Ah, 21Shares! These tireless merchants of digital speculation have once again presented themselves before the esteemed, and frequently bewildered, Securities and Exchange Commission. They’ve filed a document – a Form S-1, no less! – pertaining to the ‘21Shares Ondo Trust’. One shudders to think what arcane rituals were involved in its preparation. 🧐
This… *thing*… this exchange-traded fund, will supposedly mirror the price fluctuations of ONDO, a token belonging to Ondo Finance. A platform, it is claimed, that busies itself with the rather audacious task of turning real-world things (assets, they call them) into digital trinkets. As if the world needed more trinkets.
21Shares Throws ONDO Under the ETF Spotlight (Bless Their Hearts)
The declaration was made on July 22, 2025 – a date that will undoubtedly be etched in the annals of… well, something. This “Trust” will, naturally, be filled with ONDO tokens. And who shall safeguard these digital treasures? Why, Coinbase Custody Trust Company, of course! Because one can never have too many layers of custodianship when dealing with ephemeral bits and bytes. 🙄
The ETF will, they assure us, merely *reflect* the price of ONDO, guided by the CME CF Ondo Finance-Dollar Reference Rate. A rather cumbersome name for something so…simple. And, crucially, it will not dabble in such vulgarities as leverage, derivatives, or anything remotely resembling actual financial engineering. A passive investment, they say. A passive exercise in hope, I say!
“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 proclaims with a straight face. One almost believes them…
Certain details, however, remain shrouded in mystery. Such as, where exactly will this grand spectacle be presented? The exchange remains unnamed! Such suspense! But, naturally, the community is already abuzz with excitement. As communities always are, when presented with the possibility of losing vast sums of money.
“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,” proclaims a person named Marty Party. A most fitting name, one must admit.
And a fellow named Jeff Cook has declared ONDO the ‘next institutional darling.’ Institutional, you say? As if institutions haven’t already had their fill of questionable digital ventures. He suggests the pronouncements could unlock a torrent of capital. ‘Smart money,’ he whispers, is already preparing. Naturally.
Alongside ONDO, 21Shares is also attempting to foist Polkadot, XRP, Sui, and Solana upon the investing public via similar mechanisms. The SEC, one presumes, is bracing itself for the onslaught of applications. It is a veritable flood of forms!
“NGL had to Google it. Same w the Injective one. The filings are outpacing human awareness,” laments a representative of Bloomberg, Eric Balchunas. Indeed! The sheer volume of these things is enough to induce a headache.
Meanwhile, ONDO’s value has been engaging in a modest ascent. Apparently, it has risen a respectable 64.7% in the previous month, bloated from a modest 2 billion to over 3.5 billion. At the time of writing, it trades at $1.12, a sum that represents, well, something. It has been growing faster than the broader crypto market, you see! Which, admittedly, isn’t saying much. 🤪
And so it goes. A flurry of filings, pronouncements, and price movements. A spectacle of modern finance, played out in the digital ether. One can only watch, and perhaps chuckle quietly to oneself. It’s all quite… diverting. 😉
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2025-07-23 09:39