Jun. 27, 2025
Dear Sirs, Ref: SR-NASDAQ-2025-018 I would like to add my voice for the approval of a spot HBAR ETF. The Hedera layer-1 has a significant number of independent teams - from the world's largest enterprises to individuals - building real-world problem-solving solution on the network. From tokenization to stablecoins to dePIN to consumer engagement to AI provenance to track and trace to carbon offsetting. The HBAR token powers all this activity. Hedera is a Delaware based LLC and have decentralised their governance, their infrastructure and donated their codebase to Linux Foundation Decentralised Trust. According to Token Terminal, Hedera ranks number two in core protocol developer activity among all Layer One networks. For these reasons, and many others, HBAR deserves to be made available to a wider range of investors who can back a global project that took the hard path from its outset by incorporating in the USA and leaning-in to regulatory guidance. Thank you for taking my comments into consideration. Yours faithfully, Sat Butcher