Canary Capital Details Staked SEI ETF Structure and Custody Plans

Canary Capital has filed an amendment to its registration statement for the proposed Canary Staked SEI ETF. The updated filing provides more details on the structure of the fund, which aims to give investors exposure to spot-held SEI while also generating additional SEI through staking.

The ETF will be sponsored by Canary Capital Group LLC and organized as a Delaware statutory trust. It will use the CoinDesk SEI Benchmark Rate 60m NY Rate to derive its net asset value, providing a reference price for the valuation of the SEI in the fund.

Staking is a core component of the fund's structure, with the Sponsor planning to stake almost all the Trust's SEI, excluding that used for redemptions, expenses, or liquidity requirements. The staking providers will perform the job of validating transactions, and the Trust will receive rewards for its stake in SEI.

The amended filing also confirms that BitGo Trust Company will serve as the custodian of the Trust's SEI, with U.S. Bank being the cash custodian and U.S. Bancorp Fund Services providing administration and transfer-agent services.