21Shares Files Spot ETF for Ondo’s Native Token ONDO

21Shares is expanding its range of digital asset ETFs by proposing a new spot fund dedicated to ONDO, the native token of Ondo Finance. The application, filed with the SEC, outlines a product named “21Shares Ondo Trust,” which would hold ONDO tokens directly and track the CME CF Ondo Finance-Dollar Reference Rate.

Unlike synthetic or derivative-based products, this spot ETF directly reflects ONDO’s market performance and may offer institutional investors simplified access to the Ondo ecosystem. Coinbase is designated as the custodian, and the fund structure avoids leverage or active management—an important feature for risk-averse institutional investors.

ONDO powers Ondo Chain, a layer-1 blockchain focused on institutional finance and tokenized real-world assets (RWAs), a rapidly growing segment in crypto. With a market capitalization of $3.5 billion, ONDO has attracted attention from controversial players like World Liberty Financial—a politically affiliated DeFi fund that purchased ONDO in December and currently holds 342,000 tokens.

If approved, this ETF could mark another step toward bridging traditional finance with tokenized infrastructures through regulated instruments.