Asset manager REX-Osprey is seeking to launch an exchange-traded fund (ETF) designed to hold the Movement Network’s native token, MOVE, according to a March 10 announcement.
The filing comes as Movement, a layer-2 (L2) blockchain network, launches its public mainnet beta, Movement said.
It is the latest example of a fund sponsor filing to list an ETF comprising an alternative cryptocurrency, or “altcoin.”
“Traditional investors have expressed keen interest in gaining regulated exposure to emerging blockchain technologies without directly managing tokens,” Cooper Scanlon, Movement Labs’ co-founder, said in a statement.
Movement is an Ethereum L2 blockchain designed using Move, a Rust-based programming language originally developed by Meta.
Its public mainnet has approximately $250 million in total value locked (TVL), according to Movement.
The MOVE token has a fully diluted value of around $5 billion, according to CoinMarketCap.
The US Securities and