Asset supervisor REX-Osprey is looking for to launch an exchange-traded fund (ETF) designed to carry the Motion Community’s native token, MOVE, in response to a March 10 announcement.
The submitting comes as Motion, a layer-2 (L2) blockchain community, launches its public mainnet beta, Motion stated.
It’s the newest instance of a fund sponsor submitting to checklist an ETF comprising an alternate cryptocurrency, or “altcoin.”
“Conventional traders have expressed eager curiosity in gaining regulated publicity to rising blockchain applied sciences with out instantly managing tokens,” Cooper Scanlon, Motion Labs’ co-founder, stated in a press release.
Motion is an Ethereum L2 blockchain designed utilizing Transfer, a Rust-based programming language initially developed by Meta.
Its public mainnet has roughly $250 million in whole worth locked (TVL), in response to Motion.
The MOVE token has a completely diluted worth of round $5 billion, in accordance to CoinMarketCap.
The US Securities and Trade Fee licensed ETFs holding Bitcoin (BTC) and Ether (ETH) to checklist within the US in 2024 however has not but accredited any altcoin ETFs.
“Breaking the sample of ETFs restricted to long-established cryptocurrencies opens doorways for institutional capital to assist next-generation blockchain innovation,” Rushi Manche, Motion Labs’ co-founder, stated in a press release.
REX-Osprey has filed for a MOVE ETF. Supply: SEC
Associated: Bitwise recordsdata to checklist a spot Aptos ETF — the thirty sixth largest cryptocurrency
Altcoin ETFs abound
Asset managers are looking for the SEC’s approval to checklist ETFs for holding upward of half a dozen completely different altcoins.
On March 5, asset supervisor Bitwise filed to checklist a spot Aptos ETF within the US — a token created by a group led by two former Fb (now Meta) workers in 2022.
On Feb. 25, US securities change Nasdaq requested to checklist a Grayscale ETF holding the Polkadot community’s native token, DOT (DOT).
Different altcoin ETFs awaiting approval embody these holding Litecoin (LTC), Solana (SOL) and Official Trump (TRUMP), amongst others.
US President Donald Trump, who began his second time period in January, stated he desires America to grow to be the “world’s crypto capital” and has appointed pro-crypto leaders to key regulatory businesses, together with the SEC.
Bloomberg Intelligence has set the chances of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively.
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