Track market-moving stories before they get noisy

The growth of Hedera Council’s network of Strategic and Community Partners continues, with the addition of two new partnerships. This partnership program leverages the skills, networks and resources of industry leaders to drive real-world adoption of Hedera. 

Hedera Council’s latest collaborations expand Hedera’s capabilities for secure, decentralized infrastructure for real-world use cases, while enhancing Hedera’s technical offerings. Hedera’s latest Strategic Partner is WISeKey, a global expert in cybersecurity, digital identity and IoT solutions. As Hedera’s fourth Strategic Partner, WISeKey joins the Global Blockchain Business Council, Halborn and the Institutes RiskStream Collaborative.

Accelerating Authentication and Digital ID on Hedera

Based in Switzerland, WISeKey is strongly embedded in Web3 infrastructure, offering secure authentication and identification solutions for IoT, blockchain and AI. SEALCOIN AG, one of WISeKey’s established subsidiaries, focuses on the development of the SEALCOIN platform, which enables the autonomous exchange of verified, high value data secured by post-quantum cryptography. 

“Becoming a Strategic Partner of the Hedera Council reinforces WISeKey’s commitment to building trusted infrastructure for an increasingly connected and autonomous world,” said Carlos Moreira, Founder and CEO of WISeKey Group. 

“By combining WISeKey’s expertise in digital identity, cybersecurity, PQC-secure semiconductors and space-based IoT with Hedera’s enterprise-grade distributed ledger technology, we can accelerate the deployment of trusted digital ecosystems where devices, machines and organizations can identify, authenticate and transact securely at global scale. This partnership is an important step in turning decentralized technologies into real-world infrastructure for the digital economy.”

This strategic partnership builds on an existing use case in the Hedera ecosystem. Earlier this year, the Hashgraph Group launched the QAIT Q-Day Security Assessment Platform on the SEALCOIN Quantum Marketplace. The platform was designed to help enterprises, governments and critical infrastructure operators evaluate, monitor and mitigate cybersecurity risks associated with the emergence of quantum computing. 

Jonathan Llamas, Chief Product and Strategy Officer at SEALCOIN AG, added: “SEALCOIN was created around a simple premise: billions of connected devices and autonomous machines will increasingly need to transact with each other without sacrificing identity, security or trust. Hedera has been an active contributor to this vision, with a dedicated team of experts from its ecosystem working alongside us in the development of the SEALCOIN platform. By combining trusted device identity with Hedera’s scalable distributed infrastructure, we are building the foundations for machines to authenticate, exchange value and transact autonomously at global scale. This Strategic Partnership is a natural continuation of that collaboration and an important step toward making trusted machine-to-machine commerce a reality.”

Expanding Reach in Latin America

Hedera Council also proudly welcomes its eighth community partner, SpaceDev. The Council’s Community Partners bring strong ecosystem alignment and active participation, while driving adoption and awareness. SpaceDev is a Latin American software company, which has previously leveraged Hedera for its Blockchain for Energy (B4E) platform. This turned carbon-capture initiatives into auditable on-chain assets, replacing manual, error-prone workflows with a standardized, automated pipeline. 

As the Council’s newest Community Partner, SpaceDev brings its expertise in delivering digital products that offer secure, real-world solutions. Previously, SpaceDev has created software for platforms including Tether, WalletConnect, Rarible and UFCStrike, among many others. 

Currently ranked No. 2 among Clutch’s top blockchain companies, SpaceDev combines global reach with strong regional roots. Beyond its client work, the company supports the growth of Uruguay and Latin America’s blockchain landscape through educational programs, community events, and social initiatives that broaden access to technology.

Juan Manuel Sobral, CTO and co-founder of SpaceDev and President of the Blockchain Chamber of Uruguay, said: “Joining the Hedera Council Community Partner Program feels like a natural milestone in a story SpaceDev has been writing for years. We grew from Uruguay with the conviction that world-class technology can be created in Latin America, and that technical excellence becomes even more meaningful when it’s shared through education, community, and new opportunities. This recognition belongs to the talented people behind SpaceDev, as well as the clients and partners who have trusted us to bring ambitious ideas to life.”

To learn more about the Hedera Council partnership program, visit hederacouncil.org.

A Bridgeless Path Between Ledgers@hedera has opened a draft proposal for its Cross-Ledger Protocol, or CLPR (pronounced "clipper"), to public review, marking a significant step in the project's governance process. The draft was filed to the Hiero GitHub on August 19 by Hashgraph's Richard Bair and Edward Wertz, alongside Hedera co-founder Leemon Baird, before @hedera issued a public call for community feedback on Tuesday.

CLPR is designed to enable cryptographically secured communication and token transfers between independent blockchain networks, all without bridges, pooled liquidity, or intermediary validator networks. Under the proposal, a Hiero network would verify proofs of another ledger's state directly, meaning no wrapped tokens and no bridge validator set would sit in between the two chains.

Traditional bridges introduce intermediary trust points whose compromise can result in total loss of funds. CLPR instead establishes trust directly ledger-to-ledger using state proofs. Because it eliminates single points of failure and preserves each chain's native consensus model, security assumptions are not weakened, and transfers complete as fast as the underlying networks reach consensus.

Known Risks and the Road to ApprovalThe authors are candid about what remains unresolved. The proposal names verifier compromise as the primary systemic risk and flags an outstanding queue-flooding vulnerability that must be addressed before any production deployment.

The protocol is designed to be chain-agnostic. On the public blockchain side, CLPR is being built to first support major networks, including Ethereum and other widely adopted public chains. Its initial deployment targets interoperability between HashSphere private enterprise networks and the Hedera public network, covering both Sphere-to-Sphere and Sphere-to-Hedera transfers.

Before CLPR can reach the hedera-hashgraph native network, the proposal must clear two governance hurdles: approval from the Hiero Technical Steering Committee and formal acceptance by Hedera. Hiero is an open-source distributed ledger project under the Linux Foundation Decentralized Trust. That governance structure means the community review now underway is not ceremonial. Substantive feedback from the public comment period could shape the final specification before it advances.

Sources:
Hashgraph: CLPR, a new bridgeless standard for cross-ledger communication
PR Newswire: Hashgraph unveils three major announcements at HederaCon in Miami
Hiero Improvement Proposals on GitHub

Table of contents

Grayscale Investments has withdrawn the registration statements for three proposed single-asset exchange-traded funds tied to Cardano’s ADA, Polkadot’s DOT and Hedera’s HBAR. The asset manager submitted three Form RW requests to the U.S. Securities and Exchange Commission on Aug. 7, telling the regulator it “does not intend to proceed with the planned distribution” of the trusts’ shares, according to the SEC filing.

The withdrawals were sponsor-initiated under Rule 477 of the Securities Act of 1933, not the result of a formal SEC rejection. Grayscale said no securities had been issued or sold under the registrations, which had not yet become effective.

Because Grayscale chose to pull the filings before the SEC reached a decision, the move signals a change in the firm’s product priorities rather than a regulatory defeat. Grayscale gave no detailed explanation in the filings, which simply stated that the sponsor no longer intends to proceed.

The S-1 registration statements had been filed in late August and early September 2025 amid a broad wave of altcoin ETF applications. All three underlying tokens have fallen sharply since then, with DOT down the most on a year-to-date basis.

The broader altcoin ETF retreat The withdrawals are part of a wider cooling in the single-asset altcoin ETF category. Bitwise earlier withdrew a registration for a proposed Bitcoin and Ethereum ETF, and competition for inflows into smaller altcoin funds has intensified. Year to date, ADA has fallen more than 41%, DOT has lost about 54% and HBAR has shed roughly 35%, according to market data cited in coverage of the withdrawals.

Grayscale continues to operate a portfolio of roughly 17 ETF products, including its Bitcoin Mini Trust and Ethereum Staking Mini ETF.

What it means for the pipeline Dropping three altcoin funds narrows Grayscale’s proposed single-token pipeline and reflects a more selective approach to products whose demand has not matched the filings made a year ago. For issuers, the retreat suggests the next wave of ETF filings will favor assets with clearer institutional demand rather than breadth for its own sake. The firm can re-file if market conditions change.

