The cryptocurrency asset management company 21Shares has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the price of SEI, following an application submitted by Canary Capital in April.
On Thursday, the S-1 registration statement submitted to the SEC proposed using the cryptocurrency price index provider CF Benchmarks to track the price of SEI, utilizing data from multiple cryptocurrency exchanges.
SEI is the native token of the Sei network, both of which were launched in August 2023. The network itself is a layer one blockchain specifically designed to provide trading infrastructure for decentralized exchanges and markets. Its native token can be used to pay for network gas fees and participate in governance.
Coinbase Custody Trust Company will act as the custodian for SEI, and 21Shares has also proposed the possibility of staking SEI to generate additional income. However, the company stated that it is still investigating whether this would not create "improper legal, regulatory, or tax risks."
Currently, in the U.S., there are no approved spot cryptocurrency ETFs aside from Bitcoin and Ethereum, although there are multiple ETF applications for other cryptocurrencies.
21Shares stated in a post on X on Thursday that the ETF application is "a key milestone in our vision to expand access to the Sei network through exchange-traded products."
Cointelegraph has contacted 21Shares for further comments.
SEI is currently trading at $0.30, having risen 4.2% in the past 24 hours. CoinGecko ranks SEI 74th by market capitalization.
The U.S. digital asset investment company Canary Capital also applied for a SEI ETF in April. According to a statement from the Sei network on April 30, the ETF will "provide direct exposure to staking SEI for institutional and retail investors" and "generate passive income through staking rewards."
Justin Barlow, Executive Director of the Sei Development Foundation, stated in a statement following Canary Capital's application that the ETF is "a gateway to broader adoption, providing an important bridge between cryptocurrency and mainstream markets."
21Shares already has ETFs trading in the market, including the ARK 21Shares Bitcoin ETF, which tracks the price of Bitcoin (BTC), and has applied for other products tracking Sui (SUI), Ripple (XRP), and Ondo (the token of the DeFi platform Ondo Finance).
Other ETF issuers such as VanEck, Bitwise, and Grayscale have submitted applications for Solana (SOL), while other issuers are seeking products related to meme coins like XRP, Cardano (ADA), and even Dogecoin (DOGE).
According to cryptocurrency journalist Eleanor Terrett, the SEC is reportedly exploring a streamlined listing structure to simplify the approval process, automating a significant portion of the approval workflow.
Terrett stated that under the new system, issuers will submit a standard SEC Form S-1 and wait 75 days. If the SEC does not issue a formal objection, the ETF will be automatically approved for listing, potentially reducing back-and-forth communication between fund managers and regulators.
Related: VanEck CEO calls Ethereum (ETH) the "Wall Street token," set to become the preferred choice for bank stablecoin trading.
Original article: “21Shares applies to launch SEI ETF, joining the competition with Canary Capital”
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