21Shares files an S-1 for an ONDO ETF, signaling rising institutional interest in tokenized real-world assets and regulated crypto investment products.
21Shares has filed an S-1 registration for an ONDO exchange-traded fund. The move reflects increasing institutional demand for tokenized real-world assets. Moreover, the filing shows increasing confidence in compliant crypto investment products.
21Shares Rebrands ONDO Product as ETF for Nasdaq Listing
Previously, 21Shares had submitted the product as the “21Shares Ondo Trust” in July 2025. However, the latest filing formally rebrands it as an ETF. In addition, the company indicated Nasdaq as the desired listing venue. This change signals a more evident thrust towards the mainstream market access.
🚨 BREAKING: 21Shares has filed an S-1 registration for an $ONDO ETF, signaling growing institutional interest in tokenized real-world assets (RWAs).
Ondo Finance focuses on bringing traditional financial products on-chain, including tokenized U.S. Treasuries and yield-bearing… pic.twitter.com/T8Bdh7CYtl
— FinancialPress.com (@FinancialPress_) February 7, 2026
The proposed ETF provides regulated exposure to ONDO, the native token of the platform called Ondo Finance. Ondo Finance is interested in bringing traditional financial products on-chain. These include tokenized U.S. Treasuries and yield-bearing funds. Therefore, the ETF is aimed at the institutions who are looking for compliant exposure to blockchain.
According to the filing, the ETF will have a dual-custody structure. Coinbase Custody and BitGo will jointly control the digital assets. Notably, a national bank charter was recently granted to a company called Bitgo. As a result, the custody model is very much in line with institutional risk standards.
The ETF will follow the CME CF Ondo Finance-Dollar Reference Rate. It will work as a passive investment vehicle. Furthermore, the product uses cash-based creation and redemption. This design distributes trading costs to authorized participants rather than the fund.
Industry analysts estimate a possible launch of within 20 to 75 days after the amendment. Therefore, approval may come anytime between late February to mid April, 2026. However, final timing is subject to regulatory review. Even so, expectations are cautiously optimistic.
Institutional Interest Grows in Tokenized Real-World Assets
The ONDO ETF filing represents a larger trend in RWA tokenization. Tokenization involves converting real assets into blockchain-based tokens. These assets comprise bonds, funds and commodities. As a result, there is often an increase of settlement efficiency and transparency for investors.
As per the projections of 21Shares, the total value of tokenized RWAs could surpass $500 billion in 2026. This is in contrast to some $35 billion that is recorded in late 2025. Therefore, in a short period of time, the sector is accelerated. Institutions are starting to see RWAs as a bridge between crypto and traditional finance.
Ondo Finance is at the center of this trend. The platform specializes in yielding, compliant products. Its tokenized U.S. Treasuries are aimed towards institutions looking for a stable return. Consequently, ONDO has become an important utility token in regulated DeFi infrastructure.
By becoming an ETF of ONDO, 21Shares hopes to appeal to traditional brokerage investors. These investors also tend to avoid direct custody of the tokens. Therefore, the ETF structure helps in bringing down the operation barriers. It also fits crypto exposure in with known investment workflows.
On top of all that, the filing is in support of a wider push toward regulated crypto products. There are earlier precedents for Spot Bitcoin and Ethereum ETFs. Now, tokenized asset platforms are coming into the same framework. This evolution is a sign of maturing market structure and regulatory interaction.
Finally, the ONDO ETF may create greater liquidity for tokenized finance. Wall Street capital may make more connections to on-chain markets. As a result, tokenization may see an increase in its use beyond its current niche adoption. The filing is one more step toward institutional-scale blockchain finance.