- 21Shares has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot ONDO ETF.
- The company previously registered a trust based on SUI.
- Both coins are in the portfolio of World Liberty Financial, which is reportedly backed by the Trump family.
21Shares has filed with the U.S. Securities and Exchange Commission (SEC) to create a spot exchange-traded fund based on the Ondo Finance coin. The shares will be issued and redeemed both in-kind and in cash.
The product is called 21Shares Ondo Trust. The application emphasizes that the trust will invest directly in Ondo Finance coins, which effectively makes it a spot ETF.
The fund structure does not provide for speculative instruments, such as leverage. The issue and redemption of shares will be carried out both in-kind and in cash.
Coinbase Custody will act as custodian, and 21Shares will act as sponsor. The exchange on which the shares will be traded, if the trust is approved, has not been specified.
Note that ONDO is the native coin of the Ondo Chain network, a Layer-1 blockchain specialized in the tokenization of real-world assets (RWA).
Remarkably, ONDO’s price has barely reacted to the news. The asset is trading with a drawdown of more than 5% on the daily chart and with a gain of 15% on the weekly chart, according to TradingView.
21Shares’ choice of Ondo Finance to launch the new ETF may be due to the project's connection with the World Liberty Financial platform, which reportedly has backing from the Trump family.
In December 2024, the platform bought $250,000 worth of ONDO coins, after which it further increased its holdings. World Liberty Financial also collaborates with the Sui blockchain team.
Shortly after the news, 21Shares filed for a SUI ETF, suggesting the company sees growth potential in projects associated with the Trump family’s business interests.
