HBAR ETF Filings Reveal Most Holdings Came from In-Kind Contributions

The financial impact of Canary Capital's HBAR ETF filings may not be as significant as previously thought. According to a recent analysis, the fund accumulated hundreds of millions of HBAR, but most of it came through in-kind contributions rather than direct purchases.

Based on the fund's quarterly 10-Q filing for the period ending March 31, Canary Capital held more than 570 million HBAR acquired at a reported cost of roughly $98 million. This implies an average acquisition cost near $0.17 per token.

The analysis notes that while the fund purchased about 158 million HBAR and received another 358 million as in-kind contributions from late October to December 2025, only approximately $22 million of the fund's nearly $98 million in paid-in capital went toward direct HBAR purchases.