21Shares Seeks Launch of SEI ETF With Potential Staking Yield for US Buyers

Asset administration agency 21Shares has filed with the Securities and Trade Fee to launch an exchange-traded fund monitoring the Sei blockchain’s native token.

The proposed 21Shares SEI ETF would supply buyers publicity to SEI whereas offering the potential for added yield by way of staking rewards, in keeping with a registration assertion filed Thursday. 

Following profitable launches of spot Bitcoin and Ethereum ETFs in 2024, fund managers are concentrating on smaller digital property, together with Solana, Dogecoin, XRP, and different altcoins beneath a crypto-friendly Trump administration.

The Belief’s main goal is “to hunt to trace the efficiency of SEI,” with a secondary give attention to producing “rewards from staking a portion of the Belief’s SEI,” the submitting reads.

It’s “extremely possible that 21Shares’ SEI ETF could be accepted and could be obtainable together with Bitcoin and Ethereum ETFs,” Krishnendu Chatterjee, CEO and co-founder of A2ZCryptoInvestment, advised Decrypt. 

“21Shares SEI ETF is a step in direction of broader utility in direction of regulated alt funding (together with staking advantages),” he added.

Nonetheless, 21Shares confirmed it has not but concluded that staking will be provided beneath a public belief construction, in keeping with the prospectus.

The Belief will use Coinbase Custody Belief Firm as its main custodian for SEI holdings, whereas Coinbase Inc. will function the prime dealer for buying and selling actions, in keeping with the submitting.

The transfer provides to Canary Capital’s submitting of the primary SEI ETF utility in Might, which additionally shares related staking goals.

A number of crypto ETF purposes at the moment are in play and face SEC resolution deadlines in October, with regulators extending evaluate durations for spot XRP funds from a number of issuers and Solana ETF proposals, amongst others. 

Trade specialists extensively anticipate a batch of approvals starting in October primarily based on established itemizing requirements.

“Together with Digital Asset Treasury Corporations, ETFs present publicity to a brand new asset class for establishments, and it isn’t an exception however would develop into a brand new regular,” Chatterjee mentioned, noting “XRP, Solana, and AVAX ETFs have excessive probabilities of getting accredited by 12 months’s finish, even when not by October.”

SEI at the moment ranks because the 74th largest crypto by market capitalization at roughly $1.82 billion. 

The token is buying and selling round $0.30 following current good points, in keeping with CoinGecko, although it stays about 73.7% under its March 2024 all-time excessive of $1.14.