21Shares files for spot Sei ETF
The proposed trust would use Coinbase for custody, CF Benchmarks pricing and may incorporate staking if tax status allows
CryptoFX/Shutterstock modified by Blockworks
21Shares today filed a form S-1 with the Securities and Exchange Commission, seeking to register the 21Shares Sei ETF, a trust offering direct exposure to SEI, the Sei Network’s native token.
The filing names Coinbase Custody Trust Company as the ETF’s custodian, with Coinbase, Inc. acting as prime broker. Net asset value would be calculated using the CF SEI-Dollar Reference Rate — New York Variant, published by CF Benchmarks, which aggregates prices across multiple spot venues to ensure transparency and reduce reliance on any single market feed.
The filing also allows for discretionary staking of SEI if regulators and tax authorities determine it would not compromise compliance.
21Shares is a crypto-native ETP provider that pioneered the world’s first physically-backed crypto exchange-traded product (ETP) — dubbed “HODL” — on the SIX Swiss Exchange.
By the end of 2024, it was one of the largest global issuers of crypto ETPs with 44 listed products in numerous currencies. The company raised funding in 2022 at a valuation of around $2 billion and is now part of the 21.co Group.
If approved, the Sei ETF would join bitcoin and ether ETFs already trading, alongside pending SEC applications for Solana and XRP.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- The Drop: Apps, games, memes and more.
- Lightspeed: All things Solana.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
