactions.
Bitwise initially submitted an S-1 registration form for the product in late January. On Feb. 13, the SEC acknowledged Grayscale’s filing for a Grayscale Dogecoin Trust, marking the start of its review period. The potential deadline for a decision is mid-October.
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