- Shiba Inu futures contract proposal sparks hope for spot ETF.
- Analyst believes futures listing could lead to SEC approval.
- Sony rebranding Whalefin to S.BLOX further boosts Shiba Inu’s visibility.
The possibility of regulated Shiba Inu futures contracts is fueling speculation about a potential spot ETF for the memecoin, a development that could significantly impact the token’s future and mainstream adoption.
Influential crypto commentator Altcoin Daily, with a large following on YouTube believes that launching a futures contract for Shiba Inu could pave the way for a spot ETF for the memecoin project.
He mentioned this as response to a recent request by Coinbase Derivatives asking the CFTC to allow it to launch regulated futures contracts for Shiba Inu and four other cryptocurrencies, including Stellar (XLM), Chainlink (LINK), Polkadot (DOT), and Avalanche (AVAX).
Meanwhile, the crypto analyst noted that regulated futures contracts offer investors enhanced transparency, regulatory oversight, a compliant trading environment, and risk management. In a follow-up YouTube video, he noted that the SEC approved spot ETFs for Bitcoin (BTC) and Ethereum (ETH) because they initially had regulated futures contracts.
The analyst’s assertion aligns with those of Eric Balchunas regarding the SEC’s ETF approval procedures. Last month, the Senior Bloomberg ETF analyst stated that the SEC would not approve a Solana ETF because of the absence of a futures contract for the asset. It is also worth noting that several Shiba Inu community members hold a similar sentiment to Altcoin Daily and Balchunas.
Some community members petitioned Grayscale in the past, asking the investment firm to launch a spot SHIB ETF. Notably, despite Grayscale’s non-response to the petition, launching a regulated futures contract could further boost the confidence of Shiba Inu supporters regarding the possibility of a spot ETF for the memecoin.
Meanwhile, the Japanese PlayStation maker Sony has taken steps to reboot Whalefin, a Japanese exchange where Shiba Inu features as one of the few tradable cryptos. The process involves rebranding Amber Japan, Whalefin’s parent firm, to S.BLOX.
Influential Shiba Inu community member Lola clarified the memecoin project’s role in Sony’s latest move, highlighting that while SHIB is a featured asset on Whalefin, Sony’s rebranding initiative is broader than simply just launching a Bitcoin exchange.
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