Nasdaq Stock Market LLC yesterday submitted a 19b-4 form to the US Securities and Exchange Commission to list and trade Grayscale’s spot Hedera exchange-traded fund (ETF).
The 19b-4 filing represents the second step in a two-part process for proposing a crypto ETF to the SEC. Once the SEC acknowledges the filing, it will be published in the Federal Register, starting the agency’s approval process.
This filing for Grayscale comes just a week after Nasdaq submitted a similar 19b-4 form for Canary Capital’s spot HBAR ETF. According to Bloomberg Senior ETF Analyst Eric Balchunas, Hedera and Litecoin currently have the “best odds and the pole position” among altcoin ETF applications because of their significant progress with the SEC.
Hedera is a decentralized public network that utilizes the Hashgraph consensus algorithm to enable transactions. Its token is governed by a council made up of major companies and organizations like Google and IBM, which oversee decision-making and token distribution.
