April 19, 2024
VanEck Unveils 'Born to Bitcoin' Video Amid SEC ETF Approval Wait
Bitcoin News

VanEck Launches Pro-Crypto Ad Amid Pending Bitcoin ETF Application

VanEck, a significant asset manager seeking approval for a Bitcoin exchange-traded fund (ETF) in the United States, has rolled out a promotional advertisement supportive of cryptocurrencies. The “Born to Bitcoin” video was unveiled by VanEck on Dec. 29 via a post on X (formerly Twitter). Notably, the video did not explicitly endorse a BTC exchange-traded product. This release followed the asset manager’s recent statement expressing a preference for holding BTC due to the high cost associated with advertising.

Similar moves have been made by various asset managers awaiting approval for spot Bitcoin (BTC) or Ethereum (ETH) exchange-traded products from the SEC. For instance, Bitwise engaged actor Jonathan Goldsmith to reprise his Most Interesting Man in the World persona for a Bitcoin promotion in a media campaign last December. Additionally, Hashdex launched an advertisement suggesting potential applications for innovative technologies like crypto.

Criticism arose online concerning VanEck’s advertisement, with many pointing out its perceived low quality considering the firm’s substantial assets under management, totaling over $76 billion as of September. The campaign depicted a figure walking against a city skyline backdrop, with a reference to the “Buy Bitcoin” sign famously displayed behind Janet Yellen in 2017.

As of the time of publication, the SEC had not given the green light for a spot BTC or ETH exchange-traded fund to be listed on any U.S. exchange. However, the commission had begun permitting investment instruments linked to crypto futures in 2021. Some experts speculated that the SEC might start approving multiple-spot crypto ETFs beginning in January 2024.

Image by freepik

Related posts

McDonald’s McRib and Bitcoin: A Taste of Memetic Market Observations

Kevin Wilson

Bitcoin’s Clean Energy Usage Exceeds 50%: Will Tesla Accept BTC Payments?

Robert Paul

GBTC Discount Hits Lowest Since July 2021 Amid ETF Approval Optimism

Harper Hall

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More