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SEC decision on the HBAR ETF: historic decision on November 12th!
The SEC will decide on the Grayscale Spot HBAR ETF on November 12, 2025, which will provide institutional investors with access to Hedera.
SEC decision on the HBAR ETF: historic decision on November 12th!
On November 3, 2025, the U.S. Securities and Exchange Commission (SEC) announced the crucial date for the approval or rejection of the Grayscale Hedera Trust. The SEC must make its decision on the proposal to list and trade the Spot HBAR ETF by November 12, 2025, a deadline that does not allow for further extensions. This could provide the first regulated access for investors to Hedera’s native token, HBAR.
The upcoming decision period follows a surge in institutional demand for altcoin ETFs as well as increased regulatory scrutiny. Analysts estimate the likelihood of approval by the end of the year is between 60 and 80 percent as Hedera has achieved increasing recognition and ISO 20022 compliance. However, the SEC has emphasized its cautious stance on altcoin ETFs by calling for additional research on monitoring systems, volatility and liquidity.
Details about the approval process
Grayscale filed its proposal for the Spot HBAR ETF on February 28, pursuant to Nasdaq Rule 5711(d), which deals with commodities trust shares. The SEC's reviews began on June 12 and experienced several delays, most recently until September 9. On November 2, Financial Press reported on the SEC filings and noted that the proposed extension represents the maximum period permitted under Section 19(b)(2) of the Securities Exchange Act.
Hedera’s ETF prospects are particularly notable as they correlate with a growing list of crypto fund applications in the US. In addition to Grayscale, Canary Capital has also filed for a spot HBAR ETF, with a final SEC decision expected on November 8, just four days before Grayscale's. In total, there are at least six ETF applications related to HBAR, including those from REX-Osprey and KraneShares.
Market development and network activity
Current on-chain metrics show significant network activity and enterprise applications in the tokenization space. With this in mind, Hedera recently moved 250 million HBAR into its staking rewards account to activate yields and reduce supply. More than 90 crypto-related ETF applications, including those for XRP, Dogecoin and Litecoin, are currently under review. These developments could have a significant impact on the next phase of institutional crypto integration.