PANews reported on May 1 that according to The Block, late Wednesday, Canary Capital submitted an S-1 registration statement to the U.S. Securities and Exchange Commission, planning to manage what could become the first spot SEI ETF in the U.S., and the fund includes a pledge element. The proposed fund aims to provide investors with direct exposure to the price of the Sei network's native cryptocurrency SEI, and the assets will be managed by BitGo and Coinbase. The trust plans to pledge part of its assets through one or more infrastructure providers, which may bring additional returns to investors. In addition, the fund will handle the creation and redemption of shares in cash, similar to the existing spot Bitcoin and Ethereum ETF structures in the United States.