Crypto Asset Supervisor 21Shares Recordsdata for Spot SEI ETF

Crypto asset supervisor 21Shares has filed with the US Securities and Change Fee (SEC) to launch an exchange-traded fund monitoring the value of SEI, following Canary Capital’s utility in April. 

The S-1 registration assertion filed with the SEC on Thursday proposes to make use of crypto worth index supplier CF Benchmarks to trace the value of SEI, utilizing knowledge from a number of crypto exchanges.

SEI is the native token of the Sei community, each had been launched in August 2023. The community itself is a layer 1 blockchain that focuses on buying and selling infrastructure for decentralized exchanges and marketplaces. Its native token can be utilized to pay for community gasoline charges and take part in governance. 

Coinbase Custody Belief Firm will act because the SEI custodian, whereas 21Shares has additionally floated the potential of staking SEI to generate further returns. Nonetheless, the agency stated it’s nonetheless investigating if there will likely be no “undue authorized, regulatory or tax threat.”

Race for first SEI ETF 

There are at present no accredited spot crypto ETFs within the US outdoors of Bitcoin and Ethereum, though there are a number of purposes for ETFs focusing on different cryptocurrencies. 

In an X submit on Thursday, 21Shares stated the ETF submitting was a “key milestone in our imaginative and prescient to increase exchange-traded entry to the SEI Community.”

Cointelegraph reached out to 21Shares for additional remark. 

SEI at present trades for $0.30 after rising 4.2% within the final 24 hours. CoinGecko ranks SEI in 74th place by way of market capitalization.

One other SEI ETF has already been filed

US digital asset funding agency Canary Capital additionally utilized for an SEI ETF in April, which might “supply institutional and retail buyers direct publicity to staked SEI,” and still have “passive revenue by way of staking rewards,” in accordance with an April 30 assertion from the SEI community.