Crypto asset manager 21Shares has officially submitted a registration filing to the US Securities and Exchange Commission (SEC) to start an exchange-traded fund (ETF) tracking SEI, the native token of the Sei blockchain.
The move comes just months after Canary Capital submitted a similar application in April, sparking a race to bring the first SEI ETF to US markets.
21Shares Plans and SEC Filing Details
According to the S-1 filing submitted on Thursday, 21Shares plans to track SEI’s price using CF Benchmarks, which aggregates data from multiple crypto exchanges. Coinbase Custody Trust Company has been appointed as the custodian.
The company also indicated that it may stake SEI to earn more returns, but it continues to consider the legal and tax risks. The Sei Network is a layer 1 blockchain that was launched in August 2023 and designed to serve decentralized exchanges and marketplaces.
It has a token, SEI, which is paid to pay gas fees and engage in governance. SEI currently trades at $0.30 after gaining 4% in the past 24 hours, ranking 53rd by market cap on CoinMarketCap.
21Shares described the filing as a “key milestone” in its mission to expand exchange-traded access to SEI. Meanwhile, Canary Capital’s earlier proposal highlighted staked SEI exposure and staking rewards as part of its ETF design.
Beyond SEI, the crypto ETF race is heating up. Firms like VanEck, Bitwise, and Grayscale have filed for ETFs tied to Solana, XRP, Cardano, and even Dogecoin. The SEC is reportedly considering a new fast-track approval system that could make ETF launches quicker and smoother.
Also Read: US SEC Extends Review of Solana ETFs from Bitwise & 21Shares
