As of March 10, 2025, the U.S. Securities and Exchange Commission (SEC) is reviewing applications for spot Hedera $HBAR exchange-traded funds (ETFs) submitted by Grayscale Investments and Canary Capital. On March 3, 2025, Nasdaq filed a 19b-4 form to list and trade Grayscale's spot Hedera ETF, initiating the SEC's formal review process. Similarly, Canary Capital has filed both an amended S-1 form and a 19b-4 form, officially commencing its approval process with the SEC.

Bloomberg's Senior ETF Analyst, Eric Balchunas, has noted that Hedera and Litecoin currently hold favorable odds of securing SEC approval for their respective spot ETFs. The SEC typically has 45 days to approve, reject, or extend its review of ETF applications; if extended, the process could take up to 240 days before a final decision is reached.

The approval of these ETFs would enable investors to gain exposure to Hedera's HBAR token through traditional financial markets without directly holding the cryptocurrency. This development reflects the growing institutional interest in diversifying cryptocurrency investment options beyond Bitcoin and Ethereum.