Asset manager REX-Osprey is seeking to launch an exchange-traded fund (ETF) designed to hold the Movement Network’s native token, MOVE, according to a March 10 announcement.
The filing comes as Movement, a layer-2 (L2) blockchain network, launches its public mainnet beta, Movement said.
It is the latest example of a fund sponsor filing to list an ETF comprising an alternative cryptocurrency, or “altcoin.”
“Traditional investors have expressed keen interest in gaining regulated exposure to emerging blockchain technologies without directly managing tokens,” Cooper Scanlon, Movement Labs’ co-founder, said in a statement.
Movement is an Ethereum L2 blockchain designed using Move, a Rust-based programming language originally developed by Meta.
Its public mainnet has approximately $250 million in total value locked (TVL), according to Movement.
The MOVE token has a fully diluted value of around $5 billion, according to CoinMarketCap.
The US Securities and Exchange Commission authorized ETFs holding Bitcoin (BTC) and Ether (ETH) to list in the US in 2024 but has not yet approved any altcoin ETFs.
“Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation,” Rushi Manche, Movement Labs’ co-founder, said in a statement.
Asset managers are seeking the SEC’s approval to list ETFs for holding upward of half a dozen different altcoins.
On March 5, asset manager Bitwise filed to list a spot Aptos ETF in the US — a token created by a team led by two former Facebook (now Meta) employees in 2022.
On Feb. 25, US securities exchange Nasdaq requested to list a Grayscale ETF holding the Polkadot network’s native token, DOT (DOT).
Other altcoin ETFs awaiting approval include those holding Litecoin (LTC), Solana (SOL) and Official Trump (TRUMP), among others.
US President Donald Trump, who started his second term in January, said he wants America to become the “world’s crypto capital” and has appointed pro-crypto leaders to key regulatory agencies, including the SEC.
Bloomberg Intelligence has set the odds of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively.
Safeguarding minister Jess Phillips has told Sky News that councils that believe they don’t have a problem with grooming gangs are “idiots” – as she denied Elon Musk influenced the decision to have a national inquiry on the subject.
The minister said: “I don’t follow Elon Musk’s advice on anything although maybe I too would like to go to Mars.
“Before anyone even knew Elon Musk’s name, I was working with the victims of these crimes.”
Mr Musk, then a close aide of US President Donald Trump, sparked a significant political row with his comments – with the Conservative Party and Reform UK calling for a new public inquiry into grooming gangs.
At the time, Ms Phillips denied a request for a public inquiry into child sexual exploitation in Oldham on the basis that it should be done at a local level.
But the government announced a national inquiry after Baroness Casey’s rapid audit on grooming gangs, which was published in June.
Asked if she thought there was, in the words of Baroness Casey, “over representation” among suspects of Asian and Pakistani men, Ms Phillips replied: “My own experience of working with many young girls in my area – yes there is a problem. There are different parts of the country where the problem will look different, organised crime has different flavours across the board.
“But I have to look at the evidence… and the government reacts to the evidence.”
Ms Phillips also said the home secretary has written to all police chiefs telling them that data collection on ethnicity “has to change”, to ensure that it is always recorded, promising “we will legislate to change the way this [collection] is done if necessary”.
Operation Beaconport has since been established, led by the National Crime Agency (NCA), and will be reviewing more than 1,200 closed cases of child sexual exploitation.
Ms Phillips revealed that at least “five, six” councils have asked to be a part of the national review – and denounced councils that believed they don’t have a problem with grooming gangs as “idiots”.
“I don’t want [the inquiry] just to go over places that have already had inquiries and find things the Casey had already identified,” she said.
She confirmed that a shortlist for a chair has been drawn up, and she expects the inquiry to be finished within three years.
Ms Phillips’s comments come after she announced £426,000 of funding to roll out artificial intelligence tools across all 43 police forces in England and Wales to speed up investigations into modern slavery, child sex abuse and county lines gangs.
Some 13 forces have access to the AI apps, which the Home Office says have saved more than £20m and 16,000 hours for investigators.
The apps can translate large amounts of text in foreign languages and analyse data to find relationships between suspects.
With a sentencing hearing scheduled in a matter of weeks, Roman Storm is potentially looking at five years in jail for running an unlicensed money transmitting service.