Wall Street Firm VanEck Recognizing Shiba Inu’s Potential, To Launch Bitcoin ETF on Australia’s Largest Stock Exchange

June 18, 2024

Wall Street investment firm VanEck, known for recognizing the potential of meme coins like Shiba Inu, in a groundbreaking move, is set to launch Australia’s first Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX), the country’s largest trading exchange.

After three years of regulatory effort, the Bitcoin ETF of VanEck will start trading on Thursday, offering Australian investors a regulated avenue to gain exposure to Bitcoin. Arian Neiron, VanEck CEO and Managing Director for the Asia Pacific emphasized the firm’s commitment to providing innovative investment vehicles, acknowledging the growing demand for accessible crypto investments.

“Notwithstanding that crypto investing is a polarising topic, we recognize bitcoin is an emerging asset class that many advisers and investors want to access. We have developed a robust offering that we believe provides an opportunity for bitcoin exposure using a regulated, transparent, and familiar investment vehicle,” Neuron said in an official statement.

“Being responsive to new opportunities has always been a guiding principle for VanEck. Owning gold was illegal until the mid-1970s, but John van Eck saw its potential as a superior store of value and a hedge against inflation. He established the first gold equity fund in 1968 when gold was still pegged to the US dollar, and three years later, the Nixon administration took the dollar off the gold standard for the first time in 190 years. Gold prices soared, as did the fortunes of VanEck’s gold fund investors,” the executive further said.

In May, VanEck cast a spotlight on Shiba Inu, recognizing its significant impact in the dynamic world of cryptocurrencies. The decision to include SHIB in VanEck’s meme coin index stood as a testament to Shiba Inu’s growing influence and steadfast stability within the digital asset landscape.

VanEck’s MarketVector made an unexpected move by launching a meme coin index, marking a significant step in recognizing the growing influence of meme coins within the digital asset landscape. The newly introduced Meme Coin Index, trading under the symbol MEMECOIN, was designed to track the performance of the top six meme tokens. This strategic initiative by VanEck reflected a deeper understanding of the evolving dynamics in the crypto market, where meme coins have garnered substantial attention and trading activity.

As of 11:02 p.m. ET on Monday, Shiba Inu (SHIB) was trading at $0.00001796. Despite a 12.81% decrease in value over the past 24 hours, the meme coin experienced a significant surge in trading volume, increasing by 207.91% to reach $586,436,390 within the same timeframe.

Over the past week, SHIB has seen a 20.48% decline, while the past 30 days have witnessed a 28.20% drop in value. Despite these recent fluctuations, Shiba Inu’s market capitalization remains substantial at $10,552,471,286, with a circulating supply of 589,271,366,827,517 SHIB, according to data from CoinMarketCap.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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