Hashdex Unveils New Ad Amid SEC Deliberations on Spot Bitcoin ETFs
Summary:
Hashdex, an asset management firm, launches a new ad amidst SEC's ongoing deliberation about approval of spot Bitcoin exchange-traded funds in the US. Other asset managers with pending BTC applications have also initiated similar campaigns to spark public interest. While the SEC hasn’t given any hint of approving spot crypto exchange-traded products yet, they have set a Dec. 29 deadline for firms to modify their current applications.
Hashdex, a well-known asset management firm, has unveiled a new ad campaign amid ongoing deliberation by the Securities and Exchange Commission (SEC) over the approval of spot Bitcoin exchange-traded funds on American soil. The advertisement, revealed on Dec. 28 via the social media platform X, plays out an old interview in which a subject downplays the idea of using personal computers for daily chores. This interview, presumably conducted during the 1980s when personal computers were gaining traction, features a man who seems skeptical about the relevance of the new technology. The ad concludes saying, "Understanding disruptive innovation takes time. Bitcoin's time has arrived."
In a similar vein to Hashdex, other asset management companies that have put forth applications for BTC exchange-traded products before the SEC have launched similar publicity stunts – with the apparent intention of sparking public interest ahead of a potential approval. Bitwise started a similar publicity campaign in December involving actor Jonathan Goldsmith, in which he reincarnates his "Most Interesting Man in the World" persona to endorse Bitcoin. As of yet, the SEC has not approved any spot BTC or Ether (ETH) exchange-traded funds for listing on American exchanges. However, they have authorized investment instruments related to crypto futures.
Speculations are rife among experts that the SEC may possibly give the go-ahead for several spot crypto ETFs in January. Responding to Hashdex's advertisement, Eric Balchunas, an ETF analyst at Bloomberg, commented, "This is a great ad. Every Boomer remembers feeling exactly this way about computers/internet." Throughout November and December, SEC officials held meetings with representatives from asset management firms including Grayscale, BlackRock, Fidelity, and Franklin Templeton, in discussions relating to the listing of spot Bitcoin ETFs. Although the SEC hasn’t given any indication of approving any spot crypto exchange-traded products yet, they issued a Dec. 29 deadline for numerous companies to modify existing applications in anticipation of possible approval.
Published At
12/28/2023 7:55:00 PM
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