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 applying, 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 offer a reference level.
If authorized, the fund could be among the many first within the US to supply entry to SEI within the type of an exchange-traded product. At the moment, the one crypto exchange-traded funds (ETFs) buying and selling within the US observe Bitcoin
$109,943.02
and Ethereum
$4,343.91
.
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The Sei blockchain launched in August 2023. It’s designed to assist decentralized exchanges and on-line marketplaces. The SEI token is used for transaction charges and neighborhood governance.
In line with the submitting, Coinbase
$2.57B
Custody will probably be liable 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 evaluate as a consequence of potential authorized, tax, and regulatory considerations.
In a publish on X on August 28, 21Shares described this submitting as an necessary step in increasing investor entry to the Sei community via regulated funding autos.
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