Delaware Records Registration of Canary Capital's Staked SEI ETF, Mirroring Mounting Institutional Demand
Ready, Set, Crypto ETF: 🎯 Canary Capital Registers for SEI Staked ETF
Here's the tea on that investment manager you've been watching, Canary Capital. They've set the stage for a crypto adventure by registering a statutory trust for a staked SEI exchange-traded fund (ETF) in Delaware 🇶🇦. This move markers the beginning of a thrilling journey towards launching this puppy.
Next up on their to-do list? They'll likely file a Form S-1 registration statement with the US Securities and Exchange Commission (SEC). Exciting times ahead! 🎉
SEI ETF on the Horizon: Canary Capital Steps Up the Game
Peeping at the official Delaware state website, we spot that the trust was registered on April 23, filing number 10171975.
This news follows closely on the heels of Canary's April 18 filing for a staked ETF based on Tron (TRX). Don't be surprised if you see them go after more altcoins, like Pudgy Penguins (PENGU), Axelar (AXL), Solana (SOL), XRP (XRP), and others. It looks like crypto-based investment products are the new it thing for them! 🤑
From what it seems, this potential SEI ETF would track the price of SEI, just like traditional ETFs, but with the kicker of staking rewards 💰. That's right—passive income and market exposure, all in one neat package! However, it's important to note, this feature is yet to get the nod for any US spot crypto ETF, so keep your eyes peeled for updates.
Uphold: Your Crypto Assistant 🦸♂️
- Early Access to Emerging Tokens: Be among the first to trade the coolest new crypto!
- One-Step Trading: Simplify your life with quick, easy swaps between all supported assets.
- Multi-Asset Support: For those of you who want to dabble in crypto, stocks, and precious metals, Uphold's got you covered!
The SEC's Cautious Approach
Historically, the SEC has leaned towards the conservative side when it comes to staking in ETFs. Remember when they pulled several staking ETF proposals last year? Yet with a pro-crypto administration in charge, things are looking a bit different now.
In February, Franklin Templeton submitted an S-1 to launch an SOL ETF with staking provisions. Grayscale also put in a request to the SEC to add staking to its spot Ethereum (ETH) ETFs.
Unfortunately, the wait isn't over just yet. BeInCrypto reported that the SEC extended the decision deadline from April 17 to July 2025 on the Ethereum ETFs. With this hesitancy, it appears that Canary Capital's SEI ETF may face a long review process.
Institutional Interest in SEI!
While we await a decision, the registration comes at an exciting time for Sei, especially with World Liberty Financial (WLFI) ramping up its stash. The DeFi project has amassed 5.9 million SEI, estimated to be around $1.1 million. This sweet development fuels hopes for SEI's potential growth 🌱.
Sei Foundation Expands its Reach
To boost the growth and visibility of the Sei protocol, the Sei Foundation even launched the Sei Development Foundation on April 2. This initiative aims to offer crucial support to developers and builders within the Sei ecosystem.
SEI: A Tough Market
Over the past year, SEI, the altcoin, has taken a hard hit, depreciating by 70.3%. And just yesterday, it dipped by 3.2%. As of now, it's trading at $0.19.
In line with its price struggles, Sei's Total Value Locked (TVL) has also taken a hit, recently dropping by 8.3%. When last week it was at its all-time high, the current TVL stands at $382 million.
🤝 Stay informed and stick together: BeInCrypto helps you cut through the smokescreen and make educated investment decisions. Adhering to Trust Project guidelines, we provide unbiased, transparent reporting, but remember to double-check facts independently and consult with a pro before making moves based on our content. terms, privacy policy, and disclaimers have been updated. 🎉💪 Keep your portfolio strong, y'all!
- Canary Capital's recent move to register a statutory trust for a staked SEI exchange-traded fund (ETF) in Delaware signifies a promising step towards decentralized trading products.
- This potential SEI ETF, if approved, could track the price of SEI and provide staking rewards, offering passive income and market exposure.
- The SEC's hesitancy regarding staking in ETFs is evident with the prolonged review process for Ethereum ETFs.
- Institutional interest in SEI has grown, with World Liberty Financial amassing 5.9 million SEI, worth roughly $1.1 million.
- In an effort to boost the Sei protocol, the Sei Foundation launched the Sei Development Foundation to support developers within the Sei ecosystem.
- Despite the registration of the SEI ETF, the altcoin, SEI, has depreciated by 70.3% over the past year and currently trades at $0.19.
- The Total Value Locked (TVL) for Sei has also dropped, currently standing at $382 million, down from its all-time high.
- With Canary Capital exploring altcoins like Pudgy Penguins, Axelar, Solana, XRP, and others for potential staked ETFs, the DEFI landscape continues to evolve.
- As the regulatory landscape and technological advancements shape the crypto market, investments in this space require careful consideration and ongoing education.