AUTHOR

A freelance writer with a passion for crypto, delivering insightful and accurate content on blockchain and fintech. With a knack for translating complex concepts into accessible content, Eric produces well-researched articles, blog posts, and thought leadership pieces that cover the latest trends and developments in the digital finance space. His writing is aimed at educating and engaging both newcomers and industry experts, offering fresh insights into the world of cryptocurrencies, decentralized finance (DeFi), and blockchain innovations. Eric’s dedication to quality and accuracy makes him a trusted voice in the fintech and crypto communities

Hedera (HBAR) is drawing attention as it maintains a major demand zone in a broadly bearish crypto environment and sees its role expand in institutional finance. Despite the market’s downside pressure, traders are watching closely for early signs of a bullish reversal in the HBAR price.

HBAR price holds key supportHBAR trades at $0.06594, with a 24-hour volume of $30.91 million and market capitalization reaching $2.89 billion. The token gained 1.19% over the last 24 hours, and analysts note that both price structure and network activity suggest a possible shift to the upside for HBAR.

Crypto analyst Crypto Patel remarked that HBAR remains approximately 84% below its 2024 high and is yet to reclaim its former peak. Despite this, the $0.0435–$0.057 zone continues to act as a robust support level on the weekly timeframe, previously sparking significant rallies of 1,823%, 816%, and 1,600%.

Traders are monitoring this area for accumulation and increased buying before expecting an upward breakout in price. For a bullish reversal to materialize, market participants expect a liquidity sweep, a reclaim of the level, a change of character (CHoCH), and a break of structure (BOS).

Should these technical signals align, HBAR could set its sights on targets at $0.10, $0.30, $0.50, $0.70, and eventually $1 as broader bullish conditions take hold. However, a weekly close below $0.03563 may invalidate this bullish scenario, indicating heightened downside risk.

Level/ZoneDescription$0.0435–$0.057Key demand zone, historical support$0.10First major target in bull scenario$0.30, $0.50, $0.70, $1Further upside targets$0.03563Bearish invalidation thresholdUK FX pilot drives institutional progressHedera’s institutional momentum has accelerated with the completion of the UK’s first foreign exchange pilot using tokenized assets as collateral. The pilot, conducted in partnership with Lloyds Banking Group, Aberdeen Investments, and Archax, utilized Hedera’s network to settle trades involving tokenized money market funds and UK government bonds.

Token Relations indicated that the pilot highlights Hedera’s growing influence in the tokenization of real-world assets and its expanding role in financial infrastructure. The project also involves key integrations with Taurus, Utila, Mastercard, and Assetto, further reinforcing Hedera’s institutional engagement.

Mini dictionary: Hedera is a decentralized public network designed for enterprise-grade applications, using the Hashgraph consensus mechanism to provide fast, fair, and secure transactions. Tokenization refers to the representation of real-world assets on blockchain networks as digital tokens, enabling efficient settlement and greater access to traditional financial markets.

Hashgraph, the underlying protocol of Hedera, reported expanding adoption among institutions. Tools supporting developers and payment services have also contributed to wider usage of the Hedera network.

Price outlook and institutional impactWith the broader crypto market sentiment improving and Bitcoin showing recovery, HBAR has also experienced upward momentum. Analysts point out that the sustainability of this trend for HBAR largely depends on buyers defending the $0.0435–$0.057 zone and moving beyond important resistance levels.

Market observers believe confirmation of both a CHoCH and BOS would improve the probability of a bullish trend reversal, targeting $0.10 as the initial upside threshold. Rising institutional participation in real-world asset tokenization could further strengthen HBAR demand.

Traders continue to focus on the $0.0435–$0.057 region as a key area for potential accumulation and an early signal for new bullish momentum.

A close below $0.03563 on the weekly chart, however, would undermine the bullish case and may prompt further price declines.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Grayscale withdrew its Cardano, Polkadot, and Hedera ETF registrations in under four minutes on August 7, exactly two days before ADA cleared the SEC seasoning threshold. With Bitwise and Canary still in the race, the retreat says more about the economics of altcoin ETFs than about Cardano itself.

Summary

Grayscale filed three Form RW withdrawals with the SEC on August 7, 2026, pulling its Cardano Trust ETF, Polkadot Trust ETF, and Hedera Trust ETF registrations in a span of 190 seconds, with no shares issued, sold, or distributed under any of the three.

– Cardano completed its six-month CME futures seasoning period on August 9, 2026, two days after Grayscale walked away, clearing the threshold that would have allowed a spot ADA ETF to list under the SEC generic listing standards in as few as 75 days.

– Five other issuers, including Bitwise, Canary Capital, VanEck, and 21Shares, still have active ADA ETF filings, with the earliest possible SEC decision window falling around October 23, 2026.

– Grayscale reported a 20 percent revenue decline in its IPO filing, with GBTC and ETHE generating 88 percent of the firm’s roughly $318.7 million in nine-month revenue while bleeding a combined $30 billion in cumulative outflows since their ETF conversions.

– ADA trades near $0.196 with a $6.55 billion market cap, DOT sits at $0.805, and HBAR has fallen to $0.068, all down more than 60 percent from their all-time highs and collectively representing a fraction of the institutional demand that drove Bitcoin and Ethereum ETF launches.

At 4:33 p.m. Eastern on August 7, 2026, Grayscale Investments filed a Form RW with the SEC to withdraw its Cardano Trust ETF registration. Ninety seconds later, the Hedera Trust ETF followed. Two minutes after that, the Polkadot Trust ETF joined them. Three products, gone in 190 seconds, with identical boilerplate language and no public explanation beyond a statement that the company “no longer intends to proceed with the planned distributions.”

What makes the timing remarkable is not the speed of the filings but the date itself. Cardano’s CME futures contract, which launched on February 9, was two days away from completing its six-month seasoning period, the exact regulatory milestone that would have opened the door for a spot ADA ETF under the SEC’s streamlined listing framework. Grayscale did not just exit the altcoin ETF race. It exited on the finish line.

This piece examines why Grayscale pulled back, what the withdrawal reveals about the economics of altcoin ETFs in a soft market, whether Cardano’s institutional case was ever as strong as its community believed, and what the remaining filers face as they pursue products that the largest crypto asset manager in the world decided were not worth the trouble.

Three withdrawals, one message
The mechanics of the withdrawal are straightforward. Under SEC Rule 477, an issuer can voluntarily withdraw a registration statement before it becomes effective, provided no securities have been sold under it. Grayscale filed its S-1 registration statements for the Cardano, Polkadot, and Hedera trusts in late 2025 and early 2026 as part of a broader push to convert its private trust products into publicly traded ETFs, the same playbook that had already succeeded with GBTC and ETHE.

All three Form RW filings contained identical language. None cited a specific reason for withdrawal. The SEC accepted them without comment. Unlike a rejection, a voluntary withdrawal carries no stigma and no waiting period. Grayscale could refile tomorrow if it chose to.

But the coordinated nature of the withdrawals, three filings dispatched within minutes of each other at the close of a Thursday trading session, suggests a deliberate strategic decision, not a procedural adjustment. This was not a pause. It was a retreat.

The crypto market noticed. ADA fell more than 2 percent in the 24 hours following the news, while DOT dropped nearly 2 percent to $0.805 and HBAR slipped 2.24 percent to $0.068. The declines were modest in absolute terms but notable for tokens whose communities had been counting on ETF approval as a catalyst.

The seasoning clock and what it meant for Cardano
To understand why the timing matters, it helps to understand the regulatory machinery that Grayscale was walking away from.

In September 2025, the SEC approved new generic listing standards for crypto exchange-traded products. The framework allows eligible funds to list without undergoing the full 19b-4 rule-change process that had previously stretched approval timelines to 240 days or more per product. Under the new standards, a crypto asset qualifies for streamlined review if it has traded on a regulated futures market for at least six months.

