• Canary Capital filed an S-1 registration for an HBAR ETF.
• The ETF seeks to provide investors exposure to Hedera's HBAR token.
• HBAR is up nearly 20% following the announcement.

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission (SEC) for an HBAR exchange-traded fund (ETF), which will offer investors exposure to the crypto asset's price.

Canary Capital seeks SEC approval for HBAR ETF

Canary Capital submitted an S-1 registration statement to the SEC on Tuesday for a Hedera HBAR spot exchange-traded fund (ETF). This is the first time an asset manager has proposed an ETF for HBAR.

The filing states that the fund aims to "provide exposure to the value of the native asset of the Hedera Network."

Canary Capital's S-1 filing also reveals that its HBAR ETF plans to exclusively hold HBAR directly. However, it does not specify a custodian or administrator for the fund.

Notably, Canary Capital recently introduced an HBAR Trust aimed at accredited investors in October. The firm has also previously filed registration statements to launch Litecoin, Solana and XRP ETFs. This initiative expands investment options for institutional investors seeking exposure to HBAR.