The SEC has locked in November 12, 2025, as the final date to decide on Grayscale’s proposed Hedera (HBAR) spot ETF, ending months of extensions and speculation.
If approved, this would mark the first-ever U.S. spot Hedera ETF, giving investors regulated access to HBAR through Nasdaq. The decision represents the SEC’s last opportunity to approve or reject the proposal, no further delays are permitted under current rules.
Grayscale first submitted the application back in February, outlining a trust designed to hold HBAR and mirror its market price. The filing has gone through several review rounds, with regulators citing the need for deeper evaluation of liquidity, volatility, and market oversight systems.
Market watchers believe approval odds are rising, pointing to Hedera’s enterprise integrations, ISO 20022 alignment, and growing institutional interest. Analysts now estimate a 60–80% probability that the SEC will greenlight the ETF before year’s end.
Adding to the anticipation, Canary Capital’s spot HBAR ETF faces a separate SEC decision on November 8, potentially setting the tone for Grayscale’s outcome. Meanwhile, Hedera has been preparing for the possible ETF launch, moving 250 million HBAR into its staking rewards pool and teasing “major developments” in November.
With multiple HBAR ETF filings now under review and traditional institutions seeking more compliant exposure to blockchain assets, the SEC’s November ruling could become a defining moment for Hedera and the broader ETF market.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
