What You Should Know:
- The ETF aims to track the price performance of Movement (MOVE), an Ethereum layer-2 network utilizing MoveVM.
- Rex Shares and Osprey Funds have previously proposed ETFs connected to memecoins like TRUMP, BONK, and DOGE.
Investment management firms Rex Shares and Osprey Funds have officially applied to introduce an exchange-traded fund (ETF) that would follow the price movements of Movement Networks’ MOVE. The mainnet for the Ethereum layer-2 network, which operates on MoveVM, is expected to launch soon.
The proposed REX-Osprey MOVE ETF plans to invest at least 80% of its assets in MOVE or related assets, employing a combination of direct holdings and derivatives as outlined in a filing submitted to the U.S. Securities and Exchange Commission (SEC).
Historically, Rex Shares has collaborated with Osprey Funds to file for funds that include assets tied to cryptocurrency, specifically targeting memecoins such as TRUMP, BONK, and DOGE.
The filings follow the early part of Donald Trump’s second term, during which time the recently appointed SEC commissioner Mark Uyeda took office. The SEC has recently relaxed the scrutiny it had on cryptocurrency firms, signaling a more favorable stance towards crypto.
There is still uncertainty surrounding the approval of the REX-Osprey MOVE ETF, and any of the other similar ETFs proposed by these investment managers.
Currently, MOVE has appreciated by 5% over the past 24 hours, now close to 50 cents.
