REX-Osprey files for MOVE ETF

Asset manager REX-Osprey is seeking to motorboat an exchange-traded money (ETF) designed to clasp the Movement Network’s autochthonal token, MOVE, according to a March 10 announcement. 

The filing comes arsenic Movement, a layer-2 (L2) blockchain network, launches its nationalist mainnet beta, Movement said. 

It is the latest illustration of a money sponsor filing to database an ETF comprising an alternate cryptocurrency, oregon “altcoin.” 

“Traditional investors person expressed keen involvement successful gaining regulated vulnerability to emerging blockchain technologies without straight managing tokens,” Cooper Scanlon, Movement Labs’ co-founder, said successful a statement. 

Movement is an Ethereum L2 blockchain designed utilizing Move, a Rust-based programming connection primitively developed by Meta. 

Its nationalist mainnet has astir $250 cardinal successful full worth locked (TVL), according to Movement. 

The MOVE token has a afloat diluted worth of astir $5 billion, according to CoinMarketCap.

The US Securities and Exchange Commission authorized ETFs holding Bitcoin (BTC) and Ether (ETH) to database successful the US successful 2024 but has not yet approved immoderate altcoin ETFs. 

“Breaking the signifier of ETFs constricted to long-established cryptocurrencies opens doors for organization superior to enactment next-generation blockchain innovation,” Rushi Manche, Movement Labs’ co-founder, said successful a statement. 

REX-Osprey has filed for a MOVE ETF. Source: SEC

Related: Bitwise files to database a spot Aptos ETF — the 36th largest cryptocurrency

Altcoin ETFs abound

Asset managers are seeking the SEC’s support to database ETFs for holding upward of fractional a twelve antithetic altcoins.

On March 5, plus manager Bitwise filed to database a spot Aptos ETF successful the US — a token created by a squad led by 2 erstwhile Facebook (now Meta) employees successful 2022.

On Feb. 25, US securities speech Nasdaq requested to list a Grayscale ETF holding the Polkadot network’s autochthonal token, DOT (DOT). 

Other altcoin ETFs awaiting support see those holding Litecoin (LTC), Solana (SOL) and Official Trump (TRUMP), among others. 

US President Donald Trump, who started his 2nd word successful January, said helium wants America to go the “world’s crypto capital” and has appointed pro-crypto leaders to cardinal regulatory agencies, including the SEC.

Bloomberg Intelligence has acceptable the likelihood of the SEC approving Solana and Litecoin ETFs astatine 70% and 90%, respectively. 

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