Market News

21Shares Unveils Ambitious Plan for ONDO Spot ETF

In a significant development for the decentralized finance sector, 21Shares has submitted a preliminary application to the SEC for a spot ETF tracking ONDO, the native token of Ondo Finance.

This initiative signals growing institutional interest in cryptocurrencies and potentially offers mainstream exposure for ONDO.

Following the announcement, ONDO's price surged above $1.16, reflecting the market's positive response to regulatory milestones.

However, after this initial spike, profit-taking saw the price stabilize at around $1.07, illustrating market volatility and investor sentiment surrounding the ETF filing.

The structure of the proposed 21Shares Ondo Trust is passive, aiming to mirror ONDO's performance without leveraging or speculative trading.

With Coinbase Custody as the custodian, the ETF's establishment could enhance the legitimacy of ONDO in traditional finance.

As institutional demand grows, analysts suggest a bullish outlook for ONDO, with targets potentially rising toward the $2 mark if this momentum continues.

Market participants are interpreting recent price corrections as opportunities, motivated by the belief that ONDO's value could climb significantly in the near future.

Overall, the convergence of legal clarity and institutional backing could position ONDO favorably for growth in upcoming weeks.

All eyes now turn to the SEC's response to 21Shares' application, which could be pivotal for ONDO's future trajectory.