Fund issuers Rex Shares and Osprey Funds have submitted an software for an exchange-traded fund monitoring the worth of MOVE, in line with a submitting Monday with the Securities and Trade Fee.
The Rex-Osprey MOVE ETF could be the primary centered on the native token of the Motion Community, an Ethereum layer-2 scaling community.
“Breaking the sample of ETFs restricted to long-established cryptocurrencies opens doorways for institutional capital to assist next-generation blockchain innovation,” Motion Labs co-founder Rushi Manche stated in a press launch.
The submitting follows a flurry of SEC purposes for ETFs monitoring altcoins as issuers goal to fulfill growing demand for digital asset-focused funding merchandise. In current weeks, issuers have submitted filings for funds that observe the continuing efficiency of Cardano, Solana, Litecoin, Hedera, and XRP. Final week, Canary Capital took an preliminary step towards an software for an ETF primarily based on Sui.
It additionally comes amid rising curiosity in Motion, which on Monday introduced the debut of its public mainnet beta with $250 million in complete worth locked. Motion launched MOVE in December by way of an $830 million airdrop. Main crypto exchanges Coinbase and Binance already assist MOVE buying and selling.
The ETF would make investments not less than 80% of its property within the token, however may additionally put money into derivatives whose worth could be primarily based on MOVE. The SEC should acknowledge the submitting, which might then generate an preliminary interval for public overview.
MOVE was not too long ago buying and selling at about $0.50, up 4% over the previous 24 hours as main property like Bitcoin and Ethereum present losses amid broader market turmoil. Even so, MOVE stays nicely off its excessive value above a greenback, final reached in January, in line with crypto information supplier CoinGecko. It has a present market cap of almost $1.2 billion.
Rex Shares and Osprey Funds have beforehand utilized for ETFs primarily based on the efficiency of meme cash Dogecoin (DOGE), Bonk (BONK), and Donald Trump’s personal Solana-based TRUMP.
The 11 funds centered on the spot value of Bitcoin have generated about $40 billion in web inflows since launching final 12 months.
Edited by Andrew Hayward
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