thecryptobasic.com
The Shiba Inu ecosystem team has triggered a discussion around a potential Shiba Inu (SHIB) ETF product in the tenth and latest issue of the SHIB Magazine, following the approval of spot BTC ETF products.
The cryptocurrency community has turned its eyes to exchange-traded funds (ETFs) as a viable route to break into traditional finance.
Notably, Cameron and Tyler Winklevoss, the twins behind the Gemini exchange, sought to launch a spot BTC ETF as far back as 2013.
The Spot BTC ETF Race
However, this push was not successful despite multiple amendments from the Winklevoss brothers. Grayscale also filed to convert its Grayscale Bitcoin Trust to a spot ETF, but this move also faced rejection from the U.S. SEC despite the agency already approving futures BTC ETFs.
Nonetheless, the Bitcoin ETF craze began last June after BlackRock, the world’s largest asset manager, filed to launch a spot BTC ETF. BlackRock’s influence triggered further filings from multiple traditional finance institutions, including VanEck, Fidelity Investments, WisdomTree, and others.
After a series of amended filings and revisions, the U.S. finally approved the spot BTC ETFs, setting the stage for cryptocurrency’s advent into mainstream traditional finance.
As the spot BTC ETF products trade on the open market, the crypto industry has turned a focus to other crypto assets.
A Focus on Other Crypto Assets
While the focus has been on Ethereum and XRP over the past few days, the latest edition of the SHIB Magazine, published last night, sparked a discussion around the potential for a spot Shiba Inu ETF. The magazine has “Wen SHIB ETF” boldly written on its cover page.
Despite not dedicating any section of this week’s edition to the proposed investment product, the community’s response to the question has been, “Why not?” Shiba Inu is as much a legitimate and decentralized digital asset as Bitcoin, Ethereum, or XRP.
The project has persistently strived to shed the meme coin tag amid the development of the decentralized ecosystem.
Initiatives such as Shibarium, the layer-2 network, SHIB Metaverse, the metaverse project, and SSI, the digital ID project, show Shiba Inu’s push to transform its outlook.
Wen SHIB ETF?
Amid this campaign, the Shiba Inu project has continued to command the respect of the broader crypto ecosystem.
A sustenance of these initiatives and their success could place SHIB in discussions surrounding investment vehicles such as spot-based ETFs in the coming future.
Community members have persistently pushed the “Wen SHIB ETF” question on social media outlets such as X. Some industry commentators have contended that such a product is currently unlikely and could take years before a TradFi asset manager files for it.
One of the limitations that could limit some cryptocurrencies’ potential to get spot-based ETFs is their contended nature as a security or a commodity. However, Shiba Inu has never been alleged to be a security by the SEC. This places the asset in a more favorable standing.
It bears mentioning that when Bitcoin launched, the mention of a spot BTC ETF would have triggered amusement. Regardless of its time, a spot SHIB ETF product could further legitimize Shiba Inu in the mainstream scene.