Asset manager REX-Osprey is aiming to launch an exchange-traded fund (ETF) that will hold the Movement Network’s native token, MOVE. This initiative coincides with the launch of Movement’s public mainnet beta, marking a significant step for the layer-2 blockchain network. The ETF filing reflects the growing interest among traditional investors for regulated exposure to alternative cryptocurrencies, as noted by Cooper Scanlon, co-founder of Movement Labs. The Movement blockchain is built on Ethereum and utilizes the Move programming language. Currently, the MOVE token has a fully diluted market valuation of approximately $5 billion, and the public mainnet boasts a total value locked (TVL) of around $250 million. Although the US Securities and Exchange Commission has authorized Bitcoin and Ether ETFs, it has yet to approve any altcoin ETFs. Other asset managers are also pursuing SEC approval for various altcoin ETFs, indicating a shift toward institutional interest in next-generation blockchain innovations. Bloomberg Intelligence has estimated a 70% and 90% chance, respectively, for the approval of Solana and Litecoin ETFs.

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