21Shares has revised particulars of its US exchange-traded fund submitting monitoring $ONDO, the native token of the real-world asset tokenization platform. The crypto ETP firm filed the amended S-1 doc with the US Securities and Trade Fee on Thursday.
In a response publish on social platform X, Bloomberg ETF analyst Eric Balchunas talked about the event late Friday, joking that the product’s title sounded “like a planet in Star Wars.”
21Shares submitting for an Ondo ETF. By no means heard of this one, sounds just like the title of a planet in Star Wars. pic.twitter.com/qtXql94nfO
— Eric Balchunas (@EricBalchunas) February 6, 2026
The S-1/A submission is a follow-up on 21Shares’ first submitting for a “21Shares Ondo Belief,” which the SEC posted on its web site on July 22, 2025. The issuer has now rebranded the so-called belief because the “21Shares Ondo ETF” and specified Nasdaq because the supposed itemizing vacation spot, pending regulatory approval.
21Shares is the primary asset administration agency to hunt to wrap $ONDO publicity into a standard brokerage product.
21Shares revises $ONDO ETF proposal
In line with the unique S-1 doc, 21Shares had indicated of their observe that the belief can be a passive fund. It will maintain $ONDO and use a third-party benchmark to trace the greenback worth of $ONDO.
The primary submission outlined shares can be created and redeemed by giant blocks known as “Baskets,” dealt with by broker-dealers. However the revised proposal designates basket dimension to blocks of 10,000 shares per basket. The basket dimension impacts how market makers arbitrage premiums and reductions within the secondary market.
The modification additionally says brokers can create shares by depositing money with the fund’s money custodian. The sponsor then robotically instructs a 3rd social gathering to purchase the $ONDO wanted for that order and ship the tokens into the fund’s custody accounts.
When a certified participant redeems for money, the sponsor directs a custodian to switch $ONDO to a chosen counterparty, which sells the tokens and deposits money proceeds again into the fund’s money account for settlement. The prospectus states that any slippage or buying and selling prices related to money creations or redemptions are borne by the Approved Participant, not the belief or the sponsor.
Whereas final July’s submitting stated the belief would custody $ONDO at a single regulated third-party custodian, Coinbase, the modification modifications that to a dual-custodian mannequin by including BitGo Financial institution & Belief, N.A.
BitGo is a federally chartered nationwide belief financial institution and acquired a nationwide financial institution constitution from the Workplace of the Comptroller of the Forex in December final 12 months.
The S-1/A prospectus additionally introduces “Vault Steadiness” and distinguishes “Chilly Vault Steadiness” from “Sizzling Vault Steadiness.” It says the sponsor expects property and keys to be held in chilly storage on an ongoing foundation, with scorching wallets used at instances for settlement.
There are three overview paths after the modification, owing to the SEC’s new formal course of for approving exchange-traded funds. The very best-case state of affairs will see $ONDO ETF’s registration go stay 20 to 75 days after the modification, placing the earliest window between late February and mid-April 2026.
Ondo Finance RWA footprint and WLF ties
$ONDO has appeared in political headlines by World Liberty Monetary, the DeFi venture affiliated with President Donald Trump’s household. Final 12 months, WLF purchased $500,000 price of the token for a multi-asset treasury.
In different associated information, Consensys’ MetaMask has tapped Ondo Finance to supply tokenized securities. Per a press assertion launched by the pockets service supplier on Tuesday, eligible MetaMask customers in non-US international locations now have entry to 200 tokenized US shares, ETFs, and commodities, together with gold and silver, on Ethereum.
Customers purchase the tokenized publicity by MetaMask Swaps by swapping Circle’s USDC stablecoin into Ondo International Markets tokens. Nevertheless, the product just isn’t out there for customers in america, Canada, the UK, and a number of other jurisdictions within the European Financial Space.
