The SEC will decide on Grayscale’s spot Hedera (HBAR) ETF by November 12, 2025, marking a pivotal regulatory moment for altcoin funds.
The U.S. Securities and Exchange Commission (SEC) set a final decision deadline. This important deadline is November 12, 2025. This date is for Nasdaq’s offer of the Grayscale Hedera Trust. As a result, the SEC has to approve or reject the application by then. This deadline is the last possible extension granted by law.
Final Regulatory Countdown Begins for Spot HBAR ETF
In September 2025, Grayscale submitted a form S-1. This was a new Hedera Trust application. Additionally, it sought approval of the Nasdaq rules of the exchange for listing. The trust would trade on the ticker symbol HBAR. Therefore, SEC has previously given an extension for the review period.
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This new extension is the absolute maximum allowed legal period. Specifically, it is a contradiction to Section 19(b)(2) of the Securities Exchange Act. As a result of that, SEC can no longer delay any longer. The judgment should be passed strictly within the last date. Hence, this decision is eagerly awaited by all investors.
In addition, approval would bring the first regulated spot Hedera (HBAR) ETF. This important product would provide U.S. investors with direct exposure to the token. On the other hand, a rejection would be an indication of more regulatory conservatism. As a result, the outcome is critical to future altcoin fund applications. The decision is of worldwide significance.
However, another spot Hedera ETF has already been launched. This product is issued by another issuer, Canary Capital. In addition to that, it is already listed on Nasdaq. In addition, the final decision for the Canary Capital ETF is also on November 8. This is four days before the Grayscale deadline.
Indeed the delay for the Grayscale ETF is but one in a larger pattern. Specifically, the SEC seems to have regulatory caution when it comes to new crypto ETFs. However, Ethereum and Bitcoin ETFs were approved by the commission in 2024. Thus, the regulator is forced to balance innovation in the market with protection of investors. Therefore, Hedera is an important test case.
Altcoin ETF Adoption Hinges on Regulatory Test Case
Already, there are at least six U.S. ETF filings related to HBAR. These include REX-Osprey’s proposals and KraneShares’ proposals. Furthermore, this reflects an increased institutional demand for regulated crypto products. Thus, the market is waiting for a clear signal from the final ruling of the SEC. There is a very notable amount of applications.
Moreover, Hedera has also made strategic moves recently. Specifically, they moved 250 million HBAR to staking rewards account. Moreover, this is considered to be a pre-ETF strategy. This strategic decision serves to efficiently trigger the yields and lock token supply. Therefore, significant developments await the network this month.
Also, network activity is very high according to metrics on the chain. Tokenization is a space where there are several corporate use cases. Ultimately, the ruling is considered a significant litmus test for the widespread adoption of ETFs for altcoins. Thus, the deadline is really critical for the industry.
As a result, market watchers think the Canary Capital judgment may set the tone. This decision may impact future decisions of other HBAR funds. Thus, the industry is waiting for the final decision to be given on November 12. Finally, regulatory clarity will define the future of digital asset funds. The clock is figuratively ticking as the final countdown begins.
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