21Shares has submitted a proposal to US regulators to launch a fund that would follow the market value of SEI, the native token of the Sei blockchain.
The application, filed with the US Securities and Exchange Commission (SEC) on August 28, outlines plans to use pricing data from CF Benchmarks, which combines rates from several crypto exchanges to provide a reference point.
If approved, the fund would be among the first in the US to offer access to SEI in the form of an exchange-traded product. Currently, the only crypto exchange-traded funds (ETFs) trading in the US track Bitcoin
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The Sei blockchain launched in August 2023. It is designed to support decentralized exchanges and online marketplaces. The SEI token is used for transaction fees and community governance.
According to the filing, Coinbase
$2.92B
21Shares also mentioned the possibility of staking the tokens to earn additional income, although it noted that this aspect is still under review due to potential legal, tax, and regulatory concerns.
In a post on X on August 28, 21Shares described this filing as an important step in expanding investor access to the Sei network through regulated investment vehicles.
Recently, the SEC increased the maximum number of options contracts that may be held for ETFs. What is the new cap? Read the full story.
