SEC Sets Final November 12 Deadline for Grayscale's Spot HBAR ETF Decision

The U.S. Securities and Exchange Commission (SEC) has extended its review of Nasdaq's proposal to list and trade the Grayscale Hedera Trust, setting November 12, 2025, as the final deadline to approve or deny the spot HBAR ETF. This extension, announced in a recent filing, represents the maximum period allowed under Section 19(b)(2) of the Securities Exchange Act, meaning no further delays are possible, and the SEC must issue a ruling by this date.

If approved, this would mark the first U.S. spot ETF for Hedera (HBAR), providing regulated access to the token through traditional markets. The proposal was initially filed by Grayscale on February 28, with proceedings starting on June 12 and multiple extensions leading to this pivotal moment. Grayscale has also submitted a Form S-1 registration statement outlining the trust's structure to hold HBAR and track its spot price.

Amid this decision, HBAR has faced price declines, dropping 6.5% in the last 24 hours to trade at $0.18, with falls of 18% over 30 days and 25% over 90 days. However, investor interest remains high, with daily trading volume surging 22% to $319 million, indicating growing momentum. Analysts now estimate a 60-80% chance of approval by year-end, citing Hedera's enterprise adoption and ISO 20022 compliance.

Notably, the SEC has already approved the Canary Hedera ETF on Nasdaq, which recorded nearly $8 million in inflows on its debut, far exceeding the spot Litecoin ETF's $1 million. Hedera is also gaining institutional traction, having been selected for the Bank of England's Distributed Ledger Technology Innovation Challenge and leading in Real World Assets development. Additionally, Hedera has made strategic moves, such as transferring 250 million HBAR to staking rewards to activate yields and lock supply ahead of potential ETF approval.

This decision is part of a broader trend, with at least six U.S. ETF filings linked to HBAR and over 90 crypto-related ETF applications under SEC review, including for XRP, Dogecoin, and Litecoin, which could define the next phase of institutional crypto integration.