21Shares has filed for an ONDO-backed ETF with the SEC. This event marks an important step towards increasing access to crypto assets for traditional markets.
21Shares Ondo Trust ETF Proposal
21Shares has proposed the 21Shares Ondo Trust ETF with the SEC, which represents a significant move in crypto-backed financial instruments. The ETF, using Coinbase Custody for security, is expected to track ONDO’s value.
> "Official commentary or quotes regarding the ONDO ETF proposal have not been found at this time." - Hany Rashwan, Co-Founder & CEO, 21Shares.
Regulatory Context and Market Impact
The filing by 21Shares caused a 2.3% rise in ONDO's price, showing market optimism for regulated crypto investments. The fund will reference CF Benchmarks, ensuring consistency across digital exchanges.
Although 21Shares aims to expand crypto access, no regulatory changes have been confirmed. The ETF introduces potential for broader acceptance, yet requires approval from the SEC for official market entry.
Conclusion
The ETF proposal represents a potential step towards greater cryptocurrency acceptance and institutional investments, if approved. This could alter funding dynamics in the future, despite caution surrounding prior attempts to create crypto ETFs.
21Shares' filing for an ONDO-backed ETF highlights the growing interest in regulated crypto products and may impact future institutional investments in this space.
