Shiba Inu (SHIB) ETF: Petition Tops 10,500 Supporting Signatures

There is an ongoing petition for the introduction of a Shiba Inu (SHIB) Exchange Traded Fund (ETF) and so far it has received 10,596 signatures.

The Shiba Inu ETF Push

The petition was launched on Change.org, requesting that Grayscale Investments’ former CEO Michael Sonnenshein consider pursuing a SHIB ETF.

Notably, July 10 will mark the two-month anniversary of the growing petition and within this time, it has registered intense traction from members of the Shiba Inu ecosystem. Also, the large number of signatures that have been appended suggest a strong demand for the proposed rule change.

“We represent a collective of investors, digital currency aficionados, and proponents of the transformative potential of cryptocurrencies. Our varied experiences and backgrounds converge on a shared ambition: to broaden the availability of cryptocurrency investment options through trustworthy, regulated channels,” the petition reads.

It was based on push that the sponsors of the petition urged “Grayscale to contemplate the establishment of a Shiba Inu (SHIB) Exchange Traded Fund (ETF).”

This request for a Shiba Inu ETF suggest that the community recognizes the pivotal role that the investment management firm has played in getting spot Bitcoin and Ethereum ETF products approved in the United States.

Grayscale consistently requested the conversion of its Trust fund to an ETF and was rejected by the SEC. It, however, pushed further by getting the court involved, leading to the issuance of a mandate to the Commission to consider its ETF application. In the long run, the SEC ended up approving Grayscale’s Bitcoin ETF filing amongst ten others.

Will SHIB Army Get Its Demand?

Grayscale Investments has announced its intention to convert all 17 cryptocurrency-based products to ETF. By this statement, Shiba Inu’s request aligns with Grayscale’s long term goal. Grayscale has been silent about the SHIB Army’s request but the growing number of the signatures on the petition may force the investment company to respond in no time.

Similarly, Shiba Inu’s marketing lead Lucie also teased spot Bitcoin ETF issuer BlackRock on Shib ETF discourse. Lucie stated that she wishes the firm understand the potential of SHIB.

Like Grayscale, BlackRock has equally failed to officially respond to Shiba Inu. Notably, it is worth noting that in the long run, the onus lies on the United States Securities and Exchange Commission (SEC) to either approve or reject the any potential crypto ETF.

Read More: Why The World’s Largest Bank Called Ethereum (ETH) Digital Oil