$BNB 21Shares filed an application with the SEC for a spot ONDO ETF.
21Shares has submitted a preliminary application to the U.S. Securities and Exchange Commission for an ETF that tracks the token of the DeFi platform, Ondo Finance.
The exchange-traded fund issuer 21Shares has filed an application with U.S. regulators for a product that tracks the spot price of Ondo, the native token of the decentralized finance protocol, Ondo Finance.
21Shares submitted a preliminary prospectus to the Securities and Exchange Commission (SEC) for the "21Shares Ondo Trust" on Tuesday, which aims to directly hold Ondo tokens ONDO €0.94 and track their performance through the CME CF Ondo Finance-Dollar Reference Rate. Coinbase will provide custody for the tokens.
It will be a passive investment vehicle without speculation or leverage. Authorized participants can create or redeem shares in cash or in kind.
ONDO is the native utility token of Ondo Chain, a layer 1 proof-of-stake blockchain focusing on institutional-grade financial markets and tokenized real-world assets (RWAs).
Ondo has a market capitalization of $3.5 billion and a circulating supply of 3.1 billion out of a total of 10 billion tokens. It currently has a price of $1.12, which represents a 48% drop from its all-time high of $2.14 reached in December, according to CoinGecko.
