Investment manager Canary Capital has registered a statutory trust for a staked Sei (SEI) exchange-traded fund (ETF) in Delaware. This marks the initial step toward launching the product.
To proceed, the firm will now likely file a Form S-1 registration statement with the US Securities and Exchange Commission (SEC).
Staked SEI ETF in the Works: Canary Capital Registers Trust
According to the official state website, the trust was registered on April 23 under file number 10171975.
Canary Staked Sei ETF Filing. Source: State of Delaware Official Website
The registration comes shortly after the asset manager filed for a staked ETF based on Tron (TRX) on April 18. Canary is also pursuing ETF registrations for several other altcoins, including Pudgy Penguins (PENGU), Axelar (AXL), Solana (SOL), XRP (XRP), and more. This signals the firm’s broader push into crypto-based investment products.
A potential Canary Staked SEI ETF would track the price of SEI like conventional ETFs, but with the added benefit of staking rewards. This structure could provide investors with passive income alongside market exposure. Notably, this feature has yet to be approved for any US spot crypto ETF.
The SEC has historically been cautious about staking in ETFs. This is evidenced by last year’s withdrawal of several staking ETF proposals. Nevertheless, with a more pro-crypto administration in place, issuers are now making another attempt.
Franklin Templeton submitted an S-1 in February to launch an SOL ETF with staking provisions. Moreover, the NYSE has also filed a request to the SEC on behalf of Grayscale seeking approval to add staking to its spot Ethereum (ETH) ETFs.
Yet, as BeInCrypto reported, the regulator extended the decision deadline from April 17 to July 2025. Thus, the SEC’s reluctance to greenlight such products suggests that Canary Capital’s SEI ETF may face a prolonged review process.
While the approval remains uncertain, the registration comes amid growing institutional interest in Sei, highlighted by World Liberty Financial’s (WLFI) accumulation. According to data from Arkham Intelligence, the President Trump-backed DeFi project has accumulated 5.9 million SEI worth around $1.1 million, fueling optimism about its potential.
“SEI isn’t just making promises—it’s taking action, and institutional players are beginning to pay attention,” a user wrote on X.
Meanwhile, the Sei Foundation has also been working to strengthen its presence in the US by launching the Sei Development Foundation on April 2. This initiative seeks to promote the growth and visibility of the Sei protocol, providing critical support to developers and builders within its ecosystem.
Despite the developments, the SEI token has faced a tough time in the market. Over the past year, the altcoin has depreciated by 70.3%. Moreover, BeInCrypto data showed that it dipped by 3.2% over the past day. At press time, SEI was trading at $0.19.
SEI Price Performance. Source: BeInCrypto
In line with its price struggles, Sei’s Total Value Locked (TVL) has also experienced a decline recently. DefiLama data showed that after hitting an all-time high (ATH) last week, the metric has dropped by 8.3%. At the time of writing, the TVL was at $382 million.
