21Shares, a leading crypto exchange-traded product (ETP) provider, has submitted a Form S-1 registration statement to the US Securities and Exchange Commission (SEC) for the 21Shares Ondo Trust.
This exchange-traded fund (ETF) will track the price performance of ONDO. It is the native token of Ondo Finance, a decentralized finance (DeFi) platform focused on tokenizing real-world assets (RWA).
21Shares Brings ONDO to the Spotlight with ETF Filing
The firm submitted the filing on July 22, 2025, marking a significant milestone for ONDO. According to the S-1, ‘21Shares Ondo Trust’ will hold ONDO tokens. Coinbase Custody Trust Company will serve as the custodian.
Furthermore, the ETF will track ONDO prices using the CME CF Ondo Finance-Dollar Reference Rate. Notably, the proposed ETF is structured as a passive investment vehicle.
21Shares explained that the ETF is designed to simply track the price movements of ONDO rather than trying to generate profits. Thus, it will not use leverage (borrowing funds), derivatives (contracts like options or futures), or similar financial instruments.
“This means the Sponsor does not speculatively sell ONDO at times when its price is high or speculatively acquire ONDO at low prices in the expectation of future price increases,” the filing reads.
However, some information remains unspecified in the document, like the name of the exchange where it will be listed. These elements will likely be determined or filled in later. Meanwhile, the filing has sparked optimism among the community.
“IMO: This is the first ERC-20-based Spot ETF application and will open the door to more non-L1 blockchain assets to list as ETFs,” analyst Marty Party posted.
Trader and analyst Jeff Cook referred to ONDO as the ‘next institutional darling.’ He emphasized that the 21Shares Ondo ETF filing could trigger a massive influx of institutional capital into the asset.
Cook further suggested that ‘smart money’ is reportedly positioning itself early, hoping to capitalize on the opportunity before the broader retail market catches up.
Besides ONDO, 21Shares has also filed for several other altcoin ETFs, including Polkadot (DOT), XRP (XRP), Sui (SUI), and Solana (SOL). At present, there are numerous ETF applications awaiting SEC approval, and new filings continue to make the list longer.
“NGL had to Google it. Same w the Injective one. The filings are outpacing human awareness,” Bloomberg’s senior ETF analyst Eric Balchunas wrote.
Meanwhile, the announcement comes as ONDO continues its uptrend. BeInCrypto data showed that the token has appreciated 64.7% over the past month. The market capitalization has also increased from around $2 billion to over $3.5 billion.
At the time of writing, ONDO was trading at $1.12, representing gains of 6.47% over the past day. Moreover, while many cryptocurrencies have seen price increases, ONDO’s growth rate over the past week has been higher than the global crypto market, making it a standout performer.
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