- REX-Osprey has filed for an ETF designed to hold MOVE, the native token of Movement Network, as the blockchain platform launches its public mainnet beta.
- Movement is an Ethereum L2 blockchain using the Move programming language, with approximately $250 million in TVL and a token with a fully diluted value of around $5 billion.
- This filing joins a growing trend of asset managers seeking SEC approval for altcoin ETFs, including those for Aptos, Polkadot, Solana, and Litecoin.
REX-Osprey has filed with regulators to create the first exchange-traded fund (ETF) that would hold the MOVE token, the native cryptocurrency of the Movement Network. The filing, submitted on March 10, coincides with Movement’s public mainnet beta launch and represents another attempt by fund sponsors to expand ETF offerings beyond Bitcoin and Ethereum to include alternative cryptocurrencies.
Movement Network, an Ethereum layer-2 blockchain, developed its platform using the Move programming language, a Rust-based language originally created by Meta. According to the company’s announcement, its public mainnet has accumulated approximately $250 million in total value locked (TVL). The MOVE token currently has a fully diluted value of around $5 billion, according to CoinMarketCap.
Movement’s co-founders emphasized the significance of this ETF filing for expanding institutional access to emerging blockchain technologies. “Traditional investors have expressed keen interest in gaining regulated exposure to emerging blockchain technologies without directly managing tokens,” stated Cooper Scanlon, Movement Labs’ co-founder.
Fellow co-founder Rushi Manche added, “Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation.”
While the U.S. Securities and Exchange Commission (SEC) authorized Bitcoin and Ethereum ETFs to list in the U.S. earlier in 2024, it has yet to approve any altcoin ETFs. However, REX-Osprey’s filing for a MOVE ETF joins a growing queue of asset managers seeking similar approvals.
On March 5, Bitwise filed to list a spot Aptos ETF, targeting a token created in 2022 by former Facebook (now Meta) employees. In late February, Nasdaq requested to list a Grayscale ETF holding Polkadot’s DOT token. Other pending altcoin ETF applications include those for Litecoin, Solana, and even Official Trump (TRUMP) tokens.
The regulatory landscape for cryptocurrency may be shifting under the current administration. President Donald Trump, who began his second term in January, has publicly stated his desire for America to become the “world’s crypto capital” and has appointed pro-crypto leaders to key regulatory agencies, including the SEC.
Market analysts at Bloomberg Intelligence appear optimistic about some of these altcoin ETFs, setting the odds of SEC approval for Solana and Litecoin ETFs at 70% and 90%, respectively. The expansion beyond Bitcoin and Ethereum ETFs would represent a significant evolution in regulated cryptocurrency investment products for U.S. investors.
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