CME Group launched Cardano futures on February 9, 2026. The six-month clock expired on August 9. On that date, ADA became the newest cryptocurrency to meet the SEC’s eligibility threshold, joining Bitcoin, Ethereum, Solana, and XRP in the small club of assets with a clear path to a spot ETF.

Grayscale knew this. Every issuer in the space knew this. The August 9 milestone had been widely discussed in industry circles for months, with multiple analysts noting that a filing activated on or after that date could see an SEC decision as early as October 23.

Yet Grayscale chose to withdraw two days before the clock expired. The company did not wait to see whether the newly eligible status would generate fresh institutional interest. It did not pause the filing to reassess. It killed it. For a company that spent years lobbying regulators to create the very framework that makes these products possible, the decision to abandon three of them on the eve of eligibility is a striking and deliberate reversal of strategy.

The economics of a product nobody wanted
The most likely explanation for Grayscale’s withdrawal is the simplest one: the numbers did not work.

Launching an ETF is not free. Legal fees, compliance infrastructure, market-making arrangements, custodial agreements, marketing, and ongoing regulatory reporting all carry costs. For a Bitcoin or Ethereum product with billions of dollars in potential demand, those costs are trivial relative to the revenue from management fees. For an altcoin ETF tracking a $6.55 billion asset with tepid institutional interest, the calculus is different.

Consider the existing data points. The Canary Capital HBAR ETF, which launched on Nasdaq in October 2025 as the third crypto asset to receive US spot ETF status, held approximately $49.14 million in net assets as of July 2, 2026. Its market-price return was negative 37.32 percent for the year and negative 63.32 percent since inception. Even at a generous 2 percent management fee, a $49 million fund generates under $1 million in annual revenue, a figure that may not cover the cost of running the product.

The broader altcoin ETF landscape tells a similar story. While XRP ETFs have accumulated roughly $1.5 billion in cumulative inflows and Solana funds have gathered about $1.15 billion, those figures pale next to the tens of billions that flowed into Bitcoin products. Below the top tier, demand drops off sharply. As CryptoSlate reported, “strong demand for three altcoins contrasts with weak, sporadic flows across the rest of the altcoin fund market.”

Grayscale already has a way to offer ADA exposure. Its CoinDesk Crypto 5 ETF, trading under the ticker GDLC, tracks an index that includes Bitcoin, Ethereum, XRP, Solana, and Cardano. For investors who want a small allocation to ADA within a diversified crypto portfolio, that product already exists. A standalone ADA ETF would have to compete not only with GDLC but also with direct ADA purchases on exchanges, an increasingly frictionless process for institutional buyers.

Grayscale’s fee problem and the IPO calculus
The withdrawal also needs to be read in the context of Grayscale’s broader financial position. The company filed for an IPO in late 2025, planning to list on the NYSE under the ticker GRAY. The S-1 filing revealed a business under significant pressure.

GBTC, charging 1.5 percent annually, and ETHE, charging 2.5 percent, together generate approximately 88 percent of Grayscale’s total revenue, roughly $345 million of an estimated $425 million annually. But both products have been hemorrhaging assets. GBTC has recorded approximately $25 billion in cumulative net outflows since its January 2024 ETF conversion, while ETHE has seen about $4.8 billion leave since July 2024. Investors are rotating into lower-fee alternatives: BlackRock’s IBIT charges 0.12 percent, and Fidelity’s FBTC charges 0.25 percent.

Grayscale responded by launching Mini versions of both products at 0.15 percent, which have attracted $3.3 billion in combined inflows since 2024. The company has also expanded into new product categories, filing for ETFs covering Solana, Chainlink, Zcash, Hyperliquid, and Canton, among others.

But expansion costs money. Every new product requires regulatory filings, compliance oversight, and operational infrastructure. For a company preparing to go public while watching its revenue decline 20 percent year over year, the question is not just “can we launch this product?” but “will this product generate enough revenue to justify the resources it consumes at the expense of higher-priority launches?”

For ADA, DOT, and HBAR, the answer appears to have been no. Meanwhile, Grayscale continues to pursue ETFs for assets where it sees stronger demand or strategic differentiation, including a Zcash ETF that would be the first US-listed privacy coin fund and a Canton Coin product tied to institutional blockchain infrastructure.

What the remaining filers face
Grayscale’s exit does not kill the Cardano ETF. Five other issuers have active filings, and the August 9 seasoning milestone remains valid regardless of who chooses to use it. Bitwise, Canary Capital, VanEck, 21Shares, and at least one additional filer are still in the queue.

But the remaining applicants face a market that has not been kind to altcoin ETF launches. The Canary HBAR ETF’s experience is instructive. Despite being one of the first altcoin spot ETFs in the United States, it launched with just $47.8 million in assets and has struggled to attract meaningful inflows since. The lesson is that regulatory approval alone does not create demand. Without institutional buyers willing to allocate capital to a specific token through an ETF wrapper, the product sits on the shelf.

Cardano has some advantages that HBAR lacked at launch. Its market cap of $6.55 billion is substantially larger. It has 16 consecutive months of net inflows into ADA investment products, according to Blockworks data. Clearstream added ADA to its MiCA-regulated custody earlier in 2026, creating a pathway for European institutional demand. And the Cardano community, whatever its other characteristics, is large and vocal.

But “large and vocal” does not always translate to “willing to buy an ETF.” Much of Cardano’s holder base consists of retail investors who already own ADA directly and have no reason to pay a management fee for wrapper exposure. The institutional demand that drove Bitcoin ETFs, pension funds, endowments, and registered investment advisors seeking regulated access to an asset they could not otherwise hold, may simply not exist at scale for a $0.20 token that remains down more than 90 percent from its all-time high of $3.10.

There is also a structural question about what an ADA ETF would actually hold. Unlike Solana and Ethereum, which have attracted issuers partly because staking yields can offset management fees and generate a positive carry for the fund, Cardano staking within a US ETF wrapper remains untested. Grayscale’s Solana Staking ETF and its Ethereum Staking Mini ETF both offer yield as a differentiator. A plain vanilla ADA spot product without staking would compete for capital against yield-bearing alternatives, a disadvantage that grows more acute as the ETF market matures and investors become more sophisticated about total return.

The fee question compounds the problem. Morgan Stanley launched Ethereum and Solana ETFs at 0.14 percent, setting a new floor for the industry. Any ADA ETF entering the market would face pressure to match or undercut that rate, further compressing the already thin revenue projections for a fund that might attract only a fraction of the assets that Solana products have gathered.

The October 23 decision window, if a filing activates promptly after August 9, will be the first real test. If an ADA ETF launches and attracts meaningful flows, the altcoin ETF thesis survives. If it launches to the same tepid reception that greeted HBAR, the market will have its answer.

The opposing case at full strength
The bearish reading of Grayscale’s withdrawal, that altcoin ETFs are a dead end and institutional demand for anything below the top four crypto assets is negligible, deserves a serious challenge.

First, the timing may not be as significant as it appears. Grayscale could have decided weeks earlier to withdraw and simply waited for a convenient filing window. The proximity to August 9 may be coincidental rather than calculated.

Second, Grayscale’s withdrawal is a single data point from a company with specific financial pressures that do not apply to every issuer. Bitwise, for example, operates a leaner business model and has built its brand around altcoin exposure. A product that does not pencil out for Grayscale, with its overhead and IPO-related cost scrutiny, might be perfectly viable for a smaller issuer willing to accept thinner margins in exchange for market positioning.

Third, the altcoin ETF market is young. Bitcoin ETFs attracted modest flows in their first weeks before institutional allocators gradually built positions over quarters. The same pattern could repeat with ADA, particularly as the October decision date coincides with a period when institutional investors typically make fourth-quarter allocation decisions.

Fourth, Cardano’s fundamentals have continued to develop. The network processed its highest transaction volumes in early 2026, governance mechanisms are active, and the Ouroboros consensus protocol remains one of the few proof-of-stake systems with formal academic verification. An ETF issuer could reasonably argue that the market has not yet priced in these fundamentals.

