REX-Osprey File for New MOVE Crypto ETF
Investment firms Rex Shares and Osprey Funds seek to offer exposure to emerging blockchain using the Move programming language.
REX Shares and Osprey Funds have filed to launch an exchange-traded fund tracking Movement Network's MOVE token, marking the first MOVE ETF application for this Ethereum layer-2 network, according to a Monday Securities and Exchange Commission filing.
The fund aims to introduce traditional investors to the Movement ecosystem, an emerging blockchain platform using the Move programming language to enable faster and more secure smart contracts than many existing alternatives.
The proposed REX-Osprey MOVE ETF would invest at least 80% of its assets in MOVE tokens or other financial products tied to MOVE's performance, according to the SEC filing. These would include futures contracts, swaps and other derivatives that provide exposure to the cryptocurrency's price without directly holding it.
Breaking the pattern of crypto ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation, Rushi Manche, co-founder of Movement Labs, explained in a press release announcing the filing.
MOVE ETF Launching Alongside Movement Mainnet
The ETF filing coincides with Movement Network Foundation's launch of its Public Mainnet Beta. According to the foundation, the network is launching with $250 million in Total Value Locked from its Cornucopia program, which provides initial liquidity for the platform's ecosystem to ensure functionality at launch.
"The Public Mainnet Beta enables permissionless smart contract deployment, full user onboarding and Ethereum settlement," according to the announcement.
MOVE was introduced on Dec. 9, 2024, according to CoinMarketCap, and quickly developed its own online community. The token is currently ranked as the 61st-largest cryptocurrency by market value.
According to CoinMarketCap, Movement Network is designed to help developers build blockchain applications that connect different systems, specifically bridging technologies based on the Move programming language with Ethereum-compatible networks.
Currently trading at around $0.52, MOVE has a market capitalization of $1.2 billion and is up about 12% over the past seven days, CoinMarketCap data show.
REX Shares and Osprey Funds have previously collaborated on ETF applications for other cryptocurrencies, including coins such as TRUMP, BONK, Dogecoin, Solana and XRP, according to the companies' previous filings.
