RexOsprey Applies for MOVE Token-Based ETF

# REX-Osprey Applies for ETF Holding Movement Network's MOVE Token Asset management firm REX-Osprey submitted an application today, March 10, for an ETF (Exchange-Traded Fund) that holds the MOVE token of Movement Network. This announcement comes shortly after Movement launched its public mainnet beta, according to a report by CryptoTimes on March 11. Cooper Scanlon, co-founder of Movement Labs, stated in a press release, "Traditional investors are showing significant interest in accessing emerging blockchain technology through regulated means, without the necessity to directly manage tokens." The MOVE ETF application represents the latest effort by asset management firms to gain approval for an altcoin-based ETF. To date, the U.S. Securities and Exchange Commission (SEC) has only approved ETFs for Bitcoin and Ethereum, with no approvals granted for other cryptocurrencies. # Movement Network and MOVE Token Movement is a Layer-2 blockchain based on Ethereum, utilizing the programming language 'Move,' developed by Meta (formerly Facebook). Currently, the network has $250 million locked up, and the value of the MOVE token is estimated at $5 billion, according to CoinMarketCap. Approval of the ETF is expected to attract additional investors. Rushi Manche, another co-founder of Movement Labs, commented, "Breaking the ETF pattern limited to long-established cryptocurrencies will open the door for institutional capital to support next-generation blockchain innovation." # Altcoin ETF Competition and Outlook Besides REX-Osprey, other firms are pursuing approval for altcoin ETFs. Bitwise recently applied for an Aptos ETF, while Nasdaq has requested to list a Grayscale ETF holding Polkadot (DOT). Applications for ETFs holding Solana (SOL), Litecoin (LTC), and Trump (TRUMP) tokens are also pending. According to Bloomberg Intelligence, the probability of the SEC approving a Solana ETF stands at 70%, while a Litecoin ETF's approval likelihood is projected at 90%. Meanwhile, as Donald Trump begins his second term as U.S. President, significant policy changes in the cryptocurrency industry are anticipated. Trump has expressed a desire to make the U.S. the "world capital of cryptocurrency" and has appointed crypto-friendly leaders to key financial regulatory positions. While it remains uncertain if these changes will lead to more ETF approvals, interest in cryptocurrency investments is undoubtedly increasing.