Fund issuers Rex Shares and Osprey Funds have submitted an utility for an exchange-traded fund monitoring the value of MOVE, in accordance with a submitting Monday with the Securities and Alternate 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 mentioned in a press launch.
The submitting follows a flurry of SEC purposes for ETFs monitoring altcoins as issuers intention to fulfill rising demand for digital asset-focused funding merchandise. In current weeks, issuers have submitted filings for funds that monitor the continuing efficiency of Cardano, Solana, Litecoin, Hedera, and XRP. Final week, Canary Capital took an preliminary step towards an utility for an ETF based mostly 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 whole worth locked. Motion launched MOVE in December by an $830 million airdrop. Main crypto exchanges Coinbase and Binance already assist MOVE buying and selling.
The ETF would make investments no less than 80% of its belongings within the token, however may put money into derivatives whose worth could be based mostly on MOVE. The SEC should acknowledge the submitting, which might then generate an preliminary interval for public assessment.
MOVE was not too long ago buying and selling at about $0.50, up 4% over the previous 24 hours as main belongings 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 accordance with crypto information supplier CoinGecko. It has a present market cap of practically $1.2 billion.
Rex Shares and Osprey Funds have beforehand utilized for ETFs based mostly 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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