21Shares’ proposed Ondo ETF, filed with the SEC in July 2025, had still not listed at the time of the latest market snapshot. Investors need to separate this pending US fund from the European ONDO ETN already referenced in Milan, whose price data says nothing about the ONDO token itself. This article reviews the filing history, the available figures and their limits.
🔑 Key takeaways
- The US 21Shares Ondo ETF, first filed on July 22, 2025, still shows a “Pending” status with no listed price.
- The European 21Shares ONDO ETN, referenced by Borsa Italiana, is already tradable, with a reference price of 5.729 on the displayed date.
- No source documents any price move or fund flow attributable to the US filing.
- The SEC has not approved the product; the earliest approval window estimated by The Block runs from late February to mid-April 2026, and it is not a decision.
Two different products sharing one name
The confusion is easy to understand. On one side sits the US exchange-traded fund, sponsored by 21Shares US LLC, which is still awaiting approval and listing. On the other sits the ONDO ETP/ETN that 21Shares presents on its European product page and that Borsa Italiana already lists. Each issuer keeps its own label, ETF or ETN, and the two instruments do not share the same legal structure.
The Block’s snapshot, dated November 13, 2026, shows the US fund as “Pending” with the note “No price until the fund lists”. Assets, flows, fees, volume, opening price and closing price are all marked “Pending”. There is therefore no listed price and no trading volume for the US project.
| Item | US ETF (proposed) | European ETN (ONDO) |
|---|---|---|
| Status | Pending, not listed | Referenced and tradable |
| Listing venue | Nasdaq, as proposed | Borsa Italiana, ETC/ETN PRO segment |
| Code or ISIN | Not assigned in the extracts | ONDO / CH1396389921 |
| Underlying | ONDO tokens held directly | Kaiko Ondo Reference Rate LDN Fixing |
| Price | None | 5.729 (reference price) |
The Borsa Italiana sheet lists a class 1 product with no leverage, a lot size of 1.00 and a USD trading currency. It sits in the “ETC/ETN PRO SEGMENT”, with an underlying typed “CRYPTO CURRENCIES” and an “Underlying Style” code of 8. Dividends are capitalised. No annual fee figure is provided: the sheet refers to the prospectus, and the key information document is available from the issuer’s website.
At the time of the snapshot, the closing price read “N.A.”, while the reference price stood at 5.729 on the displayed date of “26/11/12”, at 17:55. The annual high was 7.31 and the annual low 3.713. One-month performance was -29.44% and six-month performance -6.47%, while year-to-date and one-year figures were shown as “N.A.”. These numbers describe the European ETN, not the ONDO token.
« Past performance is not a reliable indicator of current or future results. »
21Shares, ONDO product page
The issuer’s own warning is a reminder that a short performance history says little about the future. The data also cannot isolate any effect of the US filing on the European product.
The SEC file: a three-stage timeline
The initial filing dates to July 22, 2025, according to The Block. Cointelegraph, republished by TradingView, reports that a preliminary prospectus for the “21Shares Ondo Trust” was submitted to the SEC “on Tuesday”. July 22, 2025 was indeed a Tuesday. Subject to approval, the vehicle would have held ONDO tokens directly and tracked their performance through the “CME CF Ondo Finance-Dollar Reference Rate”.
The document presented the product as a passive investment vehicle, with no leverage and no speculation. Authorised participants could create or redeem shares either in cash or in kind, a standard mechanism for spot-backed ETFs.
An amendment that changes the name and venue
A revised S-1/A followed. The Block dates it to February 6, 2026. According to that amendment, the product was renamed “21Shares Ondo ETF” and Nasdaq was named as the proposed listing venue. Bloomingbit, citing CryptoPolitan in an article by Minseung Kang, instead says the amendment was submitted “on the 7th”. The sources therefore disagree by one day on the filing or publication date.
« The industry is interpreting this as a signal that the Ondo spot ETF has moved into a formal review phase. »
Minseung Kang, Bloomingbit
That reading is Bloomingbit’s, and it is neither a decision nor an approval from the SEC. A change of structure and name only signals that the file is moving through formal review, with no implication for the outcome.
An approval timeline that remains unconfirmed
The Block’s tracking page estimates the earliest approval window between late February and mid-April 2026. That is an estimate tied to SEC review, not an approval date. The “Pending” status shown in a November 2026 data extract confirms that the product had still not reached listing at that point.
