Is the race to promote Bitcoin spot ETFs starting in the US? Bitwise releases video advertisement

11 months ago 67

Is it an advertisement for Bitcoin spot ETF?

On the 19th, Bitwise, an American crypto asset (virtual currency) management company, released a video about Bitcoin (BTC) and ETFs (exchange traded funds).

The company is currently applying for a Bitcoin spot ETF in the US, and there are speculations that this is an advertisement created in case a Bitcoin spot ETF is approved. There were also voices saying that this video would be the start of a marketing competition for Bitcoin spot ETFs.

A word to the wise, from a man of few words. #bitcoinisinteresting https://t.co/wantGiAIqJ pic.twitter.com/x5MPbElEev

— Bitwise (@BitwiseInvest) December 18, 2023

What is an ETF?

Abbreviation for “Exchange Traded Fund.” Refers to investment trusts listed on financial instruments exchanges, where a wide range of financial products, not just virtual currencies, are traded.

Virtual currency glossary

Bitwise also announced a press release on the 18th announcing an advertising campaign. The company states that the purpose of the campaign is to spread awareness of the company, and the press release does not explicitly state that it is for a Bitcoin spot ETF.

However, he noted that Bitcoin is receiving increasing attention from investors and regulators, and said the ads are also intended to increase interest in Bitcoin.

This video features veteran actor Jonathan Goldsmith. In his line, he said, “What I’m interested in these days is Bitcoin.” At the end of the video, below the company name, the words “ETF backed by virtual currency experts” were written.

The company currently offers ETFs such as the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) and the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC).

Bitwise also posted multiple images related to this video on X. In response to Michael Saylor, the founder of MicroStrategy, which holds a large amount of Bitcoin, the post also stated that “Mr. Goldsmith has owned Bitcoin since 2002.”

pic.twitter.com/YFqihCdju3

— Bitwise (@BitwiseInvest) December 18, 2023

connection: MicroStrategy purchases approximately $600 million worth of virtual currency Bitcoin

The press release also explains that the campaign will be promoted on TV, social media and digital channels, including CNBC, Bloomberg and Fox Business Network.

Bitcoin ETF special feature

Will it be approved next month?

ETFs that actually hold and manage physical Bitcoins are attracting a lot of attention from investors and the virtual currency industry. The U.S. Securities and Exchange Commission (SEC), which is responsible for approving ETFs, has previously disapproved all physical ETFs due to insufficient investor protection measures.

Meanwhile, ETFs currently being filed by multiple companies have mechanisms in place to alleviate SEC concerns. Many others are hopeful that the application will be approved this time, as the companies have amended their application documents and held meetings with the SEC.

Regarding the timing of approval, there are many views that it will be approved in January, as ARK’s final deadline for approval or disapproval is January 10th. There are also voices saying that multiple ETFs will be approved at the same time to ensure fairness, and in that case marketing will become important in order to acquire customers.

US tech giant Google announced this month that it will update its advertising rules regarding virtual currencies starting January 29 next year. The purpose of the update is to clarify advertising rules regarding virtual currency trusts, and cited financial products such as investment trusts as an example of what the new rules would apply to.

connection:Aware of Bitcoin spot ETF? Google to update virtual currency advertising rules