Asset management firm REX-Osprey is aiming to introduce an exchange-traded fund (ETF) intended to hold the Movement Network’s native cryptocurrency, MOVE, as per a declaration made on March 10.
The submission coincides with Movement, a layer-2 (L2) blockchain network, unveiling its public mainnet beta, Movement stated.
This is the most recent instance of a fund sponsor applying to register an ETF that includes an alternative cryptocurrency, or “altcoin.”
“Conventional investors have shown a strong desire to obtain regulated exposure to innovative blockchain technologies without having to manage tokens directly,” Cooper Scanlon, co-founder of Movement Labs, mentioned in a statement.
Movement is an Ethereum L2 blockchain developed utilizing Move, a Rust-based programming language initially created by Meta.
According to Movement, its public mainnet has roughly $250 million in total value locked (TVL).
The MOVE token has a fully diluted market capitalization of approximately $5 billion, as per CoinMarketCap.
The US Securities and Exchange Commission has allowed ETFs holding Bitcoin (BTC) and Ether (ETH) to be listed in the US starting in 2024, but has yet to authorize any altcoin ETFs.
“Altering the trend of ETFs restricted to well-established cryptocurrencies paves the way for institutional investment to back next-generation blockchain advances,” Rushi Manche, co-founder of Movement Labs, expressed in a statement.
REX-Osprey has applied for a MOVE ETF. Source: SEC
Related: Bitwise files to register a spot Aptos ETF — the 36th largest cryptocurrency
Numerous Altcoin ETFs
Asset managers are seeking the SEC’s endorsement to list ETFs that encompass more than half a dozen various altcoins.
On March 5, asset management company Bitwise submitted a request to list a spot Aptos ETF in the US — a token developed by a group led by two former Facebook (now Meta) employees in 2022.
On February 25, US securities exchange Nasdaq sought to list a Grayscale ETF containing the Polkadot network’s native token, DOT (DOT).
Other altcoin ETFs waiting for approval consist of those that hold Litecoin (LTC), Solana (SOL) and Official Trump (TRUMP), among several others.
US President Donald Trump, who began his second term in January, mentioned his desire for America to become the “world’s crypto capital” and has appointed pro-crypto leaders to significant regulatory bodies, including the SEC.
Bloomberg Intelligence has set the likelihood of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively.
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