The Shiba Inu Community, known as Shib Army, has recently hinted at a potential entry into the exchange-traded fund (ETF) market. The community has filed a petition addressed to Grayscale Investments CEO Michael Sonnenshein, urging the asset manager to launch a Shiba Inu ETF.
Following the Spot Bitcoin ETF launch and anticipations of potential Ethereum and XRP ETFs, Shiba Inu has also garnered attention with the landmark development. In January’s edition of The Shib Magazine, the ecosystem drew the readers’ focus towards the possibility of a Shib ETF launch under the title “Wen SHIB ETF.”
According to the petition, the Shib Army envisions expanding Shiba Inu’s investment options through safe and regulated platforms. The community added,
Our varied experiences and backgrounds converge on a shared ambition: to broaden the availability of cryptocurrency investment options through trustworthy, regulated channels. It is with this common vision in mind that we cordially urge Grayscale to contemplate the establishment of a Shiba Inu (SHIB) Exchange Traded Fund (ETF).
Shiba Ecosystem Marketing Lead Lucie took to X to seek the community’s support for the ETF proposal. Since the submission of the petition on February 25, it has received over 500 signatures, showing the community’s collective support.
Placing Shiba Inu as the best candidate for an ETF, the community highlighted its market demand, regulatory compliance, and industry lead. The community asserted that Shiba Inu is the “second favorite cryptocurrency” in the US, second to Bitcoin, as per Google Trends data. Further, the Shib Army spotted SHIB as one of the leading players in the market, adhering to the crypto regulatory rules.
However, the community’s support and the market trends cannot guarantee the launch of SHIB ETF. To realize the ETF launch, the Shiba Inu community should overcome the Securities and Exchange Commission (SEC) regulatory scrutiny.
