Large asset manager BlackRock has stepped up its marketing push to support its newly introduced spot Bitcoin exchange-traded fund (ETF), referring to the virtual currency as “progress” in the process.
The relatively unremarkable marketing strategy was not missed by industry watchers. According to Eric Balchunas, an ETF analyst at Bloomberg Intelligence, “it’s in the sweet spot between the boring legacy fund and ‘hey fellow kids’ stuff.”
The print advertisement for BlackRock reads, “Get your share of progress,” and features a runway and an aircraft. “The ETF standardizes Bitcoin so it is just like stocks and bonds in a portfolio,” the company boasts, according to Balchunas.
The decision was made as provider of Bitcoin ETFs are facing increased competition. In December, Bitwise Asset Management initiated the first cryptocurrencycurrency exchange-traded fund (ETF) advertising campaign. More recently, 21Shares advertised Bitcoin, which has surpassed a $1 trillion market capitalization.
BlackRock is notable for its understated style. Balchunas, they’re not making a big deal out of it. Added, “BlackRock is regaining its position as the leader in category liquidity.
Following Google’s easing of its prohibition on cryptocurrencycurrency ads this month, there has been an increase in advertising. The internet behemoth still forbids the marketing of initial coin offerings but has since allowed the promotion of cryptocurrency ETFs.
Following years of work to secure regulatory approval, BlackRock, the largest asset management in the world, introduced its spot Bitcoin ETF in January. Institutional investors have continued to invest in the fund, which had assets of over $1.2 billion when it first started trading.
The ETF’s expansion demonstrates BlackRock’s confidence in placing Bitcoin alongside conventional asset classes like bonds and equities. Truly, “Gather your fair share of progress.”
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