thecryptobasic.com
The petition to have Grayscale Investments launch an ETF product for Shiba Inu (SHIB) is gaining momentum. In just weeks, the proposal has received 5,761 signatures.
The Shiba Inu community has continued to show resilience in its quest to have a top asset manager like Grayscale Investments launch an ETF product for SHIB.
Shiba Inu ETF Petition Gains Momentum
Recall that the community raised a petition directed at Grayscale in February, urging the asset manager to launch an ETF specifically for Shiba Inu.
The petition titled “Proposal for a Shiba Inu (SHIB) ETF by Grayscale Investments” was introduced on February 25 by SHIB BPP. Expectedly, it has continued to gain momentum, with several Shiba Inu community members voting to support the initiative.
As of February 28, The Crypto Basic reported that the petition had garnered 2,431 signatures. At press time, it had received 5,761 signatures, as the new target is now set at 7,500
Notably, 695 people have signed the petition over the past 24 hours, thanks to efforts from prominent Shiba Inu community members.
Moves to Attract More Signatures
Besides promoting the petition on the X platform, some Shiba Inu enthusiasts have contributed $20 each to increase the petition’s coverage on the Change.org platform.
Yesterday, Shiba Inu’s marketing specialist, Lucie, revealed that she contributed $20 to attract more signatures to the petition. So far, over 109 people, including Lucie, have donated financially to have the proposal for a Shiba Inu ETF product by Grayscale shown among the top petitions on Change.org.
Do you know you can chip in? ☺️
I just contributed a little $20.$SHIB etf @Grayscale 👀 https://t.co/cYZA7M5gHJ pic.twitter.com/XQWL8cLnel— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 11, 2024
Grayscale Offerings
The proposal to have Grayscale launch an ETF product for Shiba Inu is part of a larger plot to give institutional investors indirect exposure to SHIB. Launched in 2013, Grayscale has given institutional investors indirect exposure to multiple crypto assets.
So far, the asset manager has 17 investment products focused on crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC).
Grayscale converted its Bitcoin Trust (GBTC) to a spot Bitcoin ETF earlier this year. The firm hopes to achieve the same result for its Ethereum Trust (ETHE) and has already filed an application with the SEC for this purpose.
As reported earlier, the asset manager plans to convert all crypto investment products to spot ETFs. If Grayscale launches an investment product for SHIB, the asset manager could also initiate a process to convert the Shiba Inu Trust to a spot ETF.
Lucie Reacts to Shiba Inu Critics
In the meantime, critics have been trolling Shiba Inu community members over their petition to get Grayscale to launch an ETF for SHIB. They argue that the petition would not yield any positive result. Lucie mentioned this in a tweet yesterday.
They said SHIB couldn't be listed on Kraken, Coinbase, or Robinhood, eh?
Now they're saying $SHIB can't have an ETF, hehe.
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 12, 2024
The marketing specialist recounted how critics previously said Shiba Inu would not be listed on top American crypto trading platforms like Coinbase, Kraken, and Robinhood.
However, Shiba Inu defied all odds and got listed on all three platforms. Two of the three listings- Coinbase and Robinhood- came after the Shiba Inu community launched a petition on Change.org.
Whether the Shiba Inu community can successfully convince Grayscale to launch an ETF for SHIB remains to be seen.