TLDR
- 21Shares submitted SEC filing for SEI ETF, competing with Canary Capital’s earlier application
- SEI price bounced from key support level with analyst targeting $0.60 upside potential
- Token currently trades at $0.30 with 4.2% daily gains and 74th market cap ranking
- Coinbase Custody would store SEI tokens for proposed exchange-traded fund structure
- SEI powers layer-1 blockchain focused on decentralized exchange trading infrastructure
Asset manager 21Shares has filed with the Securities and Exchange Commission to launch a SEI exchange-traded fund. The application creates competition with Canary Capital, which submitted a similar SEI ETF proposal in April.
The Swiss-based firm’s S-1 registration statement proposes tracking SEI price movements using CF Benchmarks data from multiple cryptocurrency exchanges. SEI functions as the native token for Sei Network, a specialized layer-1 blockchain launched in August 2023.
SEI Network Infrastructure Powers DeFi Trading
Sei Network focuses specifically on trading infrastructure for decentralized exchanges and digital marketplaces. The blockchain optimizes transaction speed and efficiency for trading applications.
SEI token holders use the asset to pay network gas fees and participate in governance voting. The token’s utility extends beyond simple transactions to include network security and decision-making processes.
21Shares plans to use Coinbase Custody Trust Company as the SEI token custodian. The firm is exploring staking options to generate additional returns but continues evaluating regulatory risks.
Competition Grows for Crypto ETF Market
Currently, only Bitcoin and Ethereum have approved spot cryptocurrency ETFs in the United States. Multiple asset managers are pursuing approval for additional crypto-focused exchange-traded funds.
Canary Capital’s April filing proposed offering staked SEI exposure with passive income through staking rewards. The Sei Development Foundation views ETFs as bridges between cryptocurrency and mainstream financial markets.
21Shares already operates the ARK 21Shares Bitcoin ETF and has applications pending for SUI, XRP, and Ondo token ETFs. Other major issuers including VanEck, Bitwise, and Grayscale are pursuing Solana, XRP, Cardano, and Dogecoin ETFs.
Technical Analysis Shows Bullish Momentum
Cryptocurrency analyst MichaĂŤl van de Poppe identified SEI’s bounce from crucial support levels on social media. The technical rebound increases probability for a strong weekly close that could maintain upward momentum.
Van de Poppe highlighted $0.60 as a potential price target from current levels. The analyst’s assessment suggests nearby resistance levels traders should monitor for continuation patterns.
Increased trading volume during the support bounce indicates accumulation by investors. The price action reflects broader altcoin strength as Bitcoin consolidates around current price levels.
SEI Price Prediction
SEI currently trades at $0.30 following a 4.2% increase over 24 hours. CoinGecko ranks the token 74th by market capitalization among all cryptocurrencies.
The combination of ETF interest from multiple asset managers and technical bounce from support creates bullish conditions. If SEI maintains current support levels and closes the week strongly, the path toward $0.60 becomes more probable.
Market sentiment remains cautiously optimistic as traditional finance shows increased interest in altcoin exposure through ETF vehicles.
