Asset manager 21Shares has filed for an exchange-traded fund (ETF) tracking the price performance of the ONDO token through a Form S-1 submission to the U.S. Securities and Exchange Commission. Named the 21Shares Ondo Trust ETF, this product marks a significant milestone for institutional cryptocurrency offerings.
The proposed ETF will directly hold ONDO tokens, with Coinbase Custody Trust Company serving as the custodian. Pricing will reference the CME CF Ondo Finance-Dollar Reference Rate to accurately track the token’s value.
This filing occurs amid substantial market momentum for ONDO, which has seen its market capitalization grow by 64.7% over the past month to exceed $3.5 billion. Recent trading prices have hovered near $1.12 per token.
The move represents part of 21Shares’ broader strategy to expand altcoin ETF access, following similar filings for Polkadot (DOT), XRP, Sui (SUI), and Solana (SOL) funds. Analysts interpret the ONDO filing as potentially setting precedent for future institutional-grade products centered around ERC-20 tokens.
Market observers suggest the growing pipeline of crypto ETF applications underscores accelerating institutional participation and may catalyze further maturation in digital asset investment vehicles.