The Battle for the Bitcoin Spot ETF Begins
Bitwise Asset Management has launched its first advertisement for the highly anticipated spot Bitcoin exchange-traded fund (ETF), featuring actor Jonathan Goldsmith, known as the “Most Interesting Man in the World.”
A Clever and Concise Ad
In a 15-second ad, Goldsmith highlights Bitcoin by asking, “You know what is interesting these days?” The ad does not directly mention the spot product, but it strategically emphasizes that it is “by crypto specialists,” possibly taking a jab at major financial institutions like BlackRock and Fidelity.
Anticipating a Regulatory Green Light
This marketing effort has generated excitement within the crypto community, fueling expectations of an imminent regulatory approval. The first deadline for a spot Bitcoin ETF approval is in January 2024. Bitwise, along with other institutions like Grayscale, ARK, Blackrock iShares, VanEck, WisdomTree, and Invesco Galaxy are awaiting approval from the Securities and Exchange Commission (SEC).
Promotional War on the Horizon
The launch of Bitwise’s spot ETF advertisement may have ignited a promotional battle among ETF contenders.
Hot Take: Is an ETF Approval Imminent?
With multiple players vying for approval and industry observers estimating a hopeful 70% chance of success, it is possible that we may see the approval of more than one Bitcoin ETF next month.
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