Background
Following the approval of Spot Ethereum ETFs by the SEC, the Shiba Inu community has been advocating for a SHIB ETF.
Petition to Grayscale
A petition on Charge.org has gathered over 10,000 signatures urging Grayscale CEO Michael Sonnenshein to launch a Shiba Inu ETF.
Justifications for a SHIB ETF
- Market Trends: Shiba Inu is reportedly the second-most popular cryptocurrency in the US, ahead of Ethereum.
- Accessibility and Investment Exposure: An ETF would make it easier for investors to access Shiba Inu, eliminating the need for wallet creation and direct purchases.
- Regulatory Compliance: Shiba Inu is built on the Ethereum blockchain, which has passed the Howey Test, indicating compliance with US law.
- Leadership in Crypto: Shiba Inu has grown significantly since 2020 and has a strong community.
Petition Progress
The petition was launched three months ago but has gained momentum with the approval of the Spot Ethereum ETF. It has received over 677 signatures in the past 24 hours.
Next Steps
The petition aims to reach 15,000 signatures. It remains to be seen if Grayscale will respond or consider launching a SHIB ETF.
Potential Future ETFs
Other cryptocurrencies like XRP and Solana are also expected to be considered for ETF approvals.
