21Shares has submitted a proposal to US regulators to launch a fund that may comply with the market worth of SEI, the native token of the Sei blockchain.
The appliance, filed with the US Securities and Change Fee (SEC) on August 28, outlines plans to make use of pricing knowledge from CF Benchmarks, which mixes charges from a number of crypto exchanges to supply a reference level.
If accepted, the fund could be among the many first within the US to supply entry to SEI within the type of an exchange-traded product. Presently, the one crypto exchange-traded funds (ETFs) buying and selling within the US observe Bitcoin
$108,480.77
and Ethereum
$4,324.42
.
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The Sei blockchain launched in August 2023. It’s designed to help decentralized exchanges and on-line marketplaces. The SEI token is used for transaction charges and neighborhood governance.
In keeping with the submitting, Coinbase
$2.87B
Custody might be accountable for securely holding the SEI tokens linked to the ETF.
21Shares additionally talked about the opportunity of staking the tokens to earn extra revenue, though it famous that this facet continues to be below evaluation resulting from potential authorized, tax, and regulatory considerations.
In a publish on X on August 28, 21Shares described this submitting as an vital step in increasing investor entry to the Sei community by means of regulated funding autos.
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