Fifth, and most important, the thesis would be invalidated if an ADA ETF launches in October and attracts more than $200 million in its first 90 days. That would suggest institutional demand exists and that Grayscale simply miscalculated. It would also likely prompt Grayscale to refile, as the company has shown no reluctance to reverse course when market conditions shift.

The 190-second signal the market missed
There is a detail in the withdrawal filings that has received less attention than it deserves, and that a competitor publication is unlikely to have noticed.

The three Form RW filings were submitted in a specific order: Cardano at 4:33:37 p.m. ET, Hedera at 4:34:55 p.m., and Polkadot at 4:36:47 p.m. The gaps between them, 78 seconds and then 112 seconds, suggest a single operator submitting sequential EDGAR filings, not three independent decisions happening to arrive at the same conclusion.

This matters because the order tracks roughly with market capitalization at the time of filing. ADA, the largest of the three at $6.55 billion, went first. HBAR, at roughly $3.1 billion, went second. DOT, at approximately $1.5 billion, went last. If Grayscale had withdrawn in alphabetical order or reverse chronological order by filing date, the sequence would have been different.

The implication is that even the largest of the three, Cardano, was not considered worth salvaging. Grayscale did not withdraw DOT and HBAR while keeping ADA alive for another few days to see how the seasoning milestone played out. It treated all three as a single portfolio decision, suggesting that the threshold for “worth pursuing” sits somewhere above ADA’s $6.55 billion market cap and below the market capitalization of the assets for which Grayscale is still filing, such as Solana at roughly $80 billion.

That threshold has implications far beyond Cardano. If the cutoff for a viable standalone crypto ETF sits at tens of billions in market capitalization, then the long tail of altcoin ETF filings currently working through the SEC, covering everything from Chainlink to Worldcoin, may face the same economic headwinds. The broader question of whether altcoin ETF demand can sustain product expansion is one the industry has been reluctant to confront.

What to watch
October 23 decision window: If an issuer activates a spot ADA ETF filing promptly after August 9, the SEC’s 75-day review period points to late October. The size of first-week inflows will reveal whether institutional demand for Cardano exists at scale or remains a community aspiration.

Canary and Bitwise filing amendments: Watch for S-1/A amendments from the remaining ADA ETF applicants. Active amendments signal continued commitment. Silence or withdrawal notices would confirm Grayscale’s assessment that the market is not ready.

HBAR ETF flow trajectory: The Canary HBAR ETF’s performance over the next 60 days serves as a leading indicator for ADA. If HBAR flows stabilize or reverse, it suggests growing comfort with altcoin ETF exposure. Continued outflows would validate the bearish thesis.

Grayscale IPO pricing and product roadmap: When Grayscale sets its IPO price and releases an updated product strategy, look for whether altcoin ETFs feature in the forward plan or are quietly dropped from the narrative. The company’s selective approach to new filings, prioritizing niche products with differentiation over large-cap altcoin duplicates, may become the template for the industry.

ADA price action relative to ETF catalysts: If ADA fails to rally on actual ETF approval after failing to rally on eligibility, the disconnect between community expectations and market reality will be impossible to ignore. A sustained move above $0.30 on ETF-related news would challenge the thesis that the token lacks institutional appeal.

The information presented in this article is for educational and informational purposes only. It does not constitute financial, investment, legal, or tax advice. Cryptocurrency investments carry significant risk, including the potential loss of all invested capital. Readers should conduct their own research and consult qualified financial advisors before making any investment decisions. Crypto.news does not endorse the purchase, sale, or holding of any cryptocurrency or financial instrument. Past performance is not indicative of future results. Published August 14, 2026.

Is the ADA ETF still happening without Grayscale?
Yes. Five other issuers, including Bitwise, Canary Capital, VanEck, and 21Shares, have active spot ADA ETF filings. Grayscale’s withdrawal is a business decision by one company, not a regulatory barrier. The August 9 seasoning milestone remains valid for any issuer that chooses to proceed, and the earliest SEC decision window falls around October 23, 2026.

Why did Grayscale withdraw all three at once instead of keeping the Cardano filing?
The coordinated withdrawal, completed in 190 seconds, suggests Grayscale treated ADA, DOT, and HBAR as a single portfolio decision rather than evaluating each asset independently. The most likely explanation is that none of the three met an internal threshold for projected demand, and the company chose to reallocate resources toward products with stronger revenue potential.

What is the CME futures seasoning period and why does it matter?
The SEC’s generic listing standards require a crypto asset to trade on a regulated futures market for at least six months before it can qualify for streamlined spot ETF review. CME launched Cardano futures on February 9, 2026, and the six-month period ended on August 9. Meeting this threshold allows an ETF to list in approximately 75 days rather than the 240 days required under the old per-product approval process.

How much would a Cardano ETF need to attract in assets to be commercially viable?
Based on the Canary HBAR ETF’s experience, a fund with under $50 million in assets generates less than $1 million in annual fee revenue, even at a 2 percent management fee. A standalone ADA ETF would likely need at least $200 million to $300 million in assets under management to cover operating costs and generate meaningful returns for the issuer. By comparison, XRP ETFs have attracted roughly $1.5 billion and Solana funds about $1.15 billion.

Could Grayscale refile for a Cardano ETF later?
A voluntary withdrawal under SEC Rule 477 carries no penalties, waiting periods, or stigma. Grayscale could refile an S-1 registration statement for a Cardano Trust ETF at any time. The company has previously shown willingness to adjust its product strategy based on market conditions, and a surge in ADA institutional demand could prompt a reversal.

What does Grayscale’s withdrawal mean for DOT and HBAR prices?
The immediate price impact was modest: ADA fell about 2 percent, DOT dropped nearly 2 percent to $0.805, and HBAR slipped 2.24 percent to $0.068. The withdrawals removed a potential catalyst for these tokens but did not change their underlying fundamentals. For HBAR, the Canary ETF already exists, so the loss of a Grayscale competitor may actually reduce selling pressure from fee competition.

Are altcoin ETFs still worth pursuing for issuers?
The market is splitting into tiers. Bitcoin and Ethereum ETFs have attracted tens of billions. Solana and XRP funds have crossed the $1 billion mark. Below that level, flows are sporadic and concentrated among a handful of products. The question is whether assets like Cardano can reach the second tier or whether the viable ETF universe stops at four or five cryptocurrencies.

Should investors buy ADA ahead of a potential ETF approval?
Every previous crypto ETF approval in the United States has followed a pattern where the token price rallied on anticipation and was flat or lower on actual approval day. ADA has already failed to rally meaningfully on its eligibility milestone, suggesting the market may have priced in the possibility. Any investment decision should account for the significant gap between ETF eligibility and actual investor demand for an ETF product. This is educational analysis, not investment advice.

Grayscale withdrew registration statements for three planned U.S. altcoin exchange traded products on Aug. 7, ending the current registration process for its Cardano, Hedera and Polkadot funds. 

Summary

Grayscale withdrew Cardano, Hedera and Polkadot ETF registrations through three Form RW filings on Friday. All three filings state registrations never became effective and no securities were issued or sold. NYSE Arca and Nasdaq had already withdrawn corresponding listing proposals during September and November 2025. SEC generic listing standards now let qualifying crypto products bypass separate exchange rule change filings. Bittensor, Aave, BNB, NEAR and Zcash registrations remained preliminary in recent SEC filings reviewed. SEC records show the three Form RW submissions were accepted between 4:33:37 p.m. and 4:36:47 p.m. ET, a span of exactly 190 seconds.

The filings are withdrawal requests, not SEC rejections. Grayscale said it no longer intends to proceed with the planned distribution of shares under those registration statements. It also confirmed that none had become effective and that no securities had been issued or sold.

Grayscale withdraws three S-1 registrations The Cardano filing sought withdrawal of registration statement No. 333-289948, originally filed in August 2025. The Hedera request covered No. 333-290129, first filed in September 2025, while the Polkadot filing covered No. 333-289949, also first filed in August 2025.

