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Breaking: 21Shares Files For Ondo ETF, ONDO Price Spikes

21Shares files for Ondo ETF with SEC, causing ONDO price to spike 2.3%. Passive fund to track ONDO value using Coinbase Custody.
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Breaking: 21Shares Files For Ondo ETF, ONDO Price Spikes

Highlights

  • 21Shares files for ONDO ETF, aims to track token’s dollar value.
  • Passive ETF to use Coinbase Custody, excludes leverage and derivatives.
  • ONDO price jumps 2.3% after filing and market cap hits $3.44 billion.

21Shares has registered with the U.S. Securities and Exchange Commission (SEC) a new exchange traded fund (ETF) tracking the Ondo token (ONDO). This proposed 21Shares Ondo Trust will own ONDO directly and the underlying goal is to replicate the dollar value of ONDO without leverage or derivatives. The ETF will use Coinbase Custody for safekeeping and track the CME CF Ondo Finance-Dollar Reference Rate.

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21Shares Proposes Passive ONDO ETF

The SEC filing introduces the “21Shares Ondo Trust” and marks the latest move by the firm to expand its lineup of crypto investment products. According to the preliminary prospectus, the Ondo ETF will operate as a passive fund.

It will track the CME CF Ondo Finance-Dollar Reference Rate. This benchmark is managed by CF Benchmarks Ltd and aggregates executed ONDO trades across leading crypto exchanges. Shares of the ETF are expected to list on a national exchange, though the specific venue and ticker symbol were not disclosed.

Meanwhile, Coinbase Custody Trust Company will serve as the Ondo ETF custodian. It will hold all the fund’s ONDO tokens on behalf of the Trust in secure, segregated accounts. These will primarily be maintained in cold storage to ensure security against theft and loss.

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Filing Sparks ONDO Price Surge

The Trust will not be registered under the Investment Company Act of 1940. Therefore, the proposed Ondo ETF will not be subject to its investor protections.

The product also won’t offer protections from ONDO price volatility. As stated in the filing, the ONDO token itself is not registered as a security.

The registration statement remains subject to SEC review and is not yet effective. ONDO price rose following the announcement as market participants reacted to the Ondo ETF filing news.

The token’s price increased to $1.08, gaining 2.3% in 24 hours. Also, its market cap increased to $3.44 billion, while daily trading volume exceeded $343 million. As of now, no launch date has been set for the fund.

Earlier, Donald Trump’s Truth Social had filed for a crypto blue chip ETF. The ETF contained coins like Bitcoin, Ethereum, Solana, XRP, and Cronos.

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Paul

Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others. He holds a degree in Geophysics from OAU, Nigeria. When he's not writing, he loves watching soccer and reading educative journals. He can be reached via paul@coingape.com

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