PANews reported on November 13 that according to The Block, Canary Capital has submitted an application to the U.S. Securities and Exchange Commission (SEC) for the Hedera HBAR spot ETF, marking the first case of such a cryptocurrency fund. The crypto investment company submitted an S-1 registration statement to the SEC on Tuesday. According to the filing, the fund aims to "provide exposure to the value of Hedera network native assets." According to the filing, the Canary HBAR ETF intends to hold HBAR directly without using derivatives, futures or other financial instruments. Custodians and management agencies are not mentioned in the S-1 filing.

The company also previously launched the HBAR Trust for accredited investors in October. Canary Capital was founded by Steven McClurg, who previously founded Valkyrie Funds, which owns other spot cryptocurrency ETFs. Canary Capital has previously filed registration statements for spot Litecoin ETFs, Solana ETFs, and XRP ETFs.

Coingecko data shows that the price of HBAR briefly broke through $0.07 in the early morning, and has now fallen back to $0.06501, with a 24-hour increase of 11.1%.