Grayscale Withdraws Registration Applications for ADA, HBAR and DOT ETFs

According to SEC filings, Grayscale filed three Form RW submissions on August 7, withdrawing the S-1 registration statements for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF and Grayscale… pic.twitter.com/haXOpqcOuE

— Wu Blockchain (@WuBlockchain) August 10, 2026 Each request gives the same core explanation: the sponsor does not intend to proceed with the planned share distribution. The documents provide no separate commercial, demand related or regulatory reason. They also state that no preliminary prospectus had been distributed.

Meanwhile, the latest withdrawals follow earlier exits on the exchange listing side. SEC records show NYSE Arca withdrew its proposed rule change for the Grayscale Cardano Trust on Sept. 29, 2025. Nasdaq’s proposed rule changes for the Grayscale Polkadot Trust and Grayscale Hedera Trust were both withdrawn on Nov. 3, 2025.

Those exchange proposals were separate from the S-1 registrations withdrawn on Aug. 7. The Cardano review was covered as previously reported, while Nasdaq’s Polkadot proposal appeared in earlier related coverage. The Hedera review also entered the SEC process in March 2025, as crypto.news reported in its earlier coverage.

New SEC rules changed the crypto ETF approval route The regulatory backdrop changed after those original exchange proposals were filed. In September 2025, the SEC approved generic listing standards allowing qualifying commodity based trust shares, including digital asset products, to list without a separate Section 19(b) rule change for each fund.

The faster exchange route does not replace Securities Act registration. A sponsor still needs an effective registration statement before selling shares. That distinction matters here because Grayscale withdrew the S-1 layer itself. A current overview of the U.S. ETF process explains how exchange listing and registration now operate separately.

What happens next for Grayscale’s altcoin ETF slate Under Rule 477(b), an application to withdraw an entire registration statement before effectiveness is deemed granted when filed unless the SEC objects within 15 calendar days. The three requests therefore take effect without a separate approval order unless the Commission intervenes during that window.

The withdrawals do not establish that the SEC rejected ADA, HBAR or DOT products, and they do not prevent Grayscale from filing again later. For now, SEC records reviewed Aug. 10 show preliminary registrations for Bittensor, Aave, BNB, NEAR and Zcash at different stages. The Zcash registration received its third amendment on July 31.

Grayscale also has altcoin products further along. The SEC declared the Grayscale Avalanche Staking ETF registration effective on March 11 and the Grayscale Hyperliquid Staking ETF registration effective on June 2. Those differing statuses show the Aug. 7 filings are not evidence of a companywide retreat from altcoin exchange traded products.

What remains unknown is why Grayscale ended these three registrations together. The filings give no explanation beyond the decision not to proceed, leaving claims about investor demand, economics or regulatory resistance unconfirmed.

Hedera’s native token, HBAR, is exhibiting renewed bullish momentum, driven by both sustained investor accumulation and the network’s push to expand institutional blockchain adoption. Recent developments have spotlighted Hedera’s strengthening position in delivering real-world asset infrastructure, with the integration of Archax’s real-time USDC interest payments marking a key milestone for the ecosystem.

HBAR Price Holds Key Support Amid AccumulationAt the time of writing, HBAR trades at $0.06970, with a 24-hour trading volume of $42.53 million and a market capitalization of $3.05 billion. The token has slipped 1.16% over the past day, but its price structure and underlying network activity suggest potential for a bullish reversal in the near term.

Crypto market analyst Cai Soren stated that HBAR is recovering from recent price weakness, underpinned by steady accumulation from buyers. He pointed out a consistent defense of key support levels during market pullbacks, which has limited further declines and indicated strengthening demand beneath key resistance areas.

As investor sentiment gradually improves, HBAR is now approaching a critical price level that could determine its medium-term trajectory. Analysts note that a convincing breakout could propel HBAR towards the $0.086 mark, citing increasing buying interest at these levels. Until a breakout is confirmed, market focus remains on the sustainability of the current bullish pattern.

Recent price action indicates steady accumulation among investors, with buyers holding key supports and building the foundation for renewed upward momentum. If HBAR clears resistance, analysts expect a push towards $0.086 on strong buying interest.

Archax Integrates Real-Time USDC Interest on HederaArchax has launched real-time streaming cash flows on the Hedera network, making it possible for users to receive interest payments in USDC on a near second-by-second basis. Rather than waiting for periodic payouts, investors see their wallet balances continuously update as interest accrues. This innovation demonstrates how blockchain technology can modernize income distribution processes, with rapid settlement and increased transparency.

The dynamic payment system also adjusts cash flows immediately whenever tokenized asset ownership changes, ensuring that all stakeholders receive their proportionate share of interest. Fractionalized assets are also accommodated within this model, as payments are distributed according to the percentage of ownership held by each holder.

Under the new system, investors benefit from instant balance updates, with interest automatically adjusted and paid out to wallet holders as soon as ownership changes occur. This approach streamlines payments and brings new efficiency to digital asset management.

Platforms Simplifying Access to Real-World AssetsTechnological advancements such as Archax’s real-time USDC payments on Hedera highlight a broader trend in the integration of traditional and digital finance. In this evolving environment, platforms like 1stepSwap are emerging as practical solutions for users seeking seamless access to real-world assets on the blockchain. 1stepSwap enables investors to purchase shares of major U.S. companies and commodities like gold and silver directly through their wallets, eliminating complex procedures and intermediaries. The platform’s ability to source the best available prices in real time helps investors diversify portfolios efficiently, as major global assets become accessible within seconds.

Outlook Remains Focused on Breakout PotentialThe immediate direction for HBAR depends on whether buyers can propel the price above key resistance and confirm a bullish breakout. Increased demand could set the stage for further gains, while ongoing institutional adoption and new tokenized asset use cases bolster support for the network.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Enterprise blockchain adoption doesn’t get limelight overnight, but Hedera today added another piece to a much bigger puzzle. The network has integrated with Utila, which is known as an institutional grade digital asset custody and wallet infra provider.

By joining hands they are expanding secure access to HBAR and Hedera Token Service (HTS) tokens for enterprises operating at scale.

The partnership arrives as Hedera continues building its presence across regulated financial markets, where security, compliance, and operational control often matter more than hype.

Utila Brings Institutional-Grade InfrastructureUtila enters the collaboration with solid credentials. The platform has secured $51.5 million in funding and processes more than $200 billion in transaction volume, offering Multi-Party Computation (MPC) wallets, customizable policy controls, and enterprise-focused APIs.

For organizations managing HBAR and HTS tokens, the integration introduces compliance-focused custody infrastructure. Which is designed to simplify digital asset operations without compromising security. That lowers the entry barrier for financial institutions seeking blockchain exposure within regulated environments.

Project Acacia Expands Hedera’s ReachThe integration extends beyond custody services. Utila is serving as a key infrastructure provider for project Acacia, the Reserve Bank of Australia’s digital money pilot, alongside Hashgraph and Hashsphere. The initiative operates on a private network powered by Loading profile preview technology, placing the blockchain within a high-profile state-backed financial experiment.

That role reinforces Hedera’s growing reputation as infrastructure capable of supporting enterprise and government-level blockchain deployments.

Network Activity Continues To ScaleMoreover, the latest partnership follows another notable development for Hedera. Per onchain data the rising graph shows increases in transaction counts. Per chart, it is approaching 72 Billions in cumulative transactions count that has been processed across its network.

That figure highlights sustained enterprise usage rather than isolated bursts of activity. As transaction volumes continue growing, Utila integration appears less like an optional upgrade and more like a necessary step.

For Hedera, enterprise adoption isn’t being measured by announcements alone. It’s increasingly being backed by transaction volume, regulated infrastructure, and participation in large-scale financial initiatives.

Loading article prices

Story Ends Here

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Read the Next News

Lloyds Banking Group, asset manager Aberdeen, and digital asset exchange Archax have completed the United Kingdom’s first foreign exchange (FX) trades backed by tokenized real-world assets as collateral. These transactions were conducted on the Hedera blockchain, using a regulated digital asset framework.

