Digital asset investment firm Canary Funds has announced the launch of the Canary HBAR Trust in the United States. This new investment vehicle will provide institutional investors with access to HBAR, the native digital asset of the Hedera network. The trust will facilitate private offerings, ensuring a secure and regulated way for investors to get exposure to HBAR. The Canary HBAR Trust is an important step towards the potential creation of HBAR exchange-traded funds (ETFs). Individual investors will be required to meet certain qualifications before being accepted into the trust.
Canary Funds was founded by Steven McClurg, a former co-founder and CIO of Valkyrie Funds. The Trust aims to attract institutional capital from large-scale investors in the US who were previously unable to access HBAR. This move will not only provide institutional investors with a new investment opportunity but also increase the accessibility of HBAR to institutional capital. It is part of a growing trend of institutions seeking exposure to cryptocurrencies, driven by the approval of Bitcoin and Ethereum ETFs by the US Securities and Exchange Commission earlier this year.
The launch of the Canary HBAR Trust comes at a time when crypto investment firms are showing increased interest in offering investment products focused on digital assets. Grayscale, for example, has already launched ETFs for Bitcoin and Ethereum, as well as the Grayscale XRP Trust, which offers access to Ripple’s XRP.
Despite the news of the Canary HBAR Trust launch, the price of HBAR has seen a slight decline in the last 24 hours and the last seven days. However, its trading volume has increased, indicating continued interest and activity in the digital asset.