Cryptocurrency asset manager Canary Capital has registered a statutory trust in Delaware for a staked Sei ETF.
According to an April 23 entry on the Delaware Division of Corporations website, the trust was officially filed under the name “Canary Staked SEI ETF Trust”. This filing represents the formal creation of a legal structure that could eventually hold and manage the fund’s assets.
Sei is a proof-of-stake blockchain network designed for high-speed trading applications. As of April 24, 2025, its native token, SEI, has a market capitalization of approximately $982 million. Staking SEI tokens currently offers an annualized yield of roughly 4.7%, according to data from StakingRewards.com.
The trust itself doesn’t make the ETF tradable just yet. The next step will involve Canary Capital submitting a Form S-1 registration statement to the U.S. Securities and Exchange Commission. This filing would outline the details of the proposed ETF, including how it plans to stake SEI tokens and distribute rewards to investors.
Canary’s Sei trust filing comes just days after the firm submitted a Form S-1 to the SEC for a staked Tron (TRX) ETF on April 18.
Like the Sei proposal, the TRX fund would hold spot tokens and stake a portion of them to generate additional yield. It’s a relatively rare move in current filings, as most issuers typically seek approval to add staking only after their spot ETFs are listed.
Approval from the SEC is required before the ETF can launch, and given the agency’s cautious stance on staking, the process could take time. Previous efforts to include staking in U.S.-listed crypto ETFs have faced delays or withdrawals, although there has been renewed optimism under the current administration.
Since President Donald Trump took office earlier this year, the SEC has seen a sharp uptick in crypto-related ETF filings. The regulator is now reviewing a wider variety of proposals, including those tied to non-traditional assets like NFTs and memecoins.
Canary Capital has been among the more active players in this changing environment. Beyond staking-based products, the firm recently filed for an ETF tracking the Pudgy Penguins ecosystem, which would combine exposure to the PENGU governance token and the project’s NFTs.
Other filings from Canary include ETF proposals for Solana (SOL), Axelar (AXL), XRP, and Sui (SUI).
