- 21Shares has officially filed for a spot ETF that will directly track the market price of the Ondo Finance ONDO token.
- Ondo Finance is expanding in regulated markets with a new broker acquisition to support tokenized asset offerings.
- The Trump-backed DeFi fund holds ONDO tokens but the position is a very small part of its large crypto portfolio.
Exchange-traded fund issuer 21Shares has filed with the U.S. Securities and Exchange Commission for a new spot ETF. The proposed fund, named “21Shares Ondo Trust,” aims to track the price of ONDO, the native token of Ondo Finance. The trust will directly hold ONDO tokens and reflect performance through the CME CF Ondo Finance-Dollar Reference Rate.
Coinbase will serve as the custodian of the ONDO tokens. The investment vehicle is structured to be passive, with no leverage or speculation. Authorized participants can create or redeem shares in cash or through in-kind transfers.
Ondo Finance Expands Institutional Reach
ONDO powers Ondo Chain, a layer-1 proof-of-stake blockchain designed for institutional markets. The chain supports tokenized real-world assets such as U.S. Treasurys and private credit. The total market capitalization of ONDO stands at $3.5 billion. Out of 10 billion tokens, about 3.1 billion are in circulation.
ONDO is trading at $1.11, which reflects a 48% drop from its December peak of $2.14. Ondo Finance continues to expand in regulated markets. Earlier this month, it acquired broker-dealer Oasis Pro, a registered alternative trading system and transfer agent. This move supports its plans to launch tokenized securities in partnership with Pantera Capital.
Trump-Affiliated DeFi Platform Holds ONDO
World Liberty Financial, a decentralized finance platform linked to the Trump family, holds ONDO in its portfolio. In December, it acquired $250,000 worth of the token. It currently owns 342,000 ONDO tokens, valued at around $383,000.
Despite the purchase, ONDO makes up only 0.2% of World Liberty’s $208 million holdings. The majority of its portfolio is in stablecoins, wrapped Bitcoin, and Ether. The fund’s interest in ONDO reflects a growing trend toward tokenized asset exposure among institutional investors.
Broader Market Context and ONDO’s Role
The demand for tokenized real-world assets surged in 2025. The total value has jumped 58% this year, nearing $25 billion. Most of these assets, including U.S. Treasurys and private credit, are tokenized on Ethereum. Ethereum holds a 55% market share in this segment.
Ondo Chain aims to offer an alternative for Wall Street firms entering the digital asset space. The chain launched earlier this year, focusing on compliance and institutional-grade infrastructure. The latest ETF filing joins dozens of crypto-related applications awaiting regulatory review. Meanwhile the SEC is developing a framework that will speed up the approval process for Spot ETFs.
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