The U.S. Securities and Exchange Commission has set November 12, 2025, as the final deadline to approve or deny Grayscale’s proposal to list a spot Hedera (HBAR) ETF on Nasdaq, marking the last possible extension under Section 19(b)(2) of the Securities Exchange Act.
Grayscale initially filed for the Hedera Trust on February 28 and later submitted a Form S-1 registration outlining the trust’s structure to hold HBAR and track its spot price. The review began on June 12 and has been extended multiple times. The commission can no longer delay its decision.
If the SEC approves the application, the move would open the door for the first U.S. spot HBAR ETF, allowing investors regulated market access to Hedera tokens. Approval would also represent a step toward broader institutional adoption of Hedera within traditional financial markets.
Conversely, if the SEC denies the filing, it must provide a detailed explanation—often citing concerns such as market surveillance, liquidity, or investor protection—which could prompt Grayscale to refile or pursue an appeal.
Market observers view this deadline as a pivotal moment for altcoin ETFs. Analysts have pegged approval odds for Grayscale’s proposal between 60% and 80% by year’s end, citing Hedera’s enterprise use cases and ISO 20022 compliance.
Canary Capital’s competing spot HBAR ETF faces an earlier final decision on November 8, a ruling that could influence subsequent outcomes.
Hedera has taken preemptive steps ahead of potential approvals, including transferring 250 million HBAR to its staking rewards account to activate yields and lock supply. The company has also teased “major developments” expected through November.
At least six distinct U.S. ETF filings tied to HBAR are now visible, including proposals from REX-Osprey and KraneShares, reflecting rising institutional demand.
On-chain activity and corporate tokenization use cases further bolster arguments that a regulated HBAR product could find receptive markets among institutional and retail investors alike.
The SEC’s ruling on November 12 will be watched closely as a barometer for altcoin ETF prospects in the United States.