Custody, sponsor and positioning
The sponsor is 21Shares US LLC. Custody is split between Coinbase Custody Trust Company and BitGo Bank & Trust, with assets expected mainly in cold storage. Bloomingbit frames the addition of BitGo to Coinbase’s existing infrastructure as a way to strengthen custody of spot assets and operational stability.
- Custody: two custodians, with cold storage favoured; no figures on assets under custody.
- Access: exposure through a standard brokerage account, without a dedicated crypto account.
- Positioning: passive, regulated exposure to ONDO and to tokenised real-world assets.
The US product would therefore offer a regulated wrapper around ONDO’s price rather than direct token ownership. The extracts, however, give no annual fee, no flows and no launch date.
ONDO, Ondo Chain and tokenised real-world assets
ONDO is the native utility token of Ondo Chain, a proof-of-stake layer 1 blockchain aimed at institutional financial markets and tokenised real-world assets. Announced in February 2025, a few months before the initial filing, the chain uses permissioned validators to limit front-running, embeds compliance tooling and supports more than ten blockchains, according to 21Shares.
The Ondo platform is the exposure context for the product. According to 21Shares, it is the largest platform for tokenised real-world assets, with more than $3 billion of asset value distributed through products such as USDY and OUSG, which bring US Treasury and money-market yields on-chain. Ondo Global Markets hosts more than 250 tokenised products, holds 58% of the tokenised equities market and has processed more than $6 billion in cumulative trading volume since launch.
Ondo acquired Oasis Pro in July 2025 to launch tokenised securities with Pantera Capital. Cointelegraph reports that Oasis Pro is registered with the SEC as an Alternative Trading System and transfer agent, and has been a FINRA member since 2020. 21Shares adds that Ondo is working with Franklin Templeton to tokenise ETFs for 24/7 on-chain trading.
| Indicator | Published value | Source |
|---|---|---|
| ONDO price (July 2025) | $1.12 | Cointelegraph |
| Market capitalisation | $3.5 billion | Cointelegraph |
| Circulating supply | 3.1 billion of 10 billion tokens | Cointelegraph |
| All-time high | $2.14 (December, year not specified) | CoinGecko via Cointelegraph |
| Gap to all-time high | -48% | CoinGecko via Cointelegraph |
| Tokenised real-world assets | About $25 billion, up 58% over the year | RWA.xyz via Cointelegraph |
These July 2025 figures are not comparable with the European ETN’s price: they refer to a different instrument, date and quotation unit. Across tokenised real-world assets, Ethereum held a 55% share according to RWA.xyz, mostly through private credit and US Treasury bonds.
World Liberty Financial, the Trump-linked DeFi platform, has added ONDO to its holdings. Cointelegraph reports it bought $250,000 of tokens in December and holds 342,000 tokens, valued at about $383,000 by Nansen. That position represents only 0.2% of a $208 million portfolio made up mainly of stablecoins, wrapped ETH and BTC.
On regulation, 21Shares’ institutional page says the SEC closed its investigation into Ondo “last year”, without a precise date. It also cites the Clarity Act as expected “this year”. That is the source’s forecast, not confirmation of adoption.
Outlook and scenarios
Three outcomes remain open for the US fund. The first is SEC approval followed by a Nasdaq listing, with an initial window estimated between late February and mid-April 2026. The “Pending” status recorded in November 2026 shows that this window did not produce a listing. The second is an extended review, which matches the file’s current state in the extracts. The third is rejection or withdrawal, which no source suggests at this stage.
For investors, the distinction remains central. The European ETN already exists and trades in Milan, with its own performance and risks. The US fund has no published price or volume. The key items to watch are the SEC decision, any announced fees, the first flows and the evolution of the ONDO price, without assuming causal links until the data supports them.
Sources
- The Block, 21Shares Ondo ETF tracking page
- 21Shares, ONDO product page (en-eu)
- Borsa Italiana, ONDO ETN sheet (CH1396389921)
- SEC, 21Shares S-1 filing (extract not usable)
- Cointelegraph via TradingView, initial spot ONDO ETF filing
- Bloomingbit, article by Minseung Kang citing CryptoPolitan
Cet article est publié à titre informatif et éducatif. Il ne constitue en aucun cas un conseil en investissement. Faites vos propres recherches (DYOR) avant toute décision.
