Sei Network ETF Filing Targets 90% Staking Allocation

Canary Capital Revises Staking Structure in Latest SEI ETF Amendment

Canary Capital has submitted a significant update to its proposed Staked $SEI ETF, filing Pre-Effective Amendment No. 2 to its S-1 registration statement with the U.S. Securities and Exchange Commission. The amendment covers a staked SEI ETF that would stake about 90% of the fund's SEI holdings, name BitGo as sole custodian, and is expected to trade on Cboe BZX.

The second amendment substantially revises how the fund plans to handle staking, moving to an estimated 90% of assets staked, with BitGo serving as the sole custodian for the entire position. This marks a notable shift from the original filing, which had named both BitGo and Coinbase as custodians. The revised structure consolidates all custody with BitGo and introduces a more defined staking allocation.

Under normal circumstances, the Sponsor will stake almost all of the Trust's SEI, apart from holdings set aside for redemptions, expenses, or liquidity requirements. The Trust will employ one or several staking providers rather than operating validator nodes directly, with the Trust receiving staking rewards in return.

Market Reaction and Broader Context

$SEI jumped more than 30% after Canary Capital submitted the amendment, with the token trading near $0.0670 and its market capitalization rising to about $462 million.

Canary Capital has been building a focused lineup of yield-bearing staked crypto products, and already has two active offerings on the market: the Canary Staked TRX ETF, trading under the ticker TRXS, and the Canary Staked SUI ETF under SUIS. A staked SEI ETF would add a third network to that roster.

The ETF is scheduled to list on the Cboe BZX exchange, though the ticker symbol and sponsorship fees have not been disclosed. The amended registration statement is explicitly marked as preliminary, meaning the information may still change and the securities cannot be sold until the registration statement becomes effective. The filing therefore represents a further step in Canary Capital's proposed ETF process rather than confirmation that the product is already available for trading.

Canary Staked SEI ETF, Pre-Effective Amendment No. 2 to Form S-1, SEC EDGAR | Canary Capital Moves Closer to SEI Staking ETF With 90% Stake Plan, CoinCodex | Canary Capital Updates Staked SEI ETF Filing With S-1 Amendment, Tron Weekly