Source: Cointelegraph Original: "{title}"
According to an announcement on March 10, asset management company REX-Osprey is seeking to launch an ETF aimed at holding the native token MOVE of the Movement network.
Movement stated that this application submission coincides with its launch of a public mainnet test version as a second layer (L2) blockchain network.
This is the latest case of a fund sponsor submitting an application to list an ETF that includes an alternative cryptocurrency (i.e., "altcoin").
Cooper Scanlon, co-founder of Movement Labs, stated in a press release: "Traditional investors have expressed strong interest in accessing emerging blockchain technology through regulated channels without the need to directly manage tokens."
Movement is an Ethereum second layer blockchain designed using the Move language, which is a Rust-based programming language originally developed by Meta.
According to Movement, the total value locked (TVL) in its public mainnet is approximately $250 million.
According to CoinMarketCap, the fully diluted value of the MOVE token is about $5 billion.
The U.S. Securities and Exchange Commission (SEC) approved ETFs holding Bitcoin (BTC) and Ethereum (ETH) to be listed in the U.S. in 2024, but has yet to approve any altcoin ETFs.
Rushi Manche, co-founder of Movement Labs, stated in a press release: "Breaking the mold of ETFs being limited to established cryptocurrencies opens the door for institutional funding to support the next generation of blockchain innovation."
REX-Osprey has submitted the MOVE ETF application. Source: U.S. Securities and Exchange Commission
Surge of Altcoin ETFs
Asset management companies are seeking approval from the U.S. Securities and Exchange Commission to list ETFs holding more than half a dozen different altcoins.
On March 5, asset management company Bitwise submitted an application to list a spot Aptos ETF in the U.S.—the Aptos token was created by a team led by two former Facebook (now Meta) employees in 2022.
On February 25, the Nasdaq stock exchange applied to list a Grayscale ETF that holds the native token DOT of the Polkadot network.
Other altcoin ETFs awaiting approval include those holding tokens such as Litecoin (LTC), Solana (SOL), and the official Trump coin (TRUMP).
U.S. President Trump, who began his second term in January, stated that he hopes the U.S. will become the "world's cryptocurrency capital" and has appointed individuals who support cryptocurrency to lead key regulatory agencies, including the SEC.
Bloomberg Intelligence estimates the probability of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively.
Related: Farside data indicates that U.S. Bitcoin reserves triggered a $370 million ETF outflow.
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