The Nasdaq Stock Market LLC has filed a proposal to list and trade shares of the Grayscale Hedera Trust (HBAR) under Nasdaq Rule 5711(d), which governs commodity-based trust shares. The trust holds HBAR, the native token of the Hedera Network, and aims to provide investors with an easy way to gain exposure to this digital asset. The document details the trust's operation, including the issuance and redemption of shares, the pricing index associated with HBAR, and measures to prevent fraud and ensure secure trading. The proposal also discusses oversight agreements intended to prevent manipulation and ensure fair trading practices.
Simple Explanation
Nasdaq wants to offer a new way for people to buy and sell pieces of something called the "Grayscale Hedera Trust," which holds a special type of digital money called HBAR. They have rules to make sure everything is safe and fair, like making sure the prices are right and nobody cheats.