21Shares, a notable provider of crypto exchange trading products, has submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for the 21Shares ONDO Trust.
This Exchange Traded Fund (ETF) is designed to track the price movements of Ondo, the native token of Ondo Finance, a decentralized finance (DeFi) platform focused on real-world asset (RWA) tokens.
21Shares highlights Ondo with its ETF filing
This submission was made on July 22, 2025, a significant step for Ondo. According to the S-1 filing, the “21Shares Ondo Trust” will hold Ondo Tokens, with Coinbase Custody Trust Company serving as the custodian.
The ETF will monitor Ondo prices using CME CF Ondo Finance-Dollar reference rates. Notably, it’s structured as a passive investment vehicle.
21Shares clarified that the ETFs aim to track Ondo’s price movements without trying to maximize profits. They have stated they won’t use leverage, derivatives, or similar financial tools.
“This means that sponsors will not sell ONDO visually if prices are high or maybe buy at lower prices in the hope of future gains,” they noted.
Still, some details remain unclear in the paperwork, like the specific exchange it will be listed on, which could be finalized later. Nonetheless, this submission has generated optimism in the community.
“In my opinion, this marks the first ERC-20-based Spot ETF application, paving the way for more non-L1 blockchain assets to be listed as ETFs,” commented analyst Marty Party.
Trader and analyst Jeff Cook referred to Ondo as the “next big thing.” He pointed out that the 21Shares Ondo ETF filing could attract significant institutional investment.
Cook also mentioned that “smart money” appears to be getting in early, anticipating that retail investors will soon recognize the opportunity.
Besides Ondo, 21Shares has submitted applications for other Altcoin ETFs like Polkadot (DOT), XRP (XRP), SUI (SUI), and Solana (SOL). Many ETF applications are currently pending SEC approval, with new ones continually being added.
“I had to look it up. It seems like the application is ahead of public awareness,” said Eric Balchunas, a senior ETF analyst at Bloomberg.
As Ondo maintains its upward trajectory, an announcement is expected soon. Data from Beincrypto indicates that the tokens have appreciated by 64.7% over the past month, with market capitalization rising from about $2 billion to over $3.5 billion.
As of now, Ondo was trading at $1.12. While many cryptocurrencies have seen gains, Ondo’s growth rate was notably higher than the broader crypto market last week, highlighting its strong performance.
