later on Wednesday, Canary Capital submitted an S-1 registration statement to the U.S. Securities and Exchange Commission, planning to manage what could be the first spot SEIETF product in the United States, with the fund containing collateral elements. The proposed fund aims to provide investors with direct exposure to the Sei network's native cryptocurrency SEI price, with assets being custodied by BitGo and Coinbase. The trust fund plans to collateralize a portion of the assets through one or more infrastructure providers, potentially bringing additional income to investors. Additionally, 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.