Tokenized collateral supports institutional FX tradesThe pilot project leveraged tokenized shares in Aberdeen’s money market fund and digitized UK government bonds, also known as gilts, as collateral for the FX trades between Lloyds and Aberdeen. Both assets were created in digital form and managed on-chain, representing a new method for handling transaction guarantees in financial markets.

The United Kingdom processes roughly $5.4 trillion in daily FX and interest rate derivatives, placing significant importance on innovations that improve collateral management and efficiency for institutions.

Traditional collateral and margining mechanisms often encounter delays, high costs, and operational friction, particularly during periods of market stress. Many existing workflows rely on manual checks and delayed settlements, making rapid asset movement difficult when it is most critical.

Lloyds, Aberdeen, and Archax piloted a system using regulated, tokenized assets for collateral in the FX market, aiming to address long-standing inefficiencies in collateral movement and reduce operational risks.

In FX markets, firms must quickly move collateral in response to price swings, as any lag can increase pressure and force asset sales. The tokenized model demonstrated by the pilot allowed for near real-time movements, improving liquidity management between financial entities.

Archax issues tokenized assets via Hedera blockchainArchax, the UK’s first FCA-regulated digital asset exchange and tokenization platform, was responsible for issuing, transferring, and safeguarding the tokenized money market fund units and UK gilts on Hedera. This integration connected regulated oversight with blockchain-based asset exchange.

The trial also utilized Archax’s Nest permissioned DeFi collateral transfer network. Permissioned DeFi restricts access to authorized users, enabling financial institutions to explore blockchain features in a secure and compliant context.

The system allowed banks, asset managers, and trading firms to program and transfer tokenized assets on-chain almost instantaneously. This streamlined process reduced the complexity and workload of settlement and margin activities.

Mini dictionary: Archax – A UK-based digital asset exchange and tokenization platform, authorized and regulated by the Financial Conduct Authority (FCA), facilitating the issuance and trading of tokenized securities for institutions.

ParticipantRoleContributionLloyds Banking GroupBankFX trades, collateral participantAberdeenAsset ManagerTokenized money market funds, FX tradesArchaxDigital Asset ExchangeIssuing and custody of tokenized assetsHederaBlockchain NetworkOn-chain settlement infrastructureTreasury report recognizes pilot as industry milestoneThe HM Treasury-backed Wholesale Digital Markets Champion report recognized the pilot as a leading example in the field of digital wholesale markets. It highlighted the project’s demonstration of tokenized collateral as tangible industry progress.

The report examined how to scale digital wholesale markets across the UK, emphasizing projects led by regulated financial firms to advance adoption of blockchain-based solutions. Tokenization of collateral was identified as a key area for innovation and broader adoption.

Allan Trimmer, Head of Product at Aberdeen, emphasized the company’s alignment with Hedera, citing the network’s strengths in transparency, robust governance, and environmental sustainability. He described Hedera as one of the most energy-efficient blockchain platforms available.

Aberdeen highlighted Hedera’s transparency, governance structure, and low energy consumption as deciding factors in its use during the FX collateral pilot.

Hedera provided the necessary technology for fast settlements and institutional-grade blockchain infrastructure, managed by a council of major global organizations. This structure offers both security and scalability for large-scale financial operations.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Hedera’s native token HBAR has fallen more than 2% after blockchain security researchers reported that a suspected exploit had moved more than $5.8 million in assets from the Hedera network to Ethereum.

Summary

Suspected Hedera exploit moved more than $5.8 million in assets to Ethereum, according to blockchain security researchers. Specter and PeckShield said the attacker bridged funds through LayerZero before swapping WBTC for ETH. HBAR fell more than 2%, trading near $0.069 as the reported exploit unfolded. According to blockchain security researcher Specter, the suspected attacker had already bridged more than $3.7 million worth of assets from Hedera to Ethereum before continuing to move additional funds.

There appears to be an ongoing hack involving @hedera Network, with over $3.7M already bridged to Ethereum by the attacker.

The stolen funds are currently being swapped from WBTC for ETH after being bridged from the Hedera network via Layerzero.

Theft addresses:… pic.twitter.com/KSxd3K2vlu

— Specter (@SpecterAnalyst) July 11, 2026 Specter said the stolen assets were being swapped from Wrapped Bitcoin (WBTC) into Ether (ETH) after crossing chains through LayerZero. The researcher also published two wallet addresses believed to be linked to the incident.

At the time of writing, CryptoBull360 reported that the wallet’s estimated value had increased to roughly $5.8 million, indicating that more assets had reached Ethereum after the initial transfers. The shared wallet data showed holdings of about 3,203 ETH, representing nearly 80% of the portfolio, alongside roughly 20% in WBTC.

According to data from crypto.news, Hedera (HBAR) price traded around $0.069, down more than 2% following the reports of the suspected exploit.

Cross-chain transfers have continued after the initial breach As additional transactions appeared on-chain, blockchain security firm PeckShield said the suspected exploit had already transferred approximately $5.25 million from the Hedera mainnet to Ethereum. The firm added that the wallet held around 2,360 ETH, valued at roughly $4.25 million, and 15.58 WBTC, worth about $1 million, at the time of its analysis.

PeckShield also reported that the wallet had originally been funded with 1 ETH from Tornado Cash, citing on-chain transaction history. The observation identifies the source of the wallet’s initial funding but does not establish who controls the address or who carried out the alleged attack.

The wallet screenshots shared by both Specter and PeckShield showed a series of inbound transfers arriving within a short period before the assets were converted into ETH.

Investigation remains ongoing as official details are limited Neither Specter nor PeckShield identified the party responsible for the suspected exploit, and no official estimate of the total losses had been released at the time of writing. The reported value of the stolen assets continued to change as additional funds were observed moving through the wallet.

The incident is still developing, with blockchain security researchers continuing to monitor the addresses and publish updates as new transactions appear on-chain. Meanwhile, market participants are watching for an official statement from the Hedera team regarding the reported exploit and any measures taken to contain its impact.

The Hedera incident comes amid a series of security-related developments reported by crypto.news in recent weeks. Blockaid recently said it detected an active exploit targeting Summer.fi, estimating losses of about $6 million at the time of its alert.

Separately, Ctrl Wallet announced it will permanently shut down after a security exploit affecting some Cardano wallets, giving users until Aug. 3 to withdraw their assets. Meanwhile, crypto.news also reported that Secret Network has proposed migrating SCRT from Cosmos to Arbitrum, with the team citing security risks, weaker liquidity, and an aging codebase in its July 7 governance proposal.

Hedera-based lending protocol Bonzo Lend lost about $9 million after an attacker manipulated the price of SAUCE used as collateral, allowing the account to borrow assets far beyond the value deposited.

In a preliminary incident report published Saturday, Bonzo said the attacker deposited 250 SAUCE, worth only a few dollars, before submitting a price update that inflated the token’s value by roughly 12 orders of magnitude. The wallet then borrowed 6.63 million USDC and 34.5 million wrapped HBAR from the lending pool.

The case illustrates how oracle failures can turn low-value collateral into a tool for draining large amounts of liquidity from lending protocols, even when the application and underlying network continue operating as designed. 

Bonzo attributed the incident to a flaw in Supra’s on-chain oracle verifier, which accepted a manipulated SAUCE price carrying a zeroed signature. The protocol said Supra acknowledged the issue and deployed a fix, while stressing that the incident was not a vulnerability in Bonzo Lend’s contracts or Hedera’s core network.

Estimated economic impact of the incident. Source: Bonzo Finance

DeFi hacks continue to pressure the sector The incident adds to a growing number of exploits targeting decentralized finance (DeFi) protocols in 2026. 

The second quarter had become the most-hacked quarter on record by incident count, with 83 exploits and about $755 million stolen. Cross-chain bridge exploits accounted for $351 million, while compromised administrator attacks and fake token price manipulation represented 37% of quarterly losses. 

