Bitcoin Spot ETF: Bitwise Advert Stirs Hope for Upcoming Approval

Bitwise Asset Management's new ad, featuring famed actor Jonathan Goldsmith, has sparked optimism for the approval of a Bitcoin spot ETF.

Bitwise Asset Management launched the first advertisement for the much-anticipated spot Bitcoin exchange-traded fund (ETF) on Monday. The ad features Jonathan Goldsmith, the actor known for his portrayal of the “Most Interesting Man in the World.”

In the concise 15-second ad, 85-year-old Goldsmith highlights Bitcoin after asking, “You know what is interesting these days?”

Eric Balchunas, senior ETF analyst from Bloomberg, praised the advertisement on X. He wrote: “Early shots fired in the Bitcoin ETF marketing war. Good ad IMO. Short, sweet, avoids using ticker…”

Balchunas underlines that the ad refrains from directly addressing the spot product. However, it uses italics for ‘by crypto specialists,’ with the analyst interpreting it as a strategic jab at major financial institutions like BlackRock and Fidelity.

Bitwise ETF deadline in January

This marketing effort has stirred up the community on X, fueling anticipations of an imminent regulatory green light. The first crucial deadline for the approval of a spot Bitcoin ETF is slated for January 2024.

Several institutions await approval from the Securities and Exchange Commission (SEC) in the US. Bitwise, which has assets worth $1 billion under management, amended its S-1 filing on December 4. A response from the regulator on the filing is expected in January, with the final deadline slated for January 14, 2024.

Grayscale (GBTC), ARK and 21Shares (ARKB), Blackrock iShares (IBTC) are some of the spot ETF players in queue. VanEck, WisdomTree, and Invesco Galaxy are also part of a collective stride towards ETF approval with deadlines converging around the first half of January.

Previously, crypto analyst Alex Krüger estimated the odds of approval for these impending Bitcoin ETFs at a hopeful 70%. Additionally, industry observers are of the view that approvals for more than one contender could come next month.

Meanwhile, the spot ETF advertisement by Bitwise might have set a promotional war into motion.

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