- Bitwise has set the ball rolling in the Ethereum ETF marketing wars.
- The asset manager’s ad comes as the crypto community anticipates the SEC’s trading