Nashville-based asset manager Canary Capital filed an S-1 form for an exchange-traded fund (ETF) tied to HBAR, the native asset of the Hedera blockchain.

The move comes weeks after Canary’s filed for an HBAR trust and adds to its growing repertoire of applications for spot ETFs connected to Litecoin, XRP, and Solana.

Following the news, HBAR surged nearly 28%, according to CryptoSlate data. The token is currently the 48th largest crypto by market cap, with a fully diluted value of roughly $3.3 billion.

The ETF Store CEO Nate Geraci had predicted that more crypto-related ETFs would be filed this week, fueled by the expectations of a more crypto-friendly environment in the US due to the elections. 

However, the HBAR ETF surprised some market analysts, who were expecting applications connected to more prominent assets in the top 50.

Analysts surprised

 In his prediction earlier this week, Geraci said he expects new filings for ETFs linked to Cardano, Solana, and XRP. He jokingly said that he was “serious” about the filing for HBAR in a social media, highlighting his surprise.

Bloomberg senior ETF analyst Eric Balchunas echoed the sentiment, commenting that this is the “post-Trump spaghetti cannon in effect.”

He added:

“Once every two years or so there an ETF filing where I literally have to use google to understand what it tracks. This was one of those times.”

Additionally, Balchunas speculated that a spot Dogecoin (DOGE) ETF could be next on the cards for companies involved in crypto ETFs.

Meanwhile, Bloomberg ETF analyst James Seyffart said that he knows “next to nothing” about Hedera.

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