Asset Manager REX-Osprey has today filed for an ETF (exchange-traded fund) that will hold the MOVE token from the Movement Network.
This was announced today, March 10, right after Movement launched its public mainnet beta.
“Traditional investors have expressed keen interest in gaining regulated exposure to emerging blockchain technologies without directly managing tokens,” Cooper Scanlon, Co-Founder of Movement Labs, said in the press release.
The MOVE ETF filing is the latest attempt from asset managers to have ETFs from altcoins. So far, the U.S. Securities and Exchange Commission (SEC) has only approved ETFs for Bitcoin and Ethereum, but other cryptocurrencies haven’t been given the green light yet.
Movement is a Layer-2 blockchain built on Ethereum. It uses Move, a programming language that was originally developed by Meta (formerly Facebook). The network already has $250 million locked in, and its MOVE token is valued at $5 billion, according to CoinMarketCap. If the ETF is approved, it will bring in more investors.
According to Rushi Manche, co-founder of Movement Labs “Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation.”
Meanwhile, REX-Osprey isn’t the only company trying to get an altcoin ETF approved. Bitwise recently filed for an Aptos ETF, and Nasdaq has requested to list a Grayscale ETF that holds Polkadot (DOT). There are also pending ETF applications for Solana (SOL), Litecoin (LTC), and Trump (TRUMP) tokens.
According to Bloomberg Intelligence, there’s a 70% chance the SEC will approve a Solana ETF and a 90% chance for Litecoin.
With Donald Trump now in his second term as U.S. president, the crypto industry could see some big policy changes. Trump has said he wants the U.S. to be the “world’s crypto capital” and has put pro-crypto leaders in charge of financial regulations.
Whether that means more ETF approvals in the future is still unclear, but the interest in crypto investment is definitely growing.
