Bitcoin ETF hopeful Bitwise Asset Management launched what looks to be the first ever ad for a Bitcoin exchange-traded product.
It proclaims that “Bitwise Is Interesting,” using none other than actor Jonathan Goldsmith—well-known for portraying “The Most Interesting Man in the World” for beer company Dos Equis—to deliver the message.
Bitwise said its campaign is set to appear across TV, social, and digital channels, including major business news networks like CNBC, Bloomberg, and Fox Business Network.
Bitwise’s new ad campaign not only highlights the company’s expertise but also reflects the growing interest and institutional adoption in the crypto space. As the industry awaits the SEC’s decision, the potential approval of physically backed Bitcoin ETFs could indeed be a watershed moment, further integrating cryptocurrencies into mainstream finance.
As the world of ETFs seems likely to welcome a new category early next year—the elusive spot Bitcoin fund—the campaign arrives while the Bitwise Bitcoin ETF application is still hanging in limbo at the Securities and Exchange Commission. Bitwise is one of more than a dozen potential Bitcoin ETF issuers waiting on a decision from the SEC.
The anticipation is high for a decision by the SEC on the approval of physically backed Bitcoin ETFs. Current estimates say there’ll be some word from the U.S. securities regulator by January 10, 2024, which—if it’s an approval—could mark a significant milestone for digital assets.
Interest from Wall Street giants like BlackRock, Invesco, and Fidelity has heightened excitement this year. This despite the fact that the SEC has denied every Bitcoin ETF application that it has reviewed for the last decade, mostly citing concerns with market manipulation in crypto.
Nevertheless, approval of these ETFs could open new avenues for traditional capital to flow into “digital gold.” The spot-Bitcoin ETF market is estimated to potentially grow into a $100 billion sector.
The ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures, has already seen significant inflows, crossing $1.5 billion in assets, a record for the fund. Other crypto-centric ETFs have also performed well, with some like the VanEck Digital Transformation ETF (DAPP) seeing gains of over 200% this year.
However, regulatory concerns remain, particularly regarding in-kind versus cash redemptions for the funds, which are crucial features of ETFs. Cash redemptions are pretty straightforward, but in-kind is where there’s been some extra consideration for a Bitcoin ETF.
With a more traditional ETF that holds a collection of equities, an in-kind redemption could mean giving an investor who’s cashing out the stocks that backed their shares. The SEC is unlikely to allow in-kind redemptions for Bitcoin ETFs, leading to ongoing discussions to resolve these issues.
Edited by Guillermo Jimenez.
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Source: https://decrypt.co/210186/bitwise-firstbitcoin-etf-ad-with-most-interesting-man-in-the-world
