21Shares has filed a registration with the U.S. Securities and Exchange Commission to launch a spot exchange-traded fund (ETF) that holds ONDO, the native token of Ondo Finance. The fund, named the “21Shares Ondo Trust,” would give U.S. investors exposure to ONDO through a regulated investment product.
If approved, it would be the first spot ETF in the U.S. focused on a real-world asset (RWA) token built on Ethereum.
The ETF Would Hold ONDO Tokens in Custody at Coinbase
Specifically, the trust plans to track the CME CF Ondo Finance–Dollar Reference Rate and hold ONDO tokens directly. Coinbase Custody will manage the token storage, with most assets kept offline in cold wallets. Additionally, the fund will operate passively, without using leverage or derivatives.
Creation and redemption of ETF shares may occur in cash or ONDO, depending on how the fund is structured during launch.
This setup offers a way for traditional investors to gain exposure to ONDO without needing to manage wallets, keys, or navigate crypto exchanges.
ONDO is the native token of Ondo Finance, a protocol focused on bringing tokenized versions of real-world assets onto public blockchains. These assets include tokenized U.S. Treasuries, bonds, and other institutional-grade products.
The protocol recently expanded by launching its own Layer-1 blockchain to support these assets and acquired Oasis Pro. This is a broker-dealer registered with the SEC and FINRA. That deal is expected to help Ondo build the infrastructure needed to operate within U.S. regulatory frameworks.
RWA Market Nears $25 Billion On-Chain
The filing comes at a time when tokenized real-world assets are gaining attention from institutions. The value of RWAs on public blockchains has grown around 58% this year, nearing $25 billion. Ethereum hosts more than half of that value.
21Shares appears to be positioning ONDO as a gateway to this growing sector. The ETF could offer a regulated way for investors to tap into Ethereum’s RWA ecosystem without directly interacting with DeFi platforms.
ONDO’s price moved between $1.08 and $1.12 following the news, rising roughly 2% to 6% in early trading. The token is still down around 48% from its peak of $2.14 in December 2024.
ONDO currently has a market capitalization of about $3.4 billion, with 3.1 billion tokens in circulation out of a maximum supply of 10 billion.
While institutional interest remains limited, some signals have emerged. World Liberty Financial—a fund linked to the Trump family—invested $250,000 in ONDO in late 2024 and continues to hold 342,000 tokens. This stake is worth about $380,000 today. It accounts for just 0.2% of the fund’s total $208 million portfolio.
Dozens of Crypto ETFs Still Awaiting a Decision
ONDO’s filing isn’t coming in a vacuum. As of mid‑2025, the SEC has over 70 crypto-related ETF proposals pending. These include funds tied to Solana, XRP, Dogecoin, Litecoin, and even meme tokens. Bloomberg analysts Eric Balchunas and James Seyffart now estimate a 90% to 95% chance of approval for spot ETFs tied to altcoins like XRP, Cardano, and Dogecoin by year-end.
Moreover, this outlook follows recent signs of increased engagement between ETF issuers and the SEC. Since April, the commission—under new leadership—has introduced guidance aimed at shortening ETF review timelines from nearly 240 days to around 75.
