Spot Bitcoin ETFs Spark Battle Among Asset Managers
After the U.S. SEC approved multiple spot Bitcoin ETFs, asset managers are competing to attract investors.
The ‘Laser Eyes’ Meme
The “laser eyes” meme reflects a trend where individuals, especially crypto enthusiasts, edit their profile pictures to showcase red laser beams coming out of their eyes, symbolizing a laser-focused attitude toward driving the price of Bitcoin to higher thresholds.
Franklin Templeton’s Nod to Crypto Culture
Franklin Templeton, a global investment management organization, joins the Bitcoin ETF race with its spot Bitcoin ETF. To appeal to crypto-natives, they incorporated laser eyes into the image of Benjamin Franklin, updating their social media avatar.
Competitive Strategies Among Issuers
Wall Street titans are setting about a dozen Bitcoin ETFs to differentiate by slashing fees, with some initially offering their products for free. Aligning with crypto culture represents a potentially effective strategy for asset managers.
Franklin Templeton’s Blockchain Ambitions
At the Fortune Global Forum in Abu Dhabi, Franklin Templeton’s President and CEO discussed the company’s journey and its exploration of blockchain technology. She distinguished between Bitcoin and blockchain, emphasizing blockchain’s potential to revolutionize nontraditional asset classes and enhance financial products’ efficiency. The company is ready to offer blockchain or crypto-related products and has developed a tokenized money-market fund and a blockchain-based shareholder recordkeeping system.
VanEck and Bitwise’s Unique Approaches
Asset managers VanEck and Bitwise are committing to donating a percentage of profits from their Bitcoin ETF to support the development of the Bitcoin blockchain, signaling a deeper commitment to the crypto ecosystem beyond product offerings.
Hot Take
The approval of new spot Bitcoin ETFs by the U.S. SEC has set the stage for a competitive battle among asset managers to attract investors. The ‘laser eyes’ meme has become a unique symbol in the crypto community and is a reflection of the broader adoption of crypto culture. For companies like Franklin Templeton, embracing this culture through its social media avatars signals an effort to attract a new demographic and shake off traditional perceptions. This battle for market share has the potential to reshape the landscape of traditional asset management.
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