VanEck launches media campaign after claiming it ‘would rather buy and hold Bitcoin’
Asset manager VanEck, which has a pending application for a spot Bitcoin (BTC) exchange-traded fund with the United States Securities and Exchange Commission, has launched a pro-crypto ad spot.
In a Dec. 29 post on X (formerly Twitter), VanEck released its “Born to Bitcoin” video, which did not explicitly endorse a BTC exchange-traded product. The ad spot came roughly two weeks after the asset manager said it would “rather buy and hold” BTC as the advertisement cost was “high.”
Born to Bitcoin. pic.twitter.com/qYI3bmZDvC
— VanEck (@vaneck_us) December 29, 2023
Multiple asset managers with pending spot BTC or Ether (ETH) exchange-traded product applications with the SEC have released similar ad spots ahead of potential approvals. Bitwise hired actor Jonathan Goldsmith to revive his “Most Interesting Man in the World” character to promote Bitcoin in a December media campaign. Hashdex launched an ad spot suggesting use cases for innovative technology like crypto.
Related: Bitcoin won’t be beaten as digital store of value: VanEck CEO
Many online criticized VanEck for the seemingly cheap quality of the ad spot, given that the firm had more than $76 billion in assets under management as of September. The campaign featured a copy of the “Buy Bitcoin” sign a fan held behind Janet Yellen in 2017 but was largely a silhouetted figure walking in front of a city skyline.
The SEC has not approved a spot BTC or ETH exchange-traded fund for listing on any U.S. exchange at the time of publication. However, the commission began allowing investment vehicles tied to crypto futures in 2021. Some experts have speculated the SEC could approve multiple spot crypto ETFs starting in January 2024.
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