21Shares today filed a form S-1 with the Securities and Exchange Commission, seeking to register the 21Shares Sei ETF, a trust offering direct exposure to SEI, the Sei Network’s native token. The filing names Coinbase Custody Trust Company as the ETF’s custodian, with Coinbase, Inc. acting as prime broker. Net asset value would be calculated using the CF SEI-Dollar Reference Rate — New York Variant, published by CF Benchmarks, which aggregates prices across multiple spot venues to ensure transparency and reduce reliance on any single market feed. The filing also allows for discretionary staking of SEI if regulators and tax authorities determine it would not compromise compliance. 21Shares is a crypto-native ETP provider that pioneered the world’s first physically-backed crypto exchange-traded product (ETP) — dubbed “HODL” — on the SIX Swiss Exchange. By the end of 2024, it was one of the largest global issuers of crypto ETPs with 44 listed products in numerous currencies. The company raised funding in 2022 at a valuation of around $2 billion and is now part of the 21.co Group.