- Rex Shares and Osprey Funds have filed an SEC application for the first-ever ETF tracking MOVE, the native token of the Ethereum layer-2 scaling Movement Network.
- This application joins a growing trend of altcoin ETF proposals, including recent filings for Cardano, Solana, Litecoin, Hedera, XRP, and Sui.
- Movement Network recently launched its public mainnet beta with $250 million TVL, while MOVE trades at approximately $0.50 with a market cap near $1.2 billion.
In a significant development for cryptocurrency investment products, Rex Shares and Osprey Funds have jointly submitted an application to the Securities and Exchange Commission for an exchange-traded fund that would track MOVE, the native token of the Movement Network. If approved, this would mark the first ETF specifically focused on this Ethereum layer-2 scaling solution’s token, according to an SEC filing submitted Monday.
The proposed Rex-Osprey MOVE ETF represents a departure from the established pattern of cryptocurrency ETFs, which have primarily targeted long-established digital assets. This expansion to newer blockchain projects could potentially open new avenues for institutional investment in the sector.
"Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation," stated Rushi Manche, co-founder of Movement Labs, in an official press release following the filing.
The application comes amid a broader surge of altcoin ETF filings as investment firms respond to increasing market demand for diverse cryptocurrency investment options. Recent weeks have seen applications for ETFs tracking Cardano, Solana, Litecoin, Hedera, and XRP. Canary Capital also recently initiated preliminary steps toward a Sui-based ETF application.
This filing coincides with growing market interest in the Movement Network, which announced the launch of its public mainnet beta on Monday, reporting $250 million in total value locked (TVL). The network’s MOVE token was initially distributed through an $830 million airdrop in December, and has since gained trading support on major exchanges including Coinbase and Binance.
According to the filing details, the proposed ETF would allocate at least 80% of its assets directly to MOVE tokens, with the remainder potentially invested in derivatives based on the token’s value. The SEC must now formally acknowledge the application, which will then enter a public review period.
MOVE currently trades at approximately $0.50, showing a 4% increase over the past 24 hours—a notable performance during a period when major cryptocurrencies like Bitcoin and Ethereum have experienced losses amid broader market turbulence. Despite this recent gain, MOVE remains significantly below its January peak, when it traded above $1.00, according to data from CoinGecko. The token currently maintains a market capitalization of nearly $1.2 billion.
This isn’t the first ambitious ETF proposal from Rex Shares and Osprey Funds, who have previously filed applications for ETFs based on various meme tokens, including Dogecoin (DOGE), Bonk (BONK), and the Solana-based TRUMP token associated with former president Donald Trump.
The cryptocurrency ETF landscape has shown significant growth since the approval of Bitcoin spot ETFs, with those products collectively generating approximately $40 billion in net inflows since their launch last year.
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