The enigmatic leader of the Shiba Inu team known by the pseudonym Shytoshi Kusama sends congratulations to the Ethereum community on the recent spot ETF approval by the U.S. Securities and Exchange Commission.
He touched on the potential opportunity for the same happening to a SHIB spot exchange-traded fund in the future.
SHIB ETF prospects and Shytoshi's current focus
The SHIB lead published a post in which he congratulated the friends of SHIB and Shibarium at Ethereum on the spot ETH ETF finally receiving the green light from the SEC regulator. He wondered if that could pave the way for SHIB, perhaps also hinting that a SHIB ETF is likely to be approved in the future.
However, without spending much time discussing this hypothetical event, without further ado, he stated that this is something for the community to discuss, but he will stay focused on what the SHIB team has coming. He concluded his message with an intriguing hashtag, #staytuned.
Congrats to our frens at @ethereum on the ETF APPROVAL! Does this pave the way for #SHIB? I'll let you decide... I'll stay focused on what we have coming. #STAYTUNED
— Shytoshi Kusama™ (@ShytoshiKusama) May 23, 2024
SEC approves Ethereum ETFs
On Thursday, May 24, the SEC finally issued approval for the spot Ethereum ETF filings submitted by several Wall Street companies earlier this year. The ETFs were approved six months after the regulator greenlit spot Bitcoin ETFs in the middle of January.
Ethereum is the second largest cryptocurrency in terms of market capitalization, and this approval marks a crucial pivot for the crypto industry after BTC spot ETFs. Venture investor Anthony Pompliano has recently tweeted that this step would be the last dam to be broken before the Wall Street totally accepts crypto assets.
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Among the approved Ethereum ETFs were those submitted by BlackRock, Grayscale (a converted spot ETF from their Ethereum Trust), VanEck, Bitwise, Fidelity and Ark Invest.
These spot Ethereum ETFs are expected to be much smaller in terms of assets under management. For example, Grayscale’s ETF holds approximately $11 billion in ETH, which is much smaller than its Bitcoin Trust held before it was converted into the spot ETF.
Earlier this month, Ark, Grayscale and Fidelity were driven to adjust their ETF filings to remove staking from them since the SEC recently sued two U.S.-based exchanges (Coinbase and Kraken) for their crypto staking services, referring to staked assets and unregistered securities.