21Shares has filed a preliminary application with the US Securities and Exchange Commission for an ETF tracking the token of the DeFi platform Ondo Finance.

Exchange-traded fund issuer 21Shares has filed with US regulators for a product tracking the spot price of Ondo, the native token of the decentralized finance protocol Ondo Finance.

21Shares submitted a preliminary prospectus with the Securities and Exchange Commission for the “21Shares Ondo Trust” on Tuesday, which aims to directly hold Ondo 

 tokens and track performance via the CME CF Ondo Finance-Dollar Reference Rate. Coinbase will provide custody of the tokens.

It will be a passive investment vehicle with no speculation or leverage. Authorized participants can create or redeem shares in cash or in-kind. 

ONDO is the native utility token of Ondo Chain, a layer-1 proof-of-stake blockchain with a focus on institutional-grade financial markets and tokenized real-world assets (RWAs).

Ondo has a market capitalization of $3.5 billion and a circulating supply of 3.1 billion out of a total of 10 billion tokens. It is currently priced at $1.12, which is down 48% from its December all-time high of $2.14, according to CoinGecko.