Company: HBAR
Filing Date: 2025-09-09
Form Type: S-1
Source: 0000950170-25-113803
Chunk: 130

Company: Grayscale Hedera Trust ETF
Filing Date: 2025-09-09
Form: S-1
Chunk 130
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, CFTC regulated Hedera futures represented approximately $156.0 million in notional trading volume on Coinbase Derivatives, LLC (“Coinbase Derivatives”), a designated contract market (“DCM”)registered with the CFTC, representing around $114.2 million in open interest. Hedera futures on Coinbase Derivatives traded around $1.0 million per trading day as of September 2, 2025 and represented around $0.9 million in open interest per trading day. Through the common membership of NASDAQ and the Coinbase Derivatives HBAR futures market in the Intermarket Surveillance Group (“ISG”), NASDAQ may obtain information regarding trading in the Shares and listed Hedera derivatives from the Coinbase Derivatives HBAR futures market via the ISG and from other exchanges who are members or affiliates of the ISG. Such an arrangement with the ISG and the Coinbase Derivatives HBAR futures market allows for the surveillance of HBAR futures market conditions and price movements on a real-time and ongoing basis in order to detect and prevent price distortions, including price distortions caused by manipulative efforts. The sharing of surveillance information between NASDAQ and the Coinbase Derivatives HBAR futures market regarding market trading activity, clearing activity and customer identity assists in detecting, investigating and deterring fraudulent and manipulative misconduct, as well as violations of NASDAQ’s rules and the applicable federal securities laws and rules. NASDAQ has also implemented surveillance procedures to monitor the trading of the Shares on NASDAQ during all trading sessions and to deter and detect violations of Exchange rules and the applicable federal securities laws.

Hedera Technology

The Hedera Network works through a type of distributed consensus technology based on the “hashgraph” consensus algorithm. The combination of the consensus algorithm and corresponding data structure of the Hedera Network is different from most other prominent DLT networks that are based on blockchain technology.

Like blockchains and other DLTs, the Hedera Network allows market participants to create a shared, trustworthy database without the need for a third-party intermediaries. Other DLT networks face trade-offs between

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performance and security (if they are faster, they are less secure; if they are more secure, they are forced to slow down). In contrast, the Hedera Network technology utilizes a different system intended to provide superior levels of performance and security. According to Hedera, hashgraph based transactions are capable of being processed at speeds that can be orders of magnitude faster than on a blockchain,