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21Shares Submits SEC Filing for Ondo Token-Based ETF
Global asset management leader 21Shares has taken a significant step in the cryptocurrency investment sector by filing an application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) connected to the Ondo (ONDO) token. As reported by CoinGape on October 23, the proposed fund, named "21Shares Ondo Trust," is designed to track the dollar value of ONDO without employing leverage or derivatives. This innovative ETF will hold ONDO tokens directly, using the CME CF Ondo Finance-Dollar Reference Rate as its benchmark. Coinbase Custody has been appointed as the fund's designated custodian, ensuring the secure management of assets.
21Shares Unveils ONDO ETF to Broaden Its Digital Asset Portfolio
With this new application, 21Shares continues to strengthen its position in the digital asset investment space by diversifying offerings for passive investors. According to the preliminary prospectus submitted to the SEC, the "21Shares Ondo Trust" will operate as a passive ETF, relying on the dollar-value benchmark managed by CF Benchmarks Ltd.
While details regarding the ETF's listing, including its potential trading symbol, remain undisclosed, the filing confirms plans to offer it on a major U.S. stock exchange. To ensure maximum security, ONDO tokens will be stored in Coinbase Custody Trust Company's segregated accounts, with most assets held in cold storage to mitigate risks like theft or loss.
ONDO Price Spikes Following ETF Filing News
Despite this milestone filing, the ETF will not be registered under the Investment Company Act of 1940, meaning it won't benefit from the enhanced investor protections prescribed by the act. Additionally, the filing underscores that the fund does not offer safeguards against ONDO's inherent price volatility. It's worth noting that ONDO itself has not been registered as a security.
The review process for the ETF filing remains in progress, with SEC approval still pending. However, the announcement generated immediate market excitement, causing ONDO’s price to spike by 2.3% in 24 hours, reaching $1.08. As of now, ONDO boasts a market capitalization of $3.44 billion, with daily trading volume soaring past $343 million. While the launch date for the ETF is yet to be finalized, the application signifies a new chapter for ONDO and 21Shares alike.
Digital Asset ETFs Gain Momentum Amid Fierce Competition
The Ondo ETF filing joins a growing wave of innovation in the digital asset ETF space, underscoring the intensifying competition among asset managers to secure SEC approval. Other noteworthy contenders include the digital asset blue-chip ETF proposed by Donald Trump’s Truth Social, which would offer exposure to prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cronos (CRO). As demand for regulated cryptocurrency investment vehicles rises, the race to bring cutting-edge ETFs to market continues to heat up, positioning firms like 21Shares at the forefront of this transformative industry.
Why This Matters: Key Highlights on Ondo ETF Filing
- Innovative Offering: The ETF aims to mirror the dollar value of ONDO, relying on direct token holding rather than derivatives.
- Trusted Custody: Coinbase Custody will safeguard assets, primarily in cold storage to enhance security.
- Regulatory Review: Approval from the SEC is still pending, with no confirmed launch date yet.
- Market Impact: ONDO’s price surged following the filing announcement, reflecting growing investor interest.
As competition in the cryptocurrency ETF market intensifies, 21Shares' Ondo Trust represents a bold approach to tapping into the demand for secure and regulated digital asset investment products. Stay tuned for updates on this groundbreaking development as the SEC evaluates the proposal.
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