REX-Osprey Files for a MOVE Token-Tracking ETF

Asset management firm REX-Osprey submitted a request to the U.S. Securities and Exchange Commission (SEC) on March 10 for an ETF that tracks Movement Network's MOVE token.

Asset management firm REX-Osprey has submitted a request to the U.S. Securities and Exchange Commission (SEC) for an ETF that tracks Movement Network’s MOVE token. The proposed ETF will provide investors with an opportunity to invest in Ethereum layer-2 network using its MoveVM architecture.

REX-Osprey is seeking SEC approval to launch the REX-Osprey Movement (Network) Impact Fund Trust. The new ETF will invest at least 80% of its assets in MOVE tokens or related instruments. The ETF's holdings will consist of a combination of direct investments in MOVE tokens and derivatives, such as futures, swaps, and notes.

The MOVE ETF is a new addition to the growing family of crypto ETFs. Earlier this year, Bitwise and other asset managers applied to list Aptos and Polkadot ETFs.

The launch of the Movement Network’s mainnet beta was announced. The network is now entering a new phase with the introduction of key capabilities, paving the way for full user onboarding and Ethereum integration. At launch, the Movement Network can boast a healthy TVL of $250 million, a testament to the strong interest in the platform.

The Movement Network is focused on building an advanced platform for the safe and efficient deployment of smart contracts with its MoveVM technology. The Move programming language, developed by Meta, will allow developers to create a wide range of decentralized applications (dApps) and programs.

The upcoming mainnet beta launch will be a significant milestone for the Movement Network, as it will render the network more accessible for both developers and users. The mainnet beta will introduce several new capabilities, including:

* A more advanced version of the Move Virtual Machine (MoveVM).

* Support for additional programming languages.

* Improved tooling and documentation for developers.

The Movement Network is a layer-2 blockchain network that is built on the Ethereum Virtual Machine (EVM). The network uses a novel consensus mechanism called "Osprey," which is designed to be highly scalable and efficient. The Movement Network is also committed to sustainability and plans to achieve net-zero carbon emissions by 2025.

The SEC approval process for altcoin ETFs has been a major topic in the digital asset industry. Asset management firms like REX-Osprey are increasingly seeking to launch ETFs that track specific cryptocurrencies, while Bitwise and other asset managers have applied to list Aptos and Polkadot ETFs.

However, the SEC has yet to authorize any altcoin ETFs since granting its first approval for Bitcoin and Ether ETFs in 2024. The approval of the MOVE ETF would be a significant development, as it would expand the range of digital asset investment options available to institutional investors.

The new financial product comes amid a broader institutional demand for regulated asset classes of blockchain technology and altcoins. Earlier this year, asset management firm Beacon Chain Capital filed paperwork with the SEC for a new financial product that will provide investors with exposure to a basket of leading altcoins.