- A portion of the trust's holdings can be wagered through third-party infrastructure providers.
- According to filing, ETFs provide direct price exposure to SEI, the native token of the SEI network.
- SEI filing joins the growing queue of over 70 pending Crypto ETF applications during SEC reviews.
Canary Capital has filed its S-1 registration with the Securities and Exchange Commission (SEC). This seeks approval for the SEI (SEI) ETF's First Spot (SEI) ETF.
According to the submission, the ETF will provide direct price exposure to SEI, the native token of the SEI network, and Custody will be handled by Bitgo and Coinbase.
A portion of the trust's holdings can be wagered through third-party infrastructure providers, which could generate additional yields for investors.
The fund structure reflects that of approved Bitcoin and Ethereum Spot ETFs, with cash-based stock creation and redemption rather than physical trading.
Commenting on the development, Justin Barlow, executive director of the SEI Development Foundation, said:
ETFs continue to serve as gateways for wider adoption and provide a significant bridge between the crypto and mainstream markets. ”
SEI Network is a Layer 1 blockchain developed using the Cosmos SDK.
SEI launched Mainnet in 2023, then processed billions of transactions with over 18 million wallets.
Canary's SEI ETF filing is part of a broader campaign by asset managers who have filed multiple crypto-related ETF proposals in recent weeks, including Pengu, Sui, Hedera, Litecoin, and more recently Tron's spot funds that include staking capabilities.
The move comes shortly after the launch of the SEI Development Foundation, which aims to promote the adoption of Protocol and promote US-based Crypto Innovation.
Some ETF filings await approval
SEI filing joins the growing queue of over 70 pending Crypto ETF applications during SEC reviews.
Asset managers, including stocks in Bitwise, Grayscale, Franklin Templeton and Rex, have filed requests for Spot ETFs related to XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin and Polkadot.
According to Bloomberg ETF analysts Eric Bulknath and James Seifert, Solana and Litecoin ETF proposals are currently the most likely to be approved at 90%, followed by XRP at 85% and Dogecoin and Hedera at 80%.
The surge in applications reflects a shift in regulatory sentiment under the pro-Crypto Trump administration, with Paul Atkins, a known industry ally, chairing the SEC.
The agency has already dropped several well-known lawsuits, hosting a public roundtable with crypto executives, and has shown a more supportive attitude than seen under former chairman Gary Gensler.
