BlackRock has stepped up its advertising campaign for its recently launched bitcoin cash exchange-traded fund, calling the asset not a currency but “progress” in its latest ad. In the ad, the world’s largest asset manager maintained its relatively “boring” approach to advertising its IBIT fund, at least compared to its competitors. The yellow ad declares, “Bitcoin ETFs have landed,” illustrated by the sober silhouette of a runway and an airplane. However, BlackRock has added the following caption: “Get your share of progress”.
The effect of Coinbase’s marketing strategy
This seemingly ordinary marketing strategy caught the attention of industry observers such as Eric Balchunas, ETF analyst at Bloomberg Intelligence, who described it as falling “somewhere between boring traditional funds and ‘hey fellow kids’ products”. He added that the company was on the verge of “landing the title of king of liquidity in the category”, so going on the hunt with more ads makes sense.
The rise of Bitcoin ETF advertising: Competition and excitement
Since the product’s launch, BlackRock has seen an inflow of $5.3 billion for its IBIT fund, according to Farside. The Bitcoin ETF marketing war has intensified since Bitwise released its first advert in mid-December using actor Jonathan Goldsmith, who appeared as “the most interesting man in the world”. The promotional blitz accelerated after Google began allowing cryptocurrency ads earlier this month.
Investors and businesses should be aware of the risks associated with crypto-currencies and blockchain-related projects. Past price rises do not guarantee future price rises.