In 2026, DeFi’s total value locked (TVL) had fallen 39% to over $70 billion in June from about $115 billion in January. CryptoRank recorded 121 hacks and roughly $942 million in losses over the period, saying repeated security incidents likely weighed on user confidence and reinforced capital outflows.

The Bonzo incident also follows a similar collateral-pricing exploit on Stellar. In February, attackers drained roughly $10 million from a YieldBlox DAO-managed lending pool after manipulating the price path used to value USTRY collateral, allowing them to borrow assets beyond the token’s real worth. 

Magazine: Will the crypto lobby's $189M campaign get CLARITY over the line?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

The Canary Capital Hedera ETF (Nasdaq: HBR) recorded its largest single-day inflows in nearly seven weeks on July 2, pulling in $989,000 in net new capital. The figure marks the first inflows the product has seen since June 12 and comes close to matching the fund's previous high-water mark of $1.01 million, set on May 15.

The timing is notable. The U.S. spot ETF for $HBAR, launched by Canary Capital, had recorded zero investor inflows for multiple consecutive weeks as of late June 2026, with another week of no capital flows noted as recently as June 27. The July 2 reading breaks that run of silence and puts the fund back in positive territory, at least for now.

A Brief History of HBRCanary Capital launched the Canary HBAR ETF (Nasdaq: HBR), a U.S. exchange-traded fund providing spot exposure to $HBAR, the native token of the Hedera network, with the fund declared effective by the SEC and beginning trading on October 28, 2025. Unlike futures-based funds, HBR holds actual HBAR tokens in custody, making it the first-ever spot ETF offering direct exposure to HBAR.

The ETF currently holds 1.56% of $HBAR's circulating supply, according to data cited by @BSCNews. That figure has grown steadily since launch. As of late March 2026, the fund had accumulated 549 million HBAR, representing 1.3% of circulating supply and $93 million in total inflows.

Context and What to WatchThe brief return of inflows comes against a backdrop of mixed signals for the product. The prior stretch of stagnation contrasted with active flows into other altcoin ETFs, indicating a lack of fresh institutional capital specifically for HBAR.

On the regulatory front, the picture is more constructive. Hedera's regulatory position strengthened on March 17, 2026, when the SEC and CFTC jointly classified HBAR as a "digital commodity," removing major legal uncertainty. That foundation supports the 15 active spot ETF filings, including those from Grayscale and Bitwise, alongside the existing Canary product.

Whether July 2's inflows represent a turning point or a one-off remains to be seen. For now, the fund's holders will be watching closely to see if institutional interest can sustain itself through the summer.

Sources:
Canary Capital Launches Spot HBAR ETF (Business Wire)
Canary Capital: Spot HBAR ETF Launch
Latest Hedera News and Market Insights (CoinMarketCap)

A Legal Foundation for Agentic CommerceHedera has joined as a founding member of the Legal Context Protocol (LCP), a new open standard designed to give AI agent transactions a verifiable legal framework. The American Arbitration Association (AAA), together with Integra Ledger, launched the LCP on June 24 as a new open standard that makes legal terms, consent, and dispute resolution discoverable and verifiable when AI agents transact on behalf of people and organizations.

Founding contributors include Google, IBM, Circle, Wayfair, Stellar Development Foundation, Ava Labs, UiPath, Cardano, Hedera, Crossmint, Pinata, Aptos Foundation, Baselayer, Trinsic, First Person Cooperative, Sei Labs, and Mysten Labs, the original contributor to Sui.

Payments and identity checks already exist for AI agents, but there has been no shared system for proving the legal terms, jurisdiction, and dispute process. David Fisher, CEO of Integra Ledger, framed the gap plainly: "Payment infrastructure is actively being built for AI agents. The legal layer, what was agreed, under what terms, and how disputes will be resolved, is not. LCP provides the essential legal layer, built as an open standard that can be added to all payment rails and protocols."

Hedera's Role and the Scale of the OpportunityAs AI agents start making decisions and transacting on our behalf, Mance Harmon, co-founder of Hedera, said "we need to know there's a clear answer to what happens if something goes wrong." He added that LCP gives agentic commerce a missing layer of trust that requires no new infrastructure to adopt.

AI agents are already negotiating services, executing procurement, and settling payments autonomously. Gartner projects that by 2028, 90% of B2B purchases will be intermediated by AI agents, channeling more than $15 trillion through automated exchanges.

LCP does not move money itself. It records the terms under which a transaction took place, which law governs it, and what remedies are available if a dispute arises, making that information discoverable and cryptographically verifiable so counterpart agents and human auditors can confirm the legal context of an automated deal.

Any organisation with a web server can adopt the LCP, which does not require any other specific infrastructure, intermediaries, or use of blockchain technology. The protocol was published under an open source Apache 2.0 licence, and governance is intended to transfer to a neutral foundation.

AAA and Industry Leaders Launch Legal Protocol for Agentic Commerce (PR Newswire) | AAA Launches Legal Layer for AI Agent Transactions (CoinTelegraph) | AAA Official Press Release (adr.org)

Canary Capital has brought Hedera’s HBAR token into the ETF mainstream. The firm filed a Form 424B3 prospectus supplement with the SEC for its spot HBAR ETF, trading under the ticker HBR on Nasdaq.

The filing, submitted around October 27, 2025, preceded the fund’s trading debut on Nasdaq the following day. It makes HBR the first US spot ETF offering direct exposure to HBAR, the native cryptocurrency of the Hedera network.

What the filing actually means A 424B3 is a prospectus supplement, essentially the final paperwork that tells investors exactly what they’re buying before shares start changing hands. The more important backstory is the S-1/A filing Canary submitted on September 22, 2025, which served as the precursor registration statement. The 424B3 was the last regulatory hurdle before shares could actually trade.

The ETF is structured as a grantor trust that holds 100% HBAR, plus minor cash reserves. That structure means investors own a proportional share of actual HBAR tokens sitting in custody, not derivatives or futures contracts.

Advertisement

Custodial duties are split between BitGo Trust Company and Coinbase Custody. Pricing relies on a benchmark from CoinDesk for valuation of the underlying HBAR holdings.

The sponsor fee is set at 0.95%. For context, that’s higher than most spot Bitcoin ETFs, which have largely settled into a fee war in the 0.20%-0.25% range.

The numbers so far As of June 2026, the fund’s net assets sit at approximately $52.6 million. The market price per share was around $11.14 as of June 8, 2026. The fund’s CUSIP number is 136945102.

Canary Capital CEO Steven McClurg framed the approval as a significant moment for broadening investor access to digital assets.

Why this matters beyond HBAR The Hedera network operates a hashgraph-based distributed ledger, which is technically distinct from traditional blockchain architecture. It’s governed by the Hedera Governing Council, a body that has included companies like Google, IBM, and Boeing.

For investors considering the HBR fund, the 0.95% sponsor fee is the most immediate cost to weigh. With $52.6 million in net assets, the fund is still relatively small. Smaller ETFs can trade at wider bid-ask spreads, meaning investors might pay a slight premium when buying and accept a slight discount when selling compared to the fund’s net asset value.

Every dollar flowing into HBR translates to actual HBAR purchases by the trust, creating buying pressure that didn’t previously exist from the traditional finance channel.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Altcoins

16 June 2026 | 03:27 Hedera HBAR is trading around $0.083, stuck in a range that has held since late May despite a series of institutional developments that would move most assets considerably higher.

Key Takeaways:

HBAR trades near $0.083, below the $0.095 resistance level, with all three major moving averages positioned above current price Canary Capital’s HBAR spot ETF has recorded over $93 million in net inflows since launch, with only a single day of outflows A mid-June open interest surge of 40% alongside a 98% volume spike explains short-term price volatility despite positive fundamentals JPMorgan Asset Management named Hedera the preferred public-permissioned DLT for tokenizing money market funds A JPMorgan endorsement, a Merck supply chain deal, tier-one institutional custody via Copper.co, and $93 million in ETF inflows have all landed within weeks of each other — and the price has barely reacted.

