Grayscale Investments has highlighted Shiba Inu among the cryptocurrencies that qualify for a spot exchange-traded fund (ETF) listing in the United States.
Grayscale mentioned this in a recent blog post titled, Market Byte: Here Come the Altcoins. Following the launch of Bitcoin and Ethereum ETFs, Grayscale has acknowledged that the process of introducing a similar product for altcoins, such as Shiba Inu, has now been streamlined.
According to Grayscale, at least 11 crypto assets currently qualify for a spot exchange-traded fund. Notably, Shiba Inu made the list of assets qualified for a spot ETF. Other cryptocurrencies such as Dogecoin, XRP, Polkadot, Cardano, Avalanche, Hedera, Litecoin, and Solana were also among the eligible assets.
While some of these assets, such as Hedera, Litecoin, and Solana, already have spot ETFs tracking their performance, others, including XRP, are still awaiting the SEC’s approval before they can begin trading.
However, no issuer has applied to the U.S. SEC to launch an ETF exclusively tied to Shiba Inu. The closest Shiba Inu has come to gaining ETF exposure in the U.S. stems from a recent filing by T. Rowe Price, a $1.7 trillion asset manager.
Last month, the firm applied to launch an ETP to track the performance of up to 15 cryptocurrencies, with Shiba Inu among the listed assets. In Europe, ETP provider Valour Inc. also launched a SEK-denominated fund for Shiba Inu, allowing institutional clients to gain exposure to the token.
Despite these efforts, the Shiba Inu community longs for a U.S. ETF that tracks the performance of only SHIB. Such a product could offer several advantages, including attracting institutional capital, enhancing market accessibility, and driving potential price appreciation of the underlying asset.
Accordingly, the SHIB community has made several efforts to persuade asset managers, such as Grayscale, to launch a Shiba Inu ETF. Last year, the community petitioned Grayscale on Change.org as part of efforts to bring an SHIB ETF to market.
The petition has seen beyond its initial goal of 10,000 signatures, with a total of 11,753 signatures now collected.
Despite this growing demand, Grayscale has yet to respond to the request and has not expressed any interest in launching a Shiba Inu investment fund.
Now that Grayscale has identified Shiba Inu as eligible for a spot ETF under the GLS framework, hopes are high that the firm could move forward with introducing a dedicated SHIB ETF.
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