The Shiba Inu (SHIB) ETF petition is on the verge of hitting a significant milestone, just 300 signatures shy of the 10,000 target. Heber Mayen, a notable figure in the Shiba Inu community, announced this in an X post yesterday. He responded to a tweet from SHIB BPP, who has been actively promoting the petition on X, encouraging community members to sign it.
The petition, directed at Grayscale Investments CEO Michael Sonnenshein, marked its 58th day of gathering signatures on June 8. With 9,701 signatures already collected, it needs just 299 more to reach the 10,000 goal. Initially set at 1,000 signatures on February 26, the Shiba Inu community surpassed this milestone, prompting an increase to 2,500. Now, the target stands at 10,000. Over the past week, 140 new supporters have added their names to the petition, according to Change.org.
Community Efforts To Boost Visibility
To increase the petition’s reach, some community members have made significant efforts. In March, Shiba Inu marketing lead Lucie and other supporters donated $20 each to display the petition “1,000 extra times” on Change.org. Despite these efforts, Grayscale has yet to respond to the request for a SHIB ETF.
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The Shiba Inu community directed the petition to Grayscale because of the company’s pivotal role in the emergence of Bitcoin ETFs in the U.S. After requesting to convert its Bitcoin Fund into a spot ETF since 2022, Grayscale finally saw approval in January 2024. Following this, Grayscale filed another request to convert its Ethereum Fund to an ETF, with the SEC expected to approve the S-1 filings later this year.
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Future Prospects
Grayscale has plans to convert all 17 of its crypto-related investment products into spot ETFs, including those focused on Bitcoin, Ethereum, Solana, and Litecoin. However, it currently has no investment product tied to Shiba Inu. The Shiba Inu community hopes the petition will push Grayscale to launch such a product. If Grayscale introduces a Shiba Inu Trust, the company could later request to convert it into a spot ETF.
The petition to introduce a SHIB ETF is nearing a critical threshold. The Shiba Inu community continues to push for recognition and action from Grayscale. They hope to see a Shiba Inu investment product materialize.
