In a bold stroke, the vaunted REX-Osprey has deigned to toss its hat into the cryptocurrency circus, seeking to unfurl an exchange-traded fund (ETF) for the delectable MOVE token. Such news, delivered on the auspicious date of March 10th, is enough to make one’s monocle pop.
Concurrently, the Movement Network, a layer-2 blockchain of some repute, has unveiled its public mainnet beta—a veritable Pandora’s box of digital delights, or so they claim.
This escapade marks yet another foray by fund sponsors into the uncharted waters of “altcoin” ETFs, a term that rolls off the tongue with all the elegance of a brick.
“The landed gentry, it seems, have developed a taste for the exotic,” quipped Cooper Scanlon, co-founder of Movement Labs, as he presumably adjusted his cravat.
Movement, an Ethereum L2 blockchain, is the brainchild of Move, a programming language as esoteric as it is fashionable, birthed by the omnipresent Meta.
With a total value locked (TVL) of approximately $250 million, one wonders if it’s enough to purchase a decent country estate.
The MOVE token, with its fully diluted value of $5 billion, would make even the most jaded of investors swoon, or so CoinMarketCap would have us believe.
Alas, the US Securities and Exchange Commission, that bastion of indecision, has yet to extend its blessing to any altcoin ETFs, though Bitcoin and Ether have been granted the honor.
“To break the yoke of ETFs bound to cryptocurrencies as old as the hills,” declared Rushi Manche, co-founder of Movement Labs, “is to fling open the gates for institutional capital to frolic in pastures new.”
Asset managers, it seems, are lining up like debutantes at a ball, each vying for the SEC’s affections with their respective altcoin ETFs.
Bitwise, with a spring in its step, filed for a spot Aptos ETF on March 5th—a token as new and shiny as a freshly minted penny.
Nasdaq, never one to miss a party, requested to list a Grayscale ETF holding the DOT token, as ifDOTs were the new diamonds.
Other hopefuls include ETFs for Litecoin, Solana, and the curiously named Official Trump, among others. One can only imagine the latter’s market volatility.
President Donald Trump, in his second coming, has grand designs on making America the “world’s crypto capital,” a title as weighty as it is perplexing. He’s populated key regulatory agencies with crypto enthusiasts, no doubt to the chagrin of traditionalists everywhere.
Bloomberg Intelligence, with its crystal ball, has decreed the likelihood of SEC approval for Solana and Litecoin ETFs at a sizzling 70% and 90%, respectively. Place your bets, gentlemen.
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2025-03-10 20:30