With the approval of several Ethereum spot-based exchange-traded funds (ETFs) by the SEC, there is speculation about which crypto asset could be next in line for a similar product. Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, has joined the debate and raised the question of whether the approval of Ethereum ETFs could pave the way for a SHIB ETF. This raises the possibility that if Ethereum can secure approval for a spot-based ETF, Shiba Inu might also be able to do so if an issuer files for it.
Kusama did not provide a definitive answer to the question but encouraged his followers to share their opinions. However, despite the SEC’s decision not to label Shiba Inu as a security in its cases against crypto firms, no asset manager has shown interest in filing for a SHIB ETF. In February, the Shiba Inu community launched a petition urging Grayscale to file for a SHIB ETF, but it has not gained the attention of the asset manager despite receiving thousands of signatures.
Kusama announced that he will continue to focus on upcoming Shiba Inu projects and congratulated the Ethereum community on the approval of their spot-based ETF products.
The official Shiba Inu ecosystem handle also congratulated the Ethereum community on the approval, emphasizing its significance to Shiba Inu community members. The approval opens doors to greater financial inclusion for them, making it easier for investors, particularly Shiba Inu community members, to gain exposure to crypto through Ethereum ETFs. The handle also acknowledged the impact of both the SHIB and Ethereum communities, highlighting their active role in driving change.
Meanwhile, the Shiba Inu ecosystem team is preparing for the upcoming 2024 Blockchain Futuristic Conference in Toronto, where they will be a title sponsor. They will showcase their ecosystem projects, including Shibacals and Shibverse, at a dedicated booth. Additionally, their liquid staking derivative partner, K9 Finance DAO, aims to attract more developers to Shibarium through an upcoming hackathon at the conference.
Disclaimer: This article provides informational content and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect The Crypto Basic’s viewpoint. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
