Rex Shares, Osprey Funds File MOVE ETF, Token Rises 4%

Rex Shares and Osprey Funds have submitted an application to the Securities and Exchange Commission for an exchange-traded fund (ETF) that will track the price of MOVE, the native token of the Movement Network. This Ethereum layer-2 scaling network aims to enhance the scalability and efficiency of blockchain transactions.

The proposed Rex-Osprey MOVE ETF would be the first of its kind, focusing on an emerging blockchain technology rather than established cryptocurrencies. Rushi Manche, co-founder of Movement Labs, highlighted the significance of this move, stating that it breaks the pattern of ETFs being limited to long-established cryptocurrencies. This development opens doors for institutional capital to support next-generation blockchain innovation.

The filing comes at a time when there is a surge in interest in the Movement Network. The network recently announced the launch of its public mainnet beta, with a total value locked of $250 million. This indicates substantial investment and confidence in the network's potential. The MOVE token, introduced in December through an $830 million airdrop, is already supported by major crypto exchanges such as Coinbase and Binance.

The ETF is designed to invest at least 80% of its assets in the MOVE token, with the possibility of investing in derivatives whose value is based on MOVE. The SEC must acknowledge the filing, which will then enter a period for public review. This process is part of a broader trend where issuers are seeking approval for ETFs tracking various altcoins, including Cardano, Solana, Litecoin, Hedera, and XRP.

The MOVE token has shown resilience in the face of broader market turmoil, with recent trading at around $0.50, up 4% over the past 24 hours. Despite this, MOVE remains well below its high price above a dollar, last reached in January. The token has a current market cap of nearly $1.2 billion, reflecting its growing significance in the crypto market.

Rex Shares and Osprey Funds have a history of applying for ETFs based on the performance of meme coins such as Dogecoin, Bonk, and Donald Trump's own Solana-based TRUMP. This experience positions them well to navigate the regulatory landscape and bring innovative investment products to market.

The approval of the Rex-Osprey MOVE ETF could have far-reaching implications