News of a Spot ETF for an Altcoin Triggered a Rally

A new development has occurred in the spot ETF market, which represents altcoins in traditional markets. According to a statement from $SEI (Securities and Exchange Commission), REX Shares and Osprey Funds have updated their $SEI staking ETF applications submitted to the SEC and set October 23 as the effective date for the product.

Documents submitted to the SEC indicate that the product, named “REX-Osprey $SEI + Staking ETF,” has previously been mentioned in relevant registration documents. The planned ETF aims to provide investors with exposure to spot $SEI price movements, as well as to utilize the fund’s $SEI assets for staking activities.

REX Shares and Osprey Funds are reportedly developing their $SEI product alongside their ETF projects targeting various crypto assets such as NEAR, HYPE, SUI, and AVAX. The two companies had previously launched crypto investment products including the SOL+ Staking ETF, which features staking capabilities.

Following this development, the $SEI price rose. According to market data, the $SEI has gained approximately 6.4 percent in the last 24 hours and is trading at $0.07765.

*This is not investment advice.