{"id":9566,"date":"2025-03-10T19:36:34","date_gmt":"2025-03-10T18:36:34","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9566"},"modified":"2025-03-10T19:36:34","modified_gmt":"2025-03-10T18:36:34","slug":"rex-osprey-launches-move-etf-in-the-financial-markets","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/10\/rex-osprey-launches-move-etf-in-the-financial-markets\/","title":{"rendered":"REX-Osprey Launches MOVE ETF in the Financial Markets"},"content":{"rendered":"

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Asset management firm REX-Osprey is aiming to introduce an exchange-traded fund (ETF) intended to hold the Movement Network\u2019s native cryptocurrency, MOVE, as per a declaration made on March 10.<\/p>\n

The submission<\/a> coincides with Movement, a layer-2 (L2) blockchain network, unveiling its public mainnet beta, Movement stated<\/a>.<\/p>\n

This is the most recent instance of a fund sponsor applying to register an ETF that includes an alternative cryptocurrency, or \u201caltcoin.\u201d<\/p>\n

\u201cConventional investors have shown a strong desire to obtain regulated exposure to innovative blockchain technologies without having to manage tokens directly,\u201d Cooper Scanlon, co-founder of Movement Labs, mentioned in a statement.<\/p>\n

Movement is an Ethereum L2 blockchain developed utilizing Move, a Rust-based programming language initially created by Meta.<\/p>\n

According to Movement, its public mainnet has roughly $250 million in total value locked (TVL).<\/p>\n

The MOVE token has a fully diluted market capitalization of approximately $5 billion, as per<\/a> CoinMarketCap.<\/p>\n

The US Securities and Exchange Commission has allowed ETFs holding Bitcoin (BTC<\/a>) and Ether (ETH<\/a>) to be listed in the US starting in 2024, but has yet to authorize any altcoin ETFs.<\/p>\n

\u201cAltering the trend of ETFs restricted to well-established cryptocurrencies paves the way for institutional investment to back next-generation blockchain advances,\u201d Rushi Manche, co-founder of Movement Labs, expressed in a statement.<\/p>\n

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REX-Osprey has applied for a MOVE ETF. Source: <\/em>SEC<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Bitwise files to register a spot Aptos ETF \u2014 the 36th largest cryptocurrency<\/strong><\/em><\/a><\/p>\n

Numerous Altcoin ETFs<\/h2>\n

Asset managers are seeking the SEC\u2019s endorsement to list ETFs that encompass more than half a dozen various altcoins.<\/p>\n

On March 5, asset management company Bitwise submitted a request to list a spot Aptos ETF<\/a> in the US \u2014 a token developed by a group led by two former Facebook (now Meta) employees in 2022.<\/p>\n

On February 25, US securities exchange Nasdaq sought to list<\/a> a Grayscale ETF containing the Polkadot network\u2019s native token, DOT (DOT<\/a>).<\/p>\n

Other altcoin ETFs waiting for approval consist of those that hold Litecoin (LTC<\/a>), Solana (SOL<\/a>) and Official Trump (TRUMP), among several others.<\/p>\n

US President Donald Trump, who began his second term in January, mentioned his desire for America to become the \u201cworld\u2019s crypto capital\u201d and has appointed pro-crypto leaders to significant regulatory bodies, including the SEC.<\/p>\n

Bloomberg Intelligence has set the likelihood of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively.<\/p>\n

Magazine: <\/strong><\/em>Introducing lawyer Max Burwick \u2014 \u2018The ambulance chaser of crypto\u2019<\/strong><\/em><\/a><\/p>\n