While Hashdex and Bitwise are competing for public attention with their marketing campaigns, VanEck’s move to actually own Bitcoin may prove to be the wiser approach.
The race for the first SEC-approved spot Bitcoin ETF is getting intense. Two major players, Hashdex and Bitwise Asset Management, have recently released advertisements promoting their planned Bitcoin ETF products.
Bitwise was the first to strike on December 18th, featuring actor Jonathan Goldsmith in their commercial. Goldsmith is famous for his “Most Interesting Man in the World” character. Two days later, Hashdex responded with their own ad, showcasing a dump truck and dismissing other assets as “not crypto,” showing their support for cryptocurrency.
“Stocks aren’t crypto, fixed income isn’t crypto, precious metals? nope, not crypto either,” the ad mentions.
Bitwise and Goldsmith didn’t stay quiet for long and came back soon, taunting SEC delays and cleverly mentioning Satoshi Nakamoto’s name. In the latest ad, Goldsmith says:
“Thought you would like to know, Satoshi sends his regards.”
Viewers and industry experts have deemed Bitwise as the winner of this marketing clash, as it has received more engagement compared to its competitor. This branding battle signifies the growing confidence surrounding the approval of a Bitcoin ETF in early 2024. It also highlights the intense competition among companies vying for the opportunity to issue the asset.
Bitcoin pioneer Samson Mow, now CEO of JAN3, commented on these aggressive promotional campaigns, emphasizing the fierce competition between the 13 ETF issuers. With approval potentially just weeks away, branding has become a key weapon for asset managers aiming to dominate the soon-to-be-launched spot Bitcoin ETF market.
Mow predicts that this fight for the Bitcoin spotlight has only just begun. He envisions a future where celebrities like Novak Djokovic represent BlackRock’s spot BTC ETF at tennis opens or Michael Saylor does a Fidelity promo during the Super Bowl. He stated:
“Think Jonathan Goldsmith is interesting? Wait until BlackRock makes an ad with Novak Djokovic saying ‘Bitcoin is for winners.’ Or the Fidelity Super Bowl ad with Michael Saylor saying there is no second-best ETF.”
VanEck Takes a Different Approach, Plans to Buy and Hold More BTC
In contrast to the excitement created by Hashdex and Bitwise, investment giant VanEck is taking a different approach. When asked about their plans for releasing related advertisements, the company replied through its social media account that they would rather buy and hold more BTC instead of investing in costly ads.
The opportunity cost of investing in bitcoin ads is high. Would rather buy and hold #bitcoin. 🪑 https://t.co/fWO05xEq22
— VanEck (@vaneck_us) December 20, 2023
This decision is driven by the risk associated with spending money on ads while awaiting the SEC’s long-awaited approvals. This strategy also aligns with the increasing legal pressure on the SEC to allow spot Bitcoin ETFs in 2024. By holding more BTC, VanEck is showcasing their confidence in the future of the product. Overall, multiple expert analysts estimate a probability of over 90% for approval within the first quarter, although nothing is certain until the actual approval is granted.
While Hashdex and Bitwise compete for public attention with their marketing campaigns, VanEck’s move to actually own Bitcoin may prove to be the wiser approach. With the crypto community eagerly awaiting long-overdue ETF approvals in early 2024, those who take action today rather than relying solely on hype for tomorrow may have the advantage.
