Rex Shares and Osprey Funds file for MOVE ETF ahead of Movement's mainnet launch

Rex Shares and Osprey Funds have filed an application to list an exchange-traded fund (ETF) tracking MOVE, the native token of the Ethereum Layer 2 network Movement.

The filing comes as Movement prepares for a beta release of its mainnet.

The proposed fund would allocate 80% of its net assets to MOVE tokens or related derivatives via a REX-OspreyTM MOVE Subsidiary, according to the prospectus filed on Monday.

Movement co-founder Rushi Manche described the filing as a milestone for both the network and the broader Move ecosystem, adding that it could open institutional capital to emerging blockchain innovations.

He added:

Like other recently proposed ETFs tracking altcoins such as XRP, SOL, and HEDERA, the US Securities and Exchange Commission must first acknowledge the filing before moving to a decision on its approval.

Rex Shares and Osprey Funds have previously filed to list funds tracking assets including BONK, DOGE, and TRUMP, the official presidential memecoin.

The SEC, under Acting Chair Mark Uyeda, has shown signs of adopting a more accommodating stance toward the crypto industry but has yet to approve ETFs tracking cryptocurrencies beyond bitcoin and ether.

If approved, the ETF would allow investors to gain exposure to Movement through traditional brokerage accounts and retirement vehicles without the technical complexities of direct token management.

Movement's mainnet launch

Movement is an experimental blockchain built using the MoveOS programming language, originally developed by Meta for its now-defunct Diem stablecoin project.

The Movement Network Foundation announced the launch of the Movement Mainnet Beta on November 30, though full deployment followed about a week later.

The team recently introduced Remote Procedure Call (RPC) support for its testnet and mainnet.

In the same press release, Movement also announced this:

The Movement Public Mainnet Beta will be backed by $250 million from the network's "Cornucopia program."

The launch allows for permissionless smart contract deployment, full user onboarding, and Ethereum settlement.

Developers and users can utilize MoveVM’s security and efficiency, accessing the network through the canonical Movement bridge powered by LayerZero.

The initiative aims to provide a scalable environment for developers building on Move.

The Movement team has faced criticism for its political positioning, with Manche previously suggesting politics is now a key go-to-market strategy for crypto firms.

In January, Movement’s unexpected devnet launch drew scrutiny after the Trump-associated World Liberty Financial DeFi startup purchased $2 million worth of MOVE tokens shortly before reports emerged that Movement had held discussions with DOGE head Elon Musk regarding potential blockchain integrations. Manche denied allegations of insider trading at the time.