Rex Shares and Osprey Funds Apply for ETF Backed by MOVE Token as Movement Launches Mainnet Beta
Investment firms Rex Shares and Osprey Funds have recently filed an application with the SEC to list an ETF backed by MOVE, the native token of the Movement network. This filing comes as Movement prepares to launch its mainnet in beta version, marking a major milestone for the relatively unknown Layer 2 Ethereum platform.
According to the prospectus submitted on Monday, the fund would invest 80% of its net assets in MOVE tokens or related derivatives via a joint subsidiary called Rex-Osprey. Rushi Manche, co-founder of Movement, described this initiative as a “historic moment” for the Move ecosystem, highlighting its potential to bring institutional capital to the next generation of blockchain innovations.
Movement Launches Mainnet in Beta Version
The Movement network is built on MoveOS, originally developed by Meta for the abandoned stablecoin project Diem (formerly Libra). The unexpected devnet announcement in January raised questions, especially after World Liberty Financial, a DeFi startup associated with the Trump family, purchased $2 million worth of MOVE tokens just minutes before rumors of discussions between Movement and Elon Musk began to circulate. Manche denied any insider trading allegations.
The official launch of Movement’s public mainnet has just been announced and will be funded with $250 million through the ecosystem’s “Cornucopia” program. The recent implementation of RPC support for its testnet and mainnet suggests that the network is preparing for wider adoption.
Favorable Political Climate but Regulatory Uncertainty
While the SEC still needs to officially acknowledge the ETF application before considering approval, the current political climate appears to be in favor of Movement. Unlike the Gary Gensler era, where crypto regulation has become stricter, the appointment of Mark T. Uyeda as the head of the regulator signals a more lenient stance. However, no ETF based on an asset other than Bitcoin or Ethereum has been approved in the United States so far.
It remains to be seen whether the implicit support of pro-crypto figures like Donald Trump could influence the SEC’s final decision. As Rushi Manche recently stated in a since-deleted message, “Politics is now the most important go-to-market strategy for crypto companies.” This statement reflects the current era, where every blockchain initiative seems to be inextricably linked to American political and economic issues.
