Briefly
- Canary Capital filed paperwork with the SEC for an ETF that will give traders publicity to Sei.
- Sei is a layer-1 blockchain with the eighty fifth most dear cryptocurrency by market cap.
- The SEC has a rising stack of crypto ETF purposes awaiting overview.
Crypto funds issuer Canary Capital has utilized for the primary exchange-traded fund primarily based on the efficiency of SEI, the token of the Sei layer-1 blockchain, in response to a submitting with the U.S. Securities and Trade Fee on Thursday.
The Canary Staked Sei ETF consists of staking, permitting traders to earn further yield on their funding.
“The Belief’s funding goal is to…..present publicity to the value of Sei held by the Belief,” the submitting stated. “A secondary funding goal is for the Belief to earn extra SEI by the validation of transactions within the SEI Community’s proof-of-stake course of.”
Crypto staking is the method of pledging proof-of-stake cash or tokens to a community to assist it perform in change for rewards.
Canary’s filings provides to its rising record of purposes for altcoin-focused funds, together with ETFs primarily based on Litecoin, Pengu and Sui.
SEI is the eighty fifth greatest cryptocurrency by market cap. SEI was lately buying and selling for little over $0.225, after leaping 7% in 24 hours, CoinGecko information exhibits.
Prime asset managers have been attempting their luck with regulators since U.S. President Donald Trump—who campaigned to slash regulation and assist the crypto house—entered the White Home.
Beneath former Chair Gary Gensler, the SEC was reluctant to approve spot Bitcoin ETFs. However when the regulator lastly gave the merchandise the inexperienced gentle in early 2024, they’d essentially the most profitable launch in ETF historical past.
The SEC additionally authorised Ethereum ETFs final 12 months—although they haven’t skilled the identical stage of buying and selling motion as their Bitcoin counterparts. Nonetheless, fund managers are hoping to get funds authorised that will observe the value of digital cash like Solana, Dogecoin, and XRP.
Edited by James Rubin
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