Asset supervisor REX-Osprey is in search of to launch an exchange-traded fund (ETF) designed to carry the Motion Community’s native token, MOVE, in line with a March 10 announcement.
The filing comes as Motion, a layer-2 (L2) blockchain community, launches its public mainnet beta, Motion said.
It's the newest instance of a fund sponsor submitting to record an ETF comprising another cryptocurrency, or “altcoin.”
“Conventional buyers have expressed eager curiosity in gaining regulated publicity to rising blockchain applied sciences with out immediately managing tokens,” Cooper Scanlon, Motion Labs’ co-founder, stated in a press release.
Motion is an Ethereum L2 blockchain designed utilizing Transfer, a Rust-based programming language initially developed by Meta.
Its public mainnet has roughly $250 million in complete worth locked (TVL), in line with Motion.
The MOVE token has a totally diluted worth of round $5 billion, according to CoinMarketCap.
The US Securities and Alternate Fee licensed ETFs holding Bitcoin (BTC) and Ether (ETH) to record within the US in 2024 however has not but authorized any altcoin ETFs.
“Breaking the sample of ETFs restricted to long-established cryptocurrencies opens doorways for institutional capital to assist next-generation blockchain innovation,” Rushi Manche, Motion Labs’ co-founder, stated in a press release.
REX-Osprey has filed for a MOVE ETF. Supply: SEC
Associated: Bitwise files to list a spot Aptos ETF — the 36th largest cryptocurrency
Altcoin ETFs abound
Asset managers are in search of the SEC’s approval to record ETFs for holding upward of half a dozen totally different altcoins.
On March 5, asset supervisor Bitwise filed to list a spot Aptos ETF within the US — a token created by a group led by two former Fb (now Meta) staff in 2022.
On Feb. 25, US securities trade Nasdaq requested to list a Grayscale ETF holding the Polkadot community’s native token, DOT (DOT).
Different altcoin ETFs awaiting approval embrace these holding Litecoin (LTC), Solana (SOL) and Official Trump (TRUMP), amongst others.
US President Donald Trump, who began his second time period in January, stated he desires America to change into the “world’s crypto capital” and has appointed pro-crypto leaders to key regulatory companies, together with the SEC.
Bloomberg Intelligence has set the chances of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively.
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