The first ‘33 Act Dogecoin ETF launched yesterday, putting meme coins in the spotlight. With this, there are speculations of whether a Shiba Inu ETF could follow next, especially considering that it is the second-largest meme coin by market cap.
Will A Shiba Inu ETF Launch After The DOGE ETFs?
The Grayscale Dogecoin ETF launched yesterday, becoming the first ‘33 Act DOGE fund. Bloomberg analyst Eric Balchunas revealed that Bitwise’s DOGE ETF is set to launch on November 27, just two days after Grayscale’s launch. It remains unclear when 21Shares will launch its DOGE ETF, as the asset manager has yet to file an updated S-1 to remove the delay amendment.
Market expert Nate Geraci described the Dogecoin ETF launch as the best example of a monumental crypto regulatory shift over the past year, especially considering that it is a meme coin gaining an ETF wrapper. Notably, Shiba Inu, another meme coin, may be one of the next in line to have its ETF.
T Rowe Price, which manages about $1.7 trillion in assets under management (AUM), has filed for an active crypto ETF that includes spot SHIB, making it the first Shiba Inu ETF filing in the U.S. However, unlike the Dogecoin ETFs, the SHIB ETF is an index fund that holds other crypto assets. As such, it won’t be a 100% SHIB fund.
There is no update on the T Rowe Price Shiba Inu ETF filing, but the fund could launch within 75 days based on the SEC’s new generic listing standards for crypto ETFs. Notably, SHIB and the other crypto assets, including Dogecoin, that the fund seeks to hold have regulated futures markets on Coinbase, which qualify them under the generic listing standards.
T Rowe Price filed for the Shiba Inu ETF in October, meaning that the fund could launch sometime in January. It is worth noting that Grayscale listed Shiba Inu among the altcoins eligible for a spot ETF, which could indicate the asset manager’s plans to file for an SHIB ETF at some point. Grayscale is the largest crypto ETF manager, with up to 44 crypto funds under management.
SHIB Gets Major Boost In Push For Institutional Adoption
Coinbase recently announced it will launch U.S. perpetual-style futures for SHIB, alongside other altcoins, including Dogecoin. The futures will be available to both retail and institutional investors, which is a major boost for the meme coin as it eyes institutional adoption. The perpetual style futures are set to launch on December 12.
Meanwhile, this also provides further credibility for SHIB amid the anticipation of a 100% spot Shiba Inu ETF. The futures are CFTC-regulated and could compel asset managers to file for one, since the meme coin meets the requirements for approval under the SEC’s generic listing standards.
At the time of writing, the Shiba Inu price is trading at around $0.000008272, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
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