The U.S. Securities and Exchange Commission (SEC) has officially set November 12, 2025, as the final deadline to approve or deny Nasdaq’s proposal to list and trade the Grayscale Hedera Trust — a potential spot HBAR ETF.
If approved, the product would mark the first U.S.-listed ETF offering direct, regulated exposure to Hedera’s native token, HBAR.
📅 Final Deadline — No More Extensions
According to SEC filings shared by Financial Press on Nov. 2, this is the last possible extension allowed under Section 19(b)(2) of the Securities Exchange Act.
This means the SEC must issue a final decision by Nov. 12, with no further delays permitted.
The Grayscale Hedera Trust was originally filed on February 28, 2025, under Nasdaq Rule 5711(d) — governing trust shares backed by commodities or digital assets.
The review process began in June and has been postponed several times, most recently until September 9.
Grayscale has also submitted a Form S-1 registration outlining how the trust would hold HBAR and track its spot price, minus management fees and expenses.
🧩 Context: Cautious SEC, Rising Institutional Demand
The SEC’s cautious stance toward altcoin-based ETFs has been consistent, with regulators citing the need for further analysis of liquidity, volatility, and market surveillance.
However, growing institutional appetite for diversified crypto exposure has intensified pressure for approval.
Analysts now estimate a 60–80% likelihood that the Grayscale HBAR ETF will be approved by the end of the year — especially given Hedera’s enterprise integrations, ISO 20022 compliance, and on-chain transparency.
🪙 Competing HBAR ETF Proposals
Grayscale’s proposal is not the only one awaiting review.
- Canary Capital’s spot HBAR ETF faces an SEC decision on Nov. 8 — just four days earlier.
- The outcome of that ruling could set the tone for Grayscale’s case and other altcoin ETF applications.
- Other pending HBAR-related ETF filings include REX-Osprey and KraneShares, highlighting growing institutional interest in Hedera’s ecosystem.
⚙️ Hedera’s Strategic Moves Ahead of the Decision
In preparation for potential ETF inflows, Hedera recently transferred 250 million HBAR to its staking rewards account, signaling a move to activate yields and lock circulating supply.
The Hedera team has also teased “major developments” throughout November, fueling speculation that the network is aligning announcements with ETF timelines.
📊 The Bigger Picture — ETF Wave Expands
The SEC currently has over 90 crypto-related ETF filings under active review, including those tied to XRP, Dogecoin, and Litecoin.
Many analysts believe November 2025 could represent a turning point for altcoin ETF adoption, potentially opening the floodgates for a new wave of regulated crypto investment products.
Market observers say the SEC’s rulings on Hedera’s ETFs will be closely watched as a litmus test for how far regulators are willing to extend approval beyond Bitcoin and Ethereum.
💬 Bottom Line
- 🗓️ Final SEC decision on Grayscale’s HBAR ETF: Nov. 12, 2025
- ⚖️ No further extensions possible
- 💡 First-ever U.S. spot HBAR ETF if approved
- 📈 Analysts expect 60–80% approval odds
- 🏛️ Decision could shape future altcoin ETF policies
If approved, it would mark a milestone moment for both Hedera and the broader crypto ETF landscape, signaling that U.S. regulators are finally ready to expand beyond Bitcoin and Ethereum into the enterprise blockchain space.
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