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SEI Canary Capital revises pledge structure in the latest amendment to SEI Pledge ETF
Canary Capital has submitted a major update to its S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC), pre-effective Amendment No. 2 to the Staked$SEI ETF.
The amendment covers an ETF that intends to pledge approximately 90% of the fund's SEI positions, designates BitGo as the sole custodian and is expected to be traded on the Cboe BZX exchange. The amendment substantially modifies the way the fund handles pledges, plans to use an estimated 90% of its assets as pledges, and has BitGo as the sole custodian of the entire position.
This marks a significant shift from the original application document. The original document designated both BitGo and Coinbase as custodians. The revised structure centralizes all custody rights in BitGo and introduces a clearer pledge allocation scheme.
Under normal circumstances, promoters will pledge almost all SEI held by the trust, except for positions reserved for redemptions, fees, or liquidity needs. The trust company will use one or more pledge providers rather than directly operating the verification node in exchange for pledge rewards.
Market reaction and broader context
After Canary Capital filed the amendment, the price of $SEI rose more than 30%, the token trading price was close to US$0.0670, and the market value rose to approximately US$462 million.
Canary Capital 一直在构建专注于产生收益的质押型加密货币产品组合，目前市场上已有两个活跃产品：以 TRXS 为交易代码交易的 Canary Staked TRX ETF，以及以 SUIS 为交易代码交易的 Canary Staked SUI ETF。若推出 Staked SEI ETF，将成为其产品线中的第三个网络支持产品。
该 ETF 计划在 Cboe BZX 交易所上市，但交易代码和管理费尚未披露。修正后的注册声明明确标记为初步文件，这意味着信息仍可能发生变化，且在注册声明生效之前不得出售证券。因此，此次 filing 仅代表 Canary Capital 拟议 ETF 流程的进一步步骤，而非确认该产品已可供交易。
