Cryptocurrency index fund manager Bitwise surprisingly aired an advertisement for a potential Bitcoin exchange-traded fund (ETF) despite no financial product on the market.
The 15-second clip shows actor Jonathan Goldsmith, famous for the iconic ‘Most Interesting Man in the World’ meme, filming in an upscale restaurant with a stylish young couple.
As the camera zooms in on the trio, Goldsmith curiously mentions Bitcoin, and the following text appears on the screen:
“Beat by beat. ETF supported by cryptocurrency experts.”
Bloomberg Intelligence ETF Expert Eric Balchunas I commented on the ad. The post on X.com hinted that a Bitcoin ETF marketing war was brewing, even though no specific ticker was revealed. He suggests this could be an early move in competition between ETFs.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing several applications for spot Bitcoin ETFs from industry giants such as BlackRock, Fidelity, and ARK Invest. Despite past reluctance, the SEC is now engaging with potential issuers, including through meetings.
A recent statement from SEC Chairman Gary Gensler signals a reassessment of ETF applications following last August’s court ruling, which means the SEC’s review of previously rejected bids.
ETF experts Balchunas and James Seyffart estimate that there is a 90% chance that the SEC will approve most, if not all, Bitcoin ETF applications by January 10th. The SEC aims to prevent favoritism between products.
Industry figures such as ARK Invest’s Cathie Wood and Galaxy Digital’s Mike Novogratz highlight the imminent battle for market dominance once ETFs receive regulatory approval.
In addition to ETF competition, asset managers are leveraging cryptocurrency products to attract younger investors. This was pointed out by BlackRock’s Larry Fink in acknowledging the popularity of Bitcoin and by Nate Geraci in his view of the Ethereum futures ETF as a marketing tool.
As the race for Bitcoin ETF approval intensifies, it is clear that marketing strategies will play a pivotal role in differentiating similar products. The cryptocurrency industry is gearing up for a new competitive phase and awaiting regulatory decisions to unlock the potential market.