Crypto asset manager 21Shares has filed an amended S-1 application with the US Securities and Exchange Commission seeking approval for a spot ONDO exchange-traded fund. If approved, it would be the first US-listed ETF to track the ONDO token.
The revised filing shifts the product from a private trust structure to a public ETF and introduces a cash-based creation and redemption model. This means authorised participants will use cash to create shares, while the fund buys ONDO tokens through a third-party intermediary. The structure avoids direct crypto trading by brokers.
The ETF is planned to list on Nasdaq and will use a dual-custody setup, naming both Coinbase Custody Trust Company and BitGo Bank & Trust. Assets will be split between cold and hot storage for added security.
The fund tracks a reference rate linked to Ondo Finance, giving investors regulated exposure to tokenised real-world assets without handling wallets.
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