21Shares Files With U.S. SEC to Launch Spot SEI ETF, Custodied by Coinbase

Crypto asset manager 21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the 21Shares Sei ETF, a spot exchange-traded fund designed to track the price of SEI, the native token of the Sei network.

According to the prospectus, the ETF will not use leverage or derivatives. Shares are expected to be listed on an exchange, with authorized participants able to create and redeem them in either cash or in-kind. Coinbase Custody will serve as the custodian of the SEI tokens.

21Shares also indicated it wants the ETF to “reflect rewards from staking a portion” of its SEI holdings. However, the SEC has so far not approved staking features for any spot crypto ETFs. Earlier this week, the regulator postponed its decision on Grayscale’s request to add staking to its spot Ethereum ETF.

The filing comes as the SEC faces a growing backlog of applications for altcoin-based ETFs, including proposals tied to Litecoin (LTC), Solana (SOL), Dogecoin (DOGE), and XRP.

Canary Capital’s Earlier SEI ETF

Earlier on April 30, 2025, Canary Capital submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) seeking approval for what would be the country’s first exchange-traded fund (ETF) tied to Sei Network’s native token, SEI.

If approved, the ETF will allow both institutional and retail investors to gain regulated and straightforward exposure to staked SEI. The fund’s structure is designed to provide passive income through staking rewards, with a portion of the spot tokens allocated for staking to generate additional yield.