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2h ago

21Shares Files With SEC for Spot SEI ETF With Coinbase Custody

The bid places 21Shares in a crowded queue of altcoin ETF proposals under SEC review.

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Overview

  • 21Shares submitted an S-1 on Aug. 28 for a U.S. spot SEI ETF designed to passively track the CF SEI-Dollar Reference Rate without leverage or derivatives.
  • Coinbase Custody Trust Company is named to hold the SEI tokens, with Coinbase Inc. identified as the prime broker for trading activities.
  • The trust is structured as a grantor trust and will not be an investment company under the 1940 Act, which means investors would not receive those protections.
  • Shares would be created and redeemed in baskets by authorized participants using cash or in-kind SEI transfers, with listing planned under a yet-to-be-announced ticker.
  • The filing keeps open the option to stake a portion of SEI holdings for rewards subject to regulatory and tax clearance, and it enters a competitive field that includes a prior SEI ETF filing by Canary Capital.