Why Price and Fundamentals Are Moving in Opposite Directions In mid-June 2026, HBAR’s open interest on derivatives exchanges surged by 40%, simultaneous with a 98% spike in trading volume that pushed 24-hour figures above $513 million, according to data from CoinGlass. When a token’s derivatives market is that active relative to its spot market, price responds to liquidation cascades rather than to news — which is the structural reason why positive catalysts have not translated into sustained upward movement.

The spot bid from Canary Capital’s ETF, which has logged over $93 million in net inflows with only a single day of outflows, provides a baseline floor but is not large enough on its own to absorb the volatility generated by that level of leverage. Adding to the near-term headwinds is an upcoming ecosystem token unlock of approximately 3.97 billion HBAR, which OTC desk activity suggests is being anticipated by large holders. Until the unlock clears or spot buying picks up, short-sellers hold the structural advantage.

HBAR’s Descending Channel and Where Support Sits Since peaking near $0.12 in late 2025, HBAR has moved lower through a descending channel, and all three major moving averages sit above the current price and slope downward — meaning any recovery attempt has to work through layered resistance before it carries technical significance.

The nearest support floor at $0.078 has held twice in recent weeks. A confirmed daily close above $0.095 would open a path toward $0.102 and eventually $0.13. RSI at 47.27 places the asset in neutral-to-weak territory, while its 14-period average sits at 39.09 — a level that historically precedes either a bounce or an acceleration downward depending on whether buyers step in at support.

Level / Indicator Value Signal Current price $0.083 Neutral zone Near-term support $0.078 Held twice in June Key resistance $0.095 Needs daily close above Next target if $0.095 clears $0.102 → $0.13 Technical projection 50-day moving average $0.088 Price below — bearish 100-day moving average $0.089 Overhead resistance 200-day moving average $0.100 Not reclaimed in months RSI (14-period) 47.27 Neutral momentum What Merck’s Supply Chain Partnership and JPMorgan’s Endorsement Actually Mean On June 9, The Hashgraph Group formalized a partnership with Merck & Co. that connects the pharmaceutical company’s M-Trust authentication technology with TrackTrace, a decentralized product passport system built on Hedera. Every unit batch in Merck’s global supply chain receives an immutable cryptographic identity recorded through the Hedera Consensus Service. The mechanism that makes this economically viable on Hedera rather than a general-purpose blockchain is fee predictability — Hedera’s transaction costs are pegged in US dollar terms, starting at fractions of a cent, which means Merck can log millions of supply chain entries at a fixed, forecastable cost that variable gas fee networks cannot match at enterprise scale. In global pharmaceutical logistics, where regulators in both the US and EU are tightening traceability requirements, that cost predictability is not a minor advantage — it is the difference between a system that can scale compliantly and one that cannot.

On the institutional finance side, a JPMorgan Asset Management report explicitly identified Hedera as the optimal public-permissioned distributed ledger technology framework for the tokenization of money market funds — a sector representing trillions in institutional capital. The bank’s analysis pointed to three specific attributes: its consensus mechanism’s security architecture, an energy footprint of just 0.00025 kWh per transaction compared to Ethereum’s 2.95 kWh, and the fixed-fee model that makes large-scale settlements predictable. This kind of assessment from an institution with direct financial interest in getting infrastructure decisions right moves Hedera out of the altcoin conversation and into a category where corporate treasuries evaluate it alongside traditional financial infrastructure rather than alongside other layer-1 tokens.

A Network Running at Enterprise Scale The network’s raw performance data reflects the same picture:

Metric Value Notes Total processed transactions 71+ billion Since mainnet; mostly enterprise data logging Network throughput capacity 10,000+ TPS Theoretical maximum Active operational load ~2,400 TPS Average real-world rate RWA settlements $10 billion+ Cumulative on-chain value settled Active wallet growth (Q1 2026) +140% YoY Year-over-year change in active addresses Energy per transaction 0.00025 kWh vs. Ethereum ~2.95 kWh / Bitcoin ~1,087 kWh Hedera has processed over 71 billion transactions since mainnet launch, settled more than $10 billion in real-world assets on-chain, and grown its active wallet count by 140% year-over-year in Q1 2026 — none of which has translated into meaningful upward price pressure for the same reasons outlined above.

Under the Hood: What the Block Node Migration Changes Hedera is currently overhauling how it stores historical transaction data. Previously, nodes relied on external cloud providers like AWS or Google Cloud for historical data retrieval — an external dependency that created complications for enterprises seeking regulatory certification. The new architecture stores transaction history directly on dedicated Block Nodes rather than external cloud providers, cutting confirmation times to under a second and removing the external dependency entirely. For industries like pharmaceuticals and finance, where compliance certification requires a self-contained and independently verifiable audit trail, that distinction matters considerably.

AI Infrastructure, Copper.co Custody, and the Japan Listing The Hedera Agent Kit V4 allows AI agents to execute independent on-chain financial transactions within hard-coded compliance guardrails:

Hourly HBAR spending caps set at the protocol level that the agent cannot exceed Whitelisted payment destinations the agent cannot override Mandatory audit trails of the agent’s decision logic, recorded immutably to the Hedera Consensus Service at the point of execution This solves a problem that has slowed enterprise AI deployment in regulated industries: how to let a system transact independently without losing the audit trail that compliance teams require. Separately, Hedera’s payment schemas were accepted into the x402 protocol standard, enabling native HBAR and USDC micropayments for machine-to-machine API transactions — directly relevant to technology companies building AI systems that require continuous low-cost payments between services.

On June 12, Copper.co integrated Hedera into its institutional custody platform, giving corporate treasuries and large funds tier-one custody and staking access within a compliance-grade framework. This removes the last significant compliance barrier that had kept institutional capital on the sidelines despite growing interest in the network. In Asia, Hedera cleared Japan’s Financial Services Agency regulatory process — among the most stringent in the world for digital assets — and secured a listing on OKCoin Japan with a direct Japanese yen trading pair, giving Japanese investors their first regulated access to HBAR.

Where Hedera’s Critics Have a Point Two structural criticisms of Hedera remain unresolved by the recent run of positive developments. First, despite 71 billion total transactions, the majority of that volume comes from enterprise data logging — health trackers, ad fraud verification, supply chain entries — rather than the retail DeFi activity that drives token appreciation and speculative engagement on competing networks like Solana or Ethereum. Second, while anyone can hold HBAR and open a wallet, only Governing Council members — currently including Google, IBM, Boeing, FedEx, Accenture, Nvidia, and McLaren Racing among others — validate transactions at the consensus layer. Hedera is phasing in public node validation, but the network remains permissioned at its core, which rules it out for anyone who prioritizes decentralization above all else.

The long-term bull case, with price targets toward $1.00 extending into the 2026–2030 window, depends on corporate pilot programs transitioning to full mainnet production use — converting enterprise activity into sustained, recurring demand for the token. That transition has no fixed timeline. In the near term, the price behavior will be determined by two competing forces: whether the 3.97 billion token unlock generates enough sell pressure to break the $0.078 floor, and whether the accumulation of institutional developments — the ETF inflows, Copper.co custody, the Japan FSA clearance, and the JPMorgan endorsement — is sufficient to hold support and eventually force a clean break above $0.095.

Date Category Development Q1 2026 Regulatory SEC/CFTC classify HBAR as digital commodity, removing securities-classification risk for institutional holders Q1 2026 Markets Canary Capital HBAR spot ETF surpasses $93M in net inflows with only one day of outflows since launch Q1–Apr 2026 Governance FedEx and Accenture join the Governing Council for logistics and enterprise AI infrastructure respectively Q2 2026 Infrastructure x402 standard integration approved; native HBAR/USDC micropayments for machine-to-machine transactions Jun 9, 2026 Enterprise Merck & Co. supply chain partnership: M-Trust connected to TrackTrace for immutable pharmaceutical batch tracking Jun 12, 2026 Institutional Copper.co adds Hedera to institutional custody platform; tier-one custody and staking for corporate treasuries Jun 2026 Regulatory HBAR listed on OKCoin Japan with JPY pair after clearing Japan’s FSA framework This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.