- BlackRock has dropped a new spot ETF ad labeling Bitcoin simply as “progress” as it looks to take the lion’s share of the market.
- BlackRock holds more than $6 billion in BTC as institutional inflows continue to increase and the digital asset finds stability above $51,000.
BlackRock has just released a new advertisement for its iShares Bitcoin Trust (IBIT) ETF. In the ad, the asset manager described Bitcoin as progress, notably avoiding labeling it as either a commodity or currency.
The advertisement interestingly called on investors to access Bitcoin, where they can get stocks and bonds. This suggests that it’s calling on traditional investors involved in the traditional markets to explore and invest in BTC.
New iBit Bitcoin ETF advert landing in all publications @coryklippsten $iBit #Bitcoin @EricBalchunas @JSeyff pic.twitter.com/ibnSpGCBdr
— Bitcoin ETF adverts archive (@BitcoinBombz) February 19, 2024
The new ad has attracted major attention in the crypto community. Bloomberg Intelligence ETF analyst Eric Balchunas described it as being in the “sweet spot between the boring legacy fund and “‘hey fellow kids’ type stuff.” He jokingly added that the $IBIT tagline should have been “It’s ok now. The adults are here.”
New $IBIT ad just dropped. IMO simple, modern, effective. In sweet spot bt boring legacy fund co ad and “hey fellow kids” type stuff. Strong advisor-friendly vibes. BlackRock on brink of pulling away as the category liquidity king, going for kill w more ads makes sense. https://t.co/V8VVgB2G8d
— Eric Balchunas (@EricBalchunas) February 19, 2024
The new ad campaign comes at a time when the BlackRock ETF is flying and BTC is performing exceptionally well. Since the approval of the first spot Bitcoin ETFs, BlackRock has dominated the space. This is no surprise, with the company boasting the world’s largest asset manager with $9.42 trillion in assets.
As CNF reported, BlackRock is leading the charge after gathering a substantial 119,681 BTC valued at $6.23 billion. This not only demonstrates the firm’s command of the market but also the interest of investors. This interest coincided with a BTC rally.
At the time of writing, BTC is trading at $51,500 after a drop of less than 2% in the last 24 hours. However, the crypto king is still up by more than 5% in the last 7 days.
With the upcoming Bitcoin halving, investors remain optimistic of BTC breaking above $60,000 and retesting its all-time high of $69,000 established in 2021.
As the Bitcoin spot ETF continues to demonstrate interest in the crypto market from traditional investors, BlackRock has set its focus on Ethereum. The asset manager has filed an Ether spot ETF with the U.S. Securities and Exchange Commission. Filed in November 2023, the SEC has triggered several delays as SEC Chairman Gary Gensler has echoed cautionary remarks toward crypto investments. However, experts remain confident that the SEC will approve the Ether ETF.
Attention is focused on May 23rd, a crucial date for spot Ethereum ETFs, as it marks the final deadline set by VanEck. Like the Bitcoin ETF, the SEC will likely approve multiple applications by this deadline.
At the time of writing, Ethereum’s ETH is trading at $2,914 after momentarily breaking the $3,000 resistance. In the past 7 days, the largest altcoin has gained more than 11% as it attracts investment based on its bullish technical setup, upcoming network upgrade with Dencun, and the possibility of an ETF approval.
