VanEck Launches Pro-Crypto Ad Amid Wait for Bitcoin ETF Approval from SEC
Summary:
VanEck, an asset management firm, has launched a pro-crypto ad campaign as it awaits approval for a Bitcoin spot Exchange-Traded Fund (ETF) from the U.S. Securities and Exchange Commission. The ad comes just two weeks after VanEck stated a preference for purchasing and holding Bitcoin over advertising due to high costs. This move follows similar ad campaigns from other firms awaiting ETF approvals. Some industry experts speculate multiple spot crypto ETFs could receive SEC approval as early as January 2024.
VanEck, an asset management company with an outstanding application for a Bitcoin (BTC) spot Exchange-Traded Fund (ETF) at the United States Securities and Exchange Commission (SEC), has initiated a crypto-friendly ad campaign. VanEck unveiled its 'Born to Bitcoin' video on December 29 on X (formerly Twitter), an advertisement that did not particularly support a BTC exchange-traded product. The announcement of this ad came approximately a fortnight after the company expressed its preference for buying and holding BTC over advertising due to significant costs.
A number of management firms with prospective spot BTC or Ether (ETH) exchange-traded product submissions at the SEC have recently carried out similar ad campaigns, anticipating probable approvals. Bitwise, for example, recruited actor Jonathan Goldsmith to re-introduce his “Most Interesting Man in the World” persona in a promotional campaign for Bitcoin in December. Likewise, Hashdex released an ad highlighting potential uses for emerging technologies such as cryptocurrency.
Reactions to VanEck’s ad, surprisingly low-budget given the company's reported assets exceeding $76 billion as of September, were largely negative. The campaign involved an imitation of the 'Buy Bitcoin' sign famously displayed behind Janet Yellen in 2017, primarily featuring a silhouette meandering against a cityscape.
As of this report, the SEC has yet to green-light a spot BTC or ETH exchange-traded fund for listing on any U.S. exchange, but it has started to permit investment tools linked to cryptocurrency futures in 2021. Several industry analysts have hypothesized that the SEC might approve a series of spot cryptocurrency ETFs as early as January 2024.
Among other recent news: BlackRock has amended its BTC ETF filing, there's a growing trend towards crypto citizenship in El Salvador, and more, according to the Hodler’s Digest for Dec. 10-16.
Published At
12/29/2023 9:14:35 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.