In a move sure to thrill literal no one at Thanksgiving dinner, Canary Capital—a name that sounds like a startup for trendy birdhouses—has officially registered a statutory trust in Delaware for something called a staked Sei ETF. Thrilling stuff for folks who read the Delaware Division of Corporations website like it’s the morning paper.
Filed under the ambitious moniker “Canary Staked SEI ETF Trust,” this legal Frankenstein’s monster is the first step toward managing a fund nobody outside investment circles will fully understand.
For the uninitiated, Sei is a proof-of-stake blockchain network, which means while your grandma hoards savings in a shoe box, this digital marvel is designed for high-speed trading applications, propelling money faster than you can say “What the heck is that?” As of April 24, 2025, the token SEI—yes, it’s all capitalized like shouting—boasts a market cap near a cool billion dollars. And if you’re feeling adventurous, staking SEI tokens yields about 4.7% annually. That’s right, just enough interest to buy yourself a fancy cup of coffee, or maybe a moderately priced avocado toast. ☕🥑
Before you start daydreaming about beaches and Lamborghinis, know this trust doesn’t actually make the ETF tradable yet. There’s a thrilling bureaucratic tradition unfolding next: Canary Capital must file a Form S-1 registration statement to the SEC. Because of course, what investors crave most is paperwork detailing how they plan to stake your tokens and sprinkle rewards like fairy dust.
Notably, this comes right on the heels of another SEC proposal for a staked Tron (TRX) ETF, filed just days earlier. Apparently, staking a portion of spot tokens to yield more tokens is the new black, even if most issuers prefer to get listed first and figure out staking later. Rebel move, Canary.
But don’t pop the bubbly just yet. The SEC, America’s favorite party pooper, still needs to say yay or nay. Given their cautious love affair with staking, this could drag on longer than your last family reunion. Past attempts to combine staking with U.S.-listed crypto ETFs have either flopped or vanish mysteriously, though there’s renewed hope that this administration will cut them some slack.
Yes, since President Donald Trump strolled back into office (because politics is a never-ending season of The Real Households of Washington), the SEC has been suddenly hip to crypto ETF filings, even those dabbling in wild cards like NFTs and memecoins. If you thought penguins only belong in zoos, think again: Canary Capital also filed for an ETF tracking the Pudgy Penguins ecosystem, complete with governance tokens and NFTs. Because what says “financial future” more than combining cartoon birds with blockchain?
And if penguins aren’t your style, Canary’s got a smorgasbord of ETFs lined up for Solana (SOL), Axelar (AXL), XRP, and Sui (SUI). It’s like a crypto buffet where you just hope the chef knows what they’re doing.
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2025-04-24 11:40