REX-Osprey Seeks SEC Approval to Launch MOVE Token ETF

Asset Manager REX-Osprey has contiguous filed for an ETF (exchange-traded fund) that volition clasp the MOVE token from the Movement Network.

This was announced today, March 10, close aft Movement launched its nationalist mainnet beta.

“Traditional investors person expressed keen involvement successful gaining regulated vulnerability to emerging blockchain technologies without straight managing tokens,” Cooper Scanlon, Co-Founder of Movement Labs, said successful the press release. 

The MOVE ETF filing is the latest effort from plus managers to person ETFs from altcoins. So far, the U.S. Securities and Exchange Commission (SEC) has lone approved ETFs for Bitcoin and Ethereum, but different cryptocurrencies haven’t been fixed the greenish airy yet.

Movement is simply a Layer-2 blockchain built connected Ethereum.  It uses Move, a programming connection that was primitively developed by Meta (formerly Facebook). The web already has $250 cardinal locked in,  and its MOVE token is valued astatine $5 billion, according to CoinMarketCap. If the ETF is approved, it volition bring successful much investors. 

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

Meanwhile, REX-Osprey isn’t the lone institution trying to get an altcoin ETF approved. Bitwise precocious filed for an Aptos ETF, and Nasdaq has requested to database a Grayscale ETF that holds Polkadot (DOT). There are besides pending ETF applications for Solana (SOL), Litecoin (LTC), and Trump (TRUMP) tokens. 

According to Bloomberg Intelligence, there’s a 70% accidental the SEC volition o.k. a Solana ETF and a 90% accidental for Litecoin.

With Donald Trump present successful his 2nd word arsenic U.S. president, the crypto manufacture could spot immoderate large argumentation changes. Trump has said helium wants the U.S. to beryllium the “world’s crypto capital” and has enactment pro-crypto leaders successful complaint of fiscal regulations. 

Whether that means much ETF approvals successful the aboriginal is inactive unclear, but the involvement successful crypto concern is decidedly growing.

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