Bitwise’s Recent Move with Spot Bitcoin ETF Draws Attention in the Crypto Market!

• Bitwise Asset Management released its first advertisement for the highly anticipated spot Bitcoin exchange-traded fund (ETF) on Monday.
• In the short 15-second ad, 85-year-old Goldsmith, known as the ‘Most Interesting Man in the World,’ emphasizes Bitcoin by asking, ‘What is interesting these days?’
• This marketing effort has increased expectations for an upcoming regulatory green light, exciting the community around X.

Bitwise Asset Management may have started an advertising war between companies with its latest promotional move: Here are the details!

Bitwise Launches Advertisement for Spot Bitcoin ETF

Bitwise Asset Management released its first advertisement for the highly anticipated spot Bitcoin exchange-traded fund (ETF) on Monday. The ad features actor Jonathan Goldsmith, known as the ‘Most Interesting Man in the World.’

In the short 15-second ad, 85-year-old Goldsmith emphasizes Bitcoin by asking, ‘What is interesting these days?’ Senior ETF analyst Eric Balchunas from Bloomberg praised the ad on Twitter. ‘First steps in the Bitcoin ETF marketing war. In my opinion, a good ad. Short, to the point, avoids using tickers…,’ he wrote.

Balchunas noted that the ad avoids directly addressing the spot product but interprets the phrase ‘by crypto experts’ in italics as a strategic blow against major financial institutions such as BlackRock and Fidelity.

Bitwise ETF’s final deadline is in January

This marketing effort has increased expectations for an upcoming regulatory green light, exciting the community around X. The first significant date for the approval of the spot Bitcoin ETF is set for January 2024. Many organizations are awaiting approval from the U.S. Securities and Exchange Commission (SEC). Bitwise, with assets valued at $1 billion, updated its S-1 filing on December 4. A response from the regulator is expected in January, with the final deadline set for January 14, 2024.

Some of the spot ETF players include Grayscale (GBTC), ARK, and 21Shares (ARKB), while BlackRock iShares (IBTC) is also in the mix. VanEck, WisdomTree, and Invesco Galaxy are collectively making efforts for ETF approval, with results expected in the first half of January.

Previously, crypto analyst Alex Krüger estimated the likelihood of approval for these anticipated Bitcoin ETFs at a hopeful 70%. Industry observers believe that several candidates may receive approval. Meanwhile, Bitwise’s spot ETF ad may have initiated a promotional war in the industry.