The U.S. Securities and Exchange Commission (SEC) has announced that it will issue a final decision on November 12, 2025, regarding Grayscale’s proposal to launch a spot exchange-traded fund (ETF) for Hedera (HBAR).
This date marks the last possible extension — meaning the SEC must approve or reject the application by then.
If approved, the decision would pave the way for the first-ever spot HBAR ETF in the United States, giving investors regulated exposure to the Hedera token and potentially setting a precedent for future altcoin-based ETFs.
SEC Under Pressure — No More Extensions Allowed
The decision follows several months of delays.
Grayscale’s initial filing was submitted on February 28, 2025, with the review officially starting on June 12. The process has been postponed multiple times, most recently on September 9.
Under Section 19(b)(2) of the Securities Exchange Act, this latest deadline represents the maximum period allowed by law.
That means the SEC must issue a final ruling by November 12, either approving or denying Nasdaq’s proposal to list and trade Grayscale Hedera Trust shares.
If approved, the ETF would track the spot price of HBAR, similar to existing Bitcoin and Ethereum ETFs, but with stricter requirements for liquidity and transparency.
Grayscale has also filed a Form S-1 registration statement, outlining the trust’s structure, fees, and the methodology for tracking HBAR’s market price after accounting for liabilities.
Why It Matters — HBAR Could Open the Door for Altcoin ETFs
While Bitcoin and Ethereum ETFs have already secured regulatory approval in the U.S., altcoin ETFs remain in limbo.
HBAR could become the first major non-BTC/ETH altcoin to receive a green light from regulators.
The SEC’s cautious stance reflects concerns over market surveillance, volatility, and liquidity, yet analysts at YZi Labs estimate a 60–80% probability of approval — citing Hedera’s compliance with ISO 20022 standards and its institutional partnerships in tokenization and AI-integrated finance as key advantages.
Institutional Demand Surges
Institutional interest in crypto ETFs continues to grow rapidly.
Hedera’s proposal joins a growing list of filings, including those from REX-Osprey, KraneShares, and Canary Capital.
Notably, Canary Capital’s HBAR Spot ETF faces its own final SEC decision on November 8, just four days before Grayscale — a verdict that could influence the outcome of the latter.
Meanwhile, Hedera recently transferred 250 million HBAR into its staking rewards account, a pre-ETF strategy aimed at generating yield and reducing circulating supply, thereby boosting token stability and investor confidence.
On-chain data reveals rising network activity, particularly in enterprise tokenization, AI governance, and corporate integrations, signaling growing institutional traction.
November: The Month of Truth for Altcoins
The SEC is currently reviewing over 90 crypto-related ETF applications, including funds tied to XRP, Dogecoin, and Litecoin.
The decisions expected this November could define the next phase of institutional adoption in the crypto market.
If the Grayscale Hedera Spot ETF receives approval, it would mark a milestone — altcoins entering the regulated core of U.S. finance for the first time.
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