Shiba Inu ETF Petition Nears Major Target

The Shiba Inu (SHIB) ETF petition is just 300 signatures away from hitting a major target of 10,000.

This was disclosed by a popular Shiba Inu community figure, Heber Mayen, in an X post yesterday.

👀300 signatures away to reach 10k #SHIB ETF. LFG 📣 #SHIBARMY

— Heber Mayen 🇬🇹🇲🇦🇺🇸 (@HeberMayen) June 8, 2024

Meyer made this known while reacting to a tweet from SHIB BPP regarding the Change.org petition directed to Grayscale Investments CEO Michael Sonnenshein. Notably, SHIB BPP has been promoting the petition on X, urging members of the Shiba Inu community to sign the petition. 

According to the community influencer, June 8 marked the 58th day of asking the community to sign the petition. 

Overview of Shiba Inu ETF Support 

With 9,701 signatures recorded so far, the petition is just 299 signatures away from reaching the 10,000 target. 

As of February 26, the initial target was set at 1,000 signatures. Interestingly, the Shiba Inu community surpassed the milestone in no time, prompting an increase of the target to 2,500.

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Now, the latest target is 10,000 signatures at the time of writing. Of the 9,701 signatures recorded so far, 140 people signed the petition over the past week, according to Change.org.

Some community members have made significant efforts to increase the petition’s coverage on Change.org. In March, Shiba Inu marketing lead Lucie and other community members donated $20 each to display the petition “1,000 extra times” on the platform.

Despite the efforts made so far, Grayscale has yet to respond to the request to introduce an ETF product for SHIB.

Why Shiba Inu Enthusiasts Chose Grayscale for a Potential SHIB ETF

Meanwhile, the Shiba Inu community directed the petition to Grayscale due to the company’s role in the emergence of Bitcoin ETFs in the United States. The company, which had been requesting to convert its Bitcoin Fund into a spot ETF since 2022, finally saw its request approved in January 2024.

Following the approval, Grayscale filed another request to convert its Ethereum Fund to an ETF product. Interestingly, the SEC approved the exchange filing for the product, and the regulator is expected to greenlight the S-1 filings later this year.

As reported earlier, Grayscale disclosed plans to convert all 17 crypto-related investment products into spot ETFs. Some of Grayscale’s investment products are focused on Bitcoin, Ethereum, Solana, and Litecoin, among others. At press time, Grayscale has no investment product tied to Shiba Inu.

Nonetheless, the Shiba Inu community hopes to use the petition to push Grayscale to launch such a product. Should Grayscale finally bow to pressure and introduce a Shiba Inu Trust, the company could also request to convert the product to a spot ETF in the future.