Crypto asset manager 21Shares has submitted an application to the US Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF) that will track the price of SEI, the native token of the Sei network. This move follows a similar application by Canary Capital made in April. The proposed ETF will utilize crypto price index provider CF Benchmarks to monitor the price of SEI. The Sei network, which launched in August 2023, is a layer-1 blockchain focusing on trading infrastructure for decentralized exchanges. Alongside the ETF proposal, Coinbase Custody Trust Company is designated as the custodian for SEI. Currently, there are no approved spot crypto ETFs in the US except for Bitcoin and Ethereum, although numerous applications for other cryptocurrencies are pending. The filing is viewed as a significant step by 21Shares to broaden access to the SEI network, with institutional interest on the rise. Canary Capital's earlier application also highlights the potential for broader adoption of ETFs promoting staked SEI, which could facilitate passive income for investors.

Source 🔗