- A portion of the belief’s holdings shall be staked through third-party infrastructure suppliers.
- In line with the submitting, the ETF would provide direct value publicity to SEI, the native token of the Sei community.
- The Sei submitting joins a rising queue of over 70 pending crypto ETF purposes at present below SEC evaluation.
Canary Capital has filed an S-1 registration with the Securities and Change Fee (SEC) searching for approval for what can be the primary spot Sei (SEI) ETF — one which additionally incorporates a staking element.
In line with the submitting, the ETF would provide direct value publicity to SEI, the native token of the Sei community, with custody dealt with by BitGo and Coinbase.
A portion of the belief’s holdings shall be staked through third-party infrastructure suppliers, doubtlessly producing extra yield for buyers.
The fund construction mirrors that of the accepted Bitcoin and Ethereum spot ETFs, with cash-based share creations and redemptions, reasonably than in-kind transactions.
Commenting on the event, Justin Barlow, Government Director on the Sei Improvement Basis, mentioned:
ETFs proceed to function a gateway for broader adoption, offering an important bridge between crypto and mainstream markets.”
Sei Community is a Layer 1 blockchain developed utilizing the Cosmos SDK.
Sei launched its mainnet in 2023, and has since processed billions of transactions throughout greater than 18 million wallets.
Canary’s Sei ETF submitting is a part of a broader marketing campaign by the asset supervisor, which has submitted proposals for a number of crypto-linked ETFs in latest weeks, together with spot funds for Pengu, Sui, Hedera, Litecoin, and most lately Tron, which additionally included a staking characteristic.
The transfer comes on the heels of the Sei Basis’s launch of the Sei Improvement Basis, geared toward selling the protocol’s adoption and advancing U.S.-based crypto innovation.
A number of ETF filings await approval
The Sei submitting joins a rising queue of over 70 pending crypto ETF purposes at present below SEC evaluation.
Asset managers together with Bitwise, Grayscale, Franklin Templeton, and REX Shares have submitted requests for spot ETFs tied to XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot.
In line with Bloomberg ETF analysts Eric Balchunas and James Seyffart, Solana and Litecoin ETF proposals at present have the best chance of approval at 90%, adopted by XRP at 85%, and Dogecoin and Hedera at 80%.
The surge in purposes displays shifting regulatory sentiment below the pro-crypto Trump administration, with Paul Atkins, a identified trade ally, now chairing the SEC.
The company has already dropped a number of high-profile lawsuits and hosted public roundtables with crypto executives, signaling a extra cooperative posture than seen below former Chair Gary Gensler.
