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Key Takeaways
- 21Shares filed an S-1 with the SEC for a $SEI ETF, designed as a passive vehicle to track $SEI performance.
- The ETF will custody assets with Coinbase and may engage in staking, while $SEI traded at $0.29 at press time.
21Shares has filed a registration statement (S-1) with the SEC for a $SEI exchange-traded fund (ETF), expanding its lineup of single-asset crypto investment products.
The planned 21Shares $SEI ETF would track the CF $SEI-Dollar Reference Rate in US dollars. The product is structured as a passive fund holding $SEI in custody with Coinbase Trust, without using leverage or derivatives.
The fund could also stake part of its $SEI holdings to earn rewards, but 21Shares said it has not yet decided whether to pursue that option.
The Sei Network is a Layer 1 blockchain built for high-speed trading and exchange-focused apps. Its native token, $SEI, is used for fees, governance, and staking.
21Shares’ filing comes amid a wave of altcoin ETF applications. VanEck, Bitwise, and Grayscale have submitted S-1s for Solana, while other issuers are pursuing products tied to XRP, Cardano, Dogecoin, HBAR, and Litecoin. Bloomberg analysts see approval odds above 90% for many of these funds.
The company also joins the $SEI race after Canary Capital filed the first S-1 for a $SEI ETF and Cboe later submitted a 19b-4 for a staked version. At press time, $SEI was trading at $0.29, according to CoinGecko data.