Overview

• 21Shares submitted the S-1 on Aug. 28, 2025, and the proposed fund now awaits SEC review and potential approval.
• The vehicle is structured as a passive grantor trust rather than a 1940 Act investment company, which limits traditional fund protections.
• Coinbase Custody Trust Company is designated to safeguard the SEI holdings, with Coinbase Inc. listed as prime broker, 21Shares US LLC as sponsor, and CSC Delaware Trust Company as trustee.
• The trust plans to track the CF SEI-Dollar Reference Rate and support share creation and redemption in cash or in-kind through authorized participants to help keep prices aligned with net asset value.
• Staking of SEI held by the trust remains under consideration and would proceed only if legal and tax conditions are determined to be acceptable, reflecting wider uncertainty as multiple issuers pursue altcoin ETFs.