Crypto Asset Manager 21Shares filed with the US Securities and Exchange Commission (SEC) to launch a negotiated fund on the stock market following the price of SEI, following the request for Canary Capital in April.
The S-1 registration statement filed with the SEC Thursday proposes to use the cf benchmarks of the cryptographic price index to follow the price of SEI, using data from several crypto exchanges.
Sei is the native token of the SEI network, both were launched in August 2023. The network itself is a layer 1 blockchain specializing in commercial infrastructure for decentralized exchanges and markets. His native token can be used to pay the network’s gas fees and participate in governance.
Coinbase Pustody Trust Company will act as Sei goalkeeper, while 21Shares also launched the possibility of marked out to generate additional yields. However, the company said that in the file he still investigated if there would be no “excessive legal, regulatory or tax risk”.
Race for the first ETF sei
There is currently no crypto spot ETF approved in the United States outside of Bitcoin and Ethereum, although there are several applications for ETF targeting other cryptocurrencies.
In a post X Thursday, 21Shares said that the ETF file was a “key step in our vision to extend access negotiated the SEI network”.
Cointelegraph holded out 21 on 21Shares for additional comments.
SEI is currently negotiated at $ 0.30 after the 4.2% increase in the last 24 hours. Coingecko class sei in 74th place in terms of market capitalization.
Another ETF SEI has already been deposited
The investment company in US digital assets Canary Capital also asked for an ETF SEI in April, which “will offer institutional and detail investors the direct exposure to SEI marked”, and would also have “passive revenues via implementation awards”, according to a press release from April 30 of the SEI network.
Justin Barlow, Executive Director of the SEI Development Foundation, said in a press release according to the Canary Capital file according to which the ETFs are “a gateway for a wider adoption, providing a vital bridge between the cryptographic and traditional markets”.
A flood of other ETF applications waiting in the wings
21Shares already has ETFs on the market, including the Ark 21Shares Bitcoin ETF, which follows the price of Bitcoin (BTC), and applied so that others follow Sui (SUI), XRP (XRP) and Ondo, the DEFFI finance platform token.
Other ETF transmitters such as Vaneck, Bitwise and Graycale have submitted requests for Solana (ground), while other transmitters are pursuing products related to XRP, Cardano (ADA) and even mecoins like Dogecoin (Doge).
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In an effort to rationalize the approval process, the SEC would have explored a simplified registration structure which would automate an important part of the approval process, according to the crypto journalist Elean Terrett.
Terrett said that in the new system, the issuers would submit the standard S-1 dry form and wait 75 days. If the SEC does not display a formal objection, the ETF is automatically approved for the list, which can reduce back and forth communication between fund managers and the regulator.
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