SEI ETF: 21Shares takes on Canary Capital with new filing

21Shares, one of the largest issuers of exchange-traded products (ETPs) on digital assets, has filed documentation to launch an exchange-traded fund (ETF) based on the SEI token. SEI is the native token of the Sei network, a layer-1 blockchain focused on trading infrastructure for decentralized exchanges and digital marketplaces.

This move puts 21Shares in direct competition with Canary Capital, which previously announced plans for a similar product. According to filings, the ETF would track the price of SEI and offer investors a regulated way to gain exposure to the digital asset.

Sei Network is designed to improve the speed and efficiency of transactions in the DeFi ecosystem, addressing scalability and high-fee challenges seen on other blockchains. The SEI token is used for transaction fees, governance, and staking.

Demand for crypto ETFs continues to grow, as both institutional and retail investors seek simpler and regulated access to digital assets. If approved, the new 21Shares product could help expand SEI token adoption in traditional financial markets.