ETFs, Memecoins, and Crypto Chaos: What Could Go Wrong? 🤔

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What to know:

  • The ETF would track the price performance of Movement (MOVE), an Ethereum layer-2 network built using MoveVM. Because, you know, the world definitely needs another acronym to keep track of. 🙃
  • Rex Shares and Osprey Funds have previously filed ETFs with exposure to memecoins like TRUMP, BONK, and DOGE. Because nothing says “serious investment” like betting on a coin named after a dog meme. 🐶

Investment managers Rex Shares and Osprey Funds have filed to list an exchange-traded fund (ETF) tracking the price performance of Movement Networks’ MOVE. Because, apparently, the crypto world wasn’t volatile enough already. 📈📉

The Ethereum layer-2 network’s mainnet, which is built using MoveVM, is expected to launch on Monday. Because, of course, it’s a Monday. Who doesn’t love starting the week with a little crypto chaos? 🚀

The proposed REX-Osprey MOVE ETF would invest at least 80% of its assets in MOVE or related instruments, using a mix of direct holdings and derivatives, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). Because, you know, derivatives are always a great idea. What could possibly go wrong? 🤷‍♀️

Rex Shares, an ETF issuer, has in the past filed to launch funds with crypto asset manager Osprey Funds, including offerings with exposure to memecoins like TRUMP, BONK, and DOGE. Because, clearly, the financial world has lost its collective mind. 🤑

The filings came after Donald Trump’s second administration started earlier this year, with the new President appointing SEC commissioner Mark Uyeda as acting SEC Chair. The regulator has since dropped a number of lawsuits and investigations into cryptocurrency firms, and has been showing a rather pro-crypto stance. Because, you know, nothing says “stable regulatory environment” like a sudden 180-degree turn. 🔄

It’s unclear whether the REX-Osprey MOVE ETF, or any other ETF filed by the investment managers offering cryptocurrency exposure, will be approved by the regulator. Because, let’s face it, the SEC is about as predictable as a cat on catnip. 🐱

MOVE is up 5% in the last 24-hours, nearing 50 cents. Because, you know, 50 cents is totally a life-changing amount of money. 🤑

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2025-03-10 16:20