The U.S. Securities and Exchange Commission has set Nov. 12, 2025, as the final date to approve or deny Nasdaq’s proposal to list and trade the Grayscale Hedera Trust.
Summary
- The SEC must approve or deny Grayscale’s spot HBAR ETF by Nov. 12, with no further extensions possible.
- Approval would mark the first U.S. spot HBAR ETF, giving investors regulated access to Hedera’s native token.
- The decision follows rising institutional demand for altcoin ETFs amid increased regulatory scrutiny.
The SEC’s deadline marks the last stage of review for a potential U.S. spot HBAR ETF.
According to a Nov. 2 post on X by Financial Press, which attached the SEC filings, the extension represents the maximum period allowed under Section 19(b)(2) of the Securities Exchange Act. This means the SEC can no longer delay and must issue a ruling by that date.
If approved, it would introduce the first spot Hedera (HBAR) ETF to U.S. markets, offering regulated exposure to the token.
SEC filing and timeline
The proposal was initially filed by Greyscale on Feb. 28, in accordance with Nasdaq Rule 5711(d), which deals with trust shares that are based on commodities. Proceedings started on June 12 and were last postponed until Sept. 9.
The review has been extended multiple times. Grayscale also filed a Form S-1 registration statement outlining the trust’s structure to hold HBAR and track its spot price, net of fees and liabilities.
The SEC’s cautious approach to altcoin ETFs is reflected in this delay. Officials stated that more research on surveillance systems, volatility, and liquidity was necessary. Given Hedera’s enterprise adoption and ISO 20022 compliance, analysts now estimate a 60–80% chance of approval by year’s end.
Institutional momentum and ETF outlook
Hedera’s ETF prospects coincide with a growing list of crypto fund applications. Canary Capital’s spot HBAR ETF faces a final SEC decision on Nov. 8, four days earlier than Grayscale’s, and could set the tone for subsequent rulings.
Hedera has also made strategic moves in recent weeks, transferring 250 million HBAR to its staking rewards account, a pre-ETF strategy to activate yields and lock supply. The company has also been hinting at “major developments” through November.
There are now at least six U.S. ETF filings linked to HBAR, including those from REX-Osprey and KraneShares, as institutional demand for regulated crypto products grows. On-chain metrics show strong network activity and corporate use cases in tokenization, while X discussions suggest traders see the SEC decision window as a key test for altcoin ETF adoption.
With over 90 crypto-related ETF filings under review, including for XRP, Dogecoin, and Litecoin, the SEC’s November decisions could define the next phase of institutional crypto integration.
