Asset management giant BlackRock has increased its advertising efforts to promote its recently launched spot Bitcoin exchange-traded fund (ETF), labeling the cryptocurrency as “progress” in its latest campaign.
Industry observers didn’t overlook the seemingly mundane marketing approach. It’s in the “sweet spot between the boring legacy fund and ‘hey fellow kids’ type stuff,” said Eric Balchunas, an ETF analyst at Bloomberg Intelligence.
BlackRock’s print ad shows a runway and plane, with the caption “Get your share of progress.” The firm touts how the ETF “standardizes BTC so it is just like stocks and bonds in a portfolio,” said Balchunas.
The move comes as competition heats up among Bitcoin ETF providers. Bitwise Asset Management launched the first crypto ETF ad campaign in December, while 21Shares recently promoted Bitcoin, surpassing a $1 trillion market capitalization.
BlackRock’s low-key approach stands out. Balchunas continued, “BlackRock is pulling away as the category liquidity king, going for kill with more ads makes sense.”
The ramped-up advertising follows Google’s lifting of its ban on cryptocurrency ads this month. The tech giant now allows crypto ETF promotions but still prohibits the marketing of initial coin offerings.
BlackRock, the world’s largest asset manager, launched its spot Bitcoin ETF in January after a years-long effort to gain regulatory approval. The fund opened trading with over $1.2 billion in assets and has continued to attract investments from institutional clients.
Also Read: BlackRock’s IBIT ETF Surges to Top 5 in 2024 in 17 Days
