Published
11 months ago on
January 01, 2024
VanEck, a prominent asset manager known for its pending application for a Bitcoin exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC), recently unveiled a pro-crypto advertising campaign.
On December 29th, the company shared its “Born to Bitcoin” video on X (formerly Twitter). Interestingly, the video did not explicitly endorse a BTC exchange-traded product.
This move came approximately two weeks after VanEck expressed a preference for “buying and holding” BTC due to the high costs associated with advertising.
In a trend seen among various asset managers seeking SEC approval for spot Bitcoin or Ether ETFs, VanEck’s advertising initiative aligns with an effort to increase public awareness and support ahead of potential approvals.
For instance, Bitwise enlisted actor Jonathan Goldsmith to reprise his iconic “Most Interesting Man in the World” persona in a December marketing campaign promoting Bitcoin.
Similarly, Hashdex introduced an ad spot highlighting the potential use cases of innovative technologies like cryptocurrencies.
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However, VanEck’s advertising campaign faced criticism online, primarily centered on the perceived low production quality of the ad, considering the firm’s substantial assets under management, exceeding $76 billion as of September.
The campaign mainly featured a silhouette of a figure walking in front of a city skyline, with a nod to the iconic “Buy Bitcoin” sign displayed behind Janet Yellen in 2017.
It’s worth noting that, as of the publication date, the SEC had not granted approval for a spot Bitcoin or Ether ETF to be listed on any U.S. exchange.
Nevertheless, the commission had taken steps to allow investment vehicles linked to crypto futures in 2021. Speculation abounded among experts that the SEC might begin approving multiple spot crypto ETFs as early as January 2024.
VanEck’s pro-crypto advertising effort, while not explicitly endorsing an ETF product, reflects the industry’s eagerness to engage with regulators and the public to secure approval for cryptocurrency-based exchange-traded funds, potentially opening up new avenues for investors in the crypto market.
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