Rex Shares and Osprey Funds File for MOVE ETF

Investment managers Rex Shares and Osprey Funds have filed to list an exchange-traded fund (ETF) tracking the price performance of Movement Networks’ MOVE.

The Ethereum layer-2 network’s mainnet, built using MoveVM, is set to launch on Monday.

The proposed REX-Osprey MOVE ETF aims to invest at least 80% of its assets in MOVE or related instruments, employing a mix of direct holdings and derivatives, as detailed in a recent filing with the U.S. Securities and Exchange Commission (SEC).

Rex Shares, an ETF issuer, has previously collaborated with Osprey Funds to launch funds, including offerings that provide exposure to memecoins such as TRUMP, BONK, and DOGE.

These filings coincided with the beginning of Donald Trump’s second administration earlier this year, during which the new President appointed SEC commissioner Mark Uyeda as acting SEC Chair. Since then, the regulator has eased several lawsuits and investigations into cryptocurrency firms, signaling a more pro-crypto stance.

It remains uncertain whether the REX-Osprey MOVE ETF, or any other cryptocurrency-exposed ETF filed by these managers, will receive approval from the regulator.

As of now, MOVE has increased by 5% in the last 24 hours, nearing 50 cents.