21Shares Revised U.S. Exchange Traded Fund Application Tracking Details $ONDOthe native token of a real-world asset tokenization platform. The crypto ETP company filed an amended S-1 document with the U.S. Securities and Exchange Commission on Thursday.
Bloomberg ETF analyst Eric Balciunas referenced the development late Friday in a reaction post on social platform X, joking that the product’s name “looks like a planet from Star Wars.”
21 stocks applied for Ondo ETF. I’ve never heard the name before, but it sounds like the name of a planet from Star Wars. pic.twitter.com/qtXql94nfO
— Eric Balchunas (@EricBalchunas) February 6, 2026
The S-1/A filing is a follow-up to 21Shares’ initial filing of 21Shares Ondo Trust, which the SEC posted on its website on July 22, 2025. The issuer is currently rebranded The so-called trust has been named the 21Shares Ondo ETF, and pending regulatory approval, the company has designated Nasdaq as its intended listing destination.
21Shares is the first asset management company to wrap $ONDO Exposure to traditional intermediary products.
21 stock revision $ONDO ETF proposal
According to the original S-1 document, 21Shares said in the memo that the trust would be a passive fund. it will hold $ONDO Track dollar prices using third-party benchmarks $ONDO.
Initial filings outlined that shares would be created and redeemed through large blocks called “baskets” handled by broker-dealers. However, the revised proposal specifies the basket size as blocks of 10,000 shares per basket. Basket size affects how market makers arbitrage premiums and discounts in the secondary market.
The proposed amendments also allow brokers to issue shares by depositing cash with a fund’s cash custodian. Sponsor will then automatically direct the third party to purchase the product. $ONDO Deliver the tokens required for that order to the fund’s custodial account.
If an Authorized Participant redeems for cash, Sponsor will instruct the custodian to transfer the money. $ONDO Sell tokens to designated counterparties and deposit cash proceeds into the Fund’s cash account for settlement. The prospectus states that any slippage or transaction costs associated with the generation or redemption of cash will be borne by the Authorized Participants and not by the Trust or the Sponsor.
Documents submitted in July last year stated that the trust would keep the property. $ONDO With a single regulated third-party custodian, Coinbase, the amendment adds BitGo Bank & Trust, NA and changes to a dual custodian model.
BitGo is a federally chartered national trust bank and received national banking charter from the Office of the Comptroller of the Currency last December.
The S-1/A prospectus also introduces “Vault Balance” and distinguishes between “Cold Vault Balance” and “Hot Vault Balance.” Sponsors say they expect assets and keys to be kept in cold storage on an ongoing basis, with hot wallets occasionally used for payments.
The SEC’s new formal process for approving exchange-traded funds provides three revised review pathways. In the best case scenario, $ONDO ETF registration will begin 20 to 75 days after the amendment, with the earliest possible date being from late February to mid-April 2026.
Ondo Finance RWA footprint and WLF relationship
$ONDO It entered political headlines through World Liberty Financial, a DeFi project partnered with President Donald Trump’s family. Last year, WLF purchased $500,000 worth of tokens for a multi-asset treasury.
In other related news, ConsenSys’ MetaMask tapped Ondo Finance to offer tokenized securities. According to the press statement released The wallet service provider on Tuesday enabled eligible MetaMask users in countries outside the US to access 200 tokenized US stocks, ETFs, and instruments including gold and silver on Ethereum.
Users gain tokenized exposure through MetaMask Swaps by exchanging Circle’s USDC stablecoin for Ondo Global Markets tokens. However, this product is not available to users in the United States, Canada, the United Kingdom, and some jurisdictions in the European Economic Area.