Multiple links between BlackRock & HBAR suggest the digital asset behemoth could be drafting a Hedera-based ETF.
The $175 billion digital asset fund manager BlackRock might be introducing a Hedera-based exchange traded fund (ETF). While no official report has been published, BlackRock’s ICS Treasury Funds received assigned tokens on Hedera Hashgraph (HBAR) a month ago, via the Archax Real World Asset (RWA) exchange.
Two HBAR ETFs In Play: Is BlackRock The Third Brother?
The tokenization process involves a lot of different liquidity & treasury funds under management by BlackRock, including variations of ICS Euro, ICS Sterling & ICS US Dollar. Aside from BlackRock, Hedera’s RWA mapped Fidelity’s Sterling Fund, The Euro Fund & The Sterling Fund.
Having these two traditional finance heavyweights onboard, crypto connoisseurs expect BlackRock to be the third major crypto asset manager to submit an HBAR ETF application. Originally, Canary Capital was the first one to do so back in March, now awaiting a decision on September 9, 2025.
Meanwhile, if BlackRock decides to pitch an HBAR ETF, it could fall into the November 2025 window as the United States Securities and Exchange Commission (SEC) aims to settle a bulk of crypto ETFs by then.
Pending two applications so far from Canary Capital & Grayscale, Hedera’s Distributed Ledger Technology (DLT) is acclaimed by NASDAQ, as they forwarded Canary’s ETF submission to the SEC. Despite being set for a September 9 settling, further postponements could drag it out to November just like the rest.
If BlackRock, the largest out of the three digital asset giants, tokenized all of their $175 billion market capitalization on HBAR, this would increase Hedera’s market capitalization by 18 times from the current $10 billion. While this would take HBAR to approximately $5, the impact of an altcoin based ETF on the underlying digital asset heavily depends on public appeal.
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