BlackRock Names BTC ‘Progressive’ In Recent Bitcoin ETF Announcement
BlackRock has kicked off its media ad campaign for its recently launched bitcoin exchange-traded fund (ETF) by labeling the asset as a “progress” rather than a currency.
In its latest announcement, the world's largest asset manager maintained its relatively “dull” approach to the launch of the iShares Bitcoin Trust (IBIT) ETF – at least compared to its competitors.
“Bitcoin ETFs have landed,” says the yellow ad, which simply features a picture of a runway and an airplane. BlackRock added in the statement: “Get your share of growth.
Industry observers such as Bloomberg Intelligence ETF analyst Eric Balchunas described the seemingly chaotic marketing approach as “in the sweet spot between the boring heritage fund and the ‘hey fellas' kind of stuff.”
He added that the company is “on the verge of becoming the liquid king as a category”, so it makes sense to go for more advertising.
“Interestingly, they equate Bitcoin with a process, not a commodity or a currency.”
New $IBIT ad dropped. Simple, modern, effective IMO. In the sweet spot is BT's Boring Legacy Fund affiliate ad and “hey like kids” type stuff. A strong mentor friendly vibe. With BlackRock on the brink of being dragged down as category liquidity king, it makes sense to kill w more ads. https://t.co/V8VVgB2G8d
— Eric Balchunas (@EricBalchunas) February 19, 2024
The company also mentions how ETF Bitcoin (BTC) is standardized, making it like stocks and bonds in the portfolio.
BlackRock's first ETF announcement, released on Jan. 11, also took a mature approach aimed at the affluent “boomer” market. Since the product's launch, BlackRock has seen $5.3 billion inflow into the IBIT ETF, Farside said.
What's more, the Bitcoin ETF marketing war is heating up after Bitwise dropped its first announcement in mid-December 2023 using the “Most Interesting Man in the World” actor Jonathan Goldsmith.
The advertising boom accelerated after Google began allowing crypto ads earlier in February.
Related: Greyscale's GBTC exits reach $7B, but data shows slowing
On February 15, 21 shares began to advertise the fact that Bitcoin has become a trillion dollar asset in market capitalization.
Coincidentally, whistleblower Edward Snowden mentioned BTC as a future source of funds on February 19th.
“Unpopular but true: Bitcoin is the most important financial development since the coin was invented.”
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