Canary Capital has submitted its second amendment to its application to launch a $SEI exchange-traded fund, proposing to stake about 90% of the tokens.

The fund will hold spot SEI tokens, but the new amendment completely rewrites the staking mechanism.

Under the amendment, custody will be handled solely by BitGo, placing responsibility for the assets in one place.

The application is still under review, and no final decision has been issued yet.

If approved, the fund may give you exposure to $SEI with staking yield, but custody concentration with a single entity adds a layer of risk that needs monitoring.

The detail worth remembering: a 90% staking ratio isn’t marginal—it’s at the heart of the fund’s risk.

Would you prefer a fund that stakes 90% of its assets or one that keeps them liquid? 👇

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