HBAR ETF Filing Shows $22M In Token Purchases

Fire Hustle argues that Canary Capital’s HBAR ETF filings offer a more complicated picture than headline inflow figures suggest.

The YouTube video’s central claim is that, while the fund accumulated hundreds of millions of HBAR, only a minority of the capital cited in its SEC disclosures appears to represent direct open-market purchases.

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That distinction matters for investors trying to assess whether spot ETF demand is creating immediate buying pressure in the HBAR market. HBAR was trading near $0.07 in the video, well below the roughly $0.40 levels referenced for late 2024 and parts of 2021.

Most HBAR arrived through in-kind contributions

Citing Canary’s most recent quarterly 10-Q filing for the period ending March 31, the commentator said the fund held more than 570 million HBAR acquired at a reported cost of roughly $98 million. That implies an average acquisition cost near $0.17 per token, against net assets of about $50 million and an accumulated deficit exceeding $48 million.

The more notable figure, according to the YouTube video, is the split between direct purchases and “contributed in kind” HBAR. From late October through December 2025, the fund reportedly purchased about 158 million HBAR while receiving another 358 million HBAR as in-kind contributions for share creation.

In the following quarter, it purchased around 32 million HBAR and received roughly 68 million in kind.

Based on that breakdown, the commentator estimated that approximately $22 million of the fund’s nearly $98 million in paid-in capital went toward direct HBAR purchases. The remainder represented tokens delivered to the fund by share-creation participants.

Those participants may have acquired HBAR in the market beforehand, but the filing does not disclose their source.

Zero redemptions stand out during the HBAR decline

The filing also showed 740,000 fund shares created during the first quarter and zero redeemed, the video said. The commentator highlighted that the fund’s HBAR holdings had climbed from around 473 million at the end of December to more than 700 million by late July, despite HBAR’s declining price.

The YouTube video frames the absence of redemptions as a potentially constructive signal, though it does not establish why investors or authorized participants retained exposure. Holdings alone do not reveal whether ETF demand came from long-term institutional investors, market makers, or in-kind share creation activity.

Beyond the ETF data, the commentator pointed to Hedera’s 2025 Governing Council additions, including FedEx, McLaren Racing, Accenture, Google and IBM, as well as a July integration with institutional wallet provider Utila. The video also cited Hedera’s relationship with Archax, offering tokenized items tied to firms like BlackRock, Aberdeen & Fidelity.

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