Rex Shares, Osprey Seek Movement ETF Approval as Ethereum Layer-2 Mainnet Launches

Fund manufacturers Rex Shares and Osprey Funds have submitted an application for an exchange-traded finance checking the price of MOVE, according to a processing Monday with the Securities and Exchange Commission.

The Rex-Osprey MOVE ETF would be the first focused on the local gift of the Movement Network, an Ethereum layer-2 weighting system.

” Breaking the structure of ETFs limited to long-established bitcoin opens windows for institutional money to support next-generation bitcoin innovation”, Movement Labs co-founder Rushi Manche said in a press release.

The registration follows a burst of SEC programs for ETFs monitoring currencies as lenders aim to satisfy increasing demand for digital asset-focused purchase goods. In recent days, manufacturers have submitted files for funds that track the continuous performance of Cardano, Solana, Litecoin, Hedera, and XRP. Next week, Canary Capital took an first step toward an application for an Fund based on Sui.

It also comes amid rising interest in Movement, which on Monday announced the album of its common mainnet alpha with$ 250 million in total worth locked. Exercise introduced MOVE in December through an$ 830 million resupply. Significant crypto exchanges Ethereum and Binance now support MOVE trading.

The ETF may spend at least 80 % of its resources in the key, but may also engage in derivatives whose benefit would be based on MOVE. The SEC may recognize the filing, which would then make an initial interval for public review.

MOVE was recently trading at about$ 0.50, up 4 % over the past 24 hours as major assets like Bitcoin and Ethereum show losses amid broader market turmoil. Even so, MOVE remains properly off its high cost above a penny, past reached in January, according to blockchain data provider CoinGecko. It has a current market cap of nearly$ 1.2 billion.

Rex Shares and Osprey Funds have previously applied for ETFs based on the performance of meme coins Dogecoin ( DOGE ), &nbsp, Bonk ( BONK), and Donald Trump’s own Solana-based TRUMP.

The 11 funds focused on the spot price of Bitcoin have generated about$ 40 billion in net inflows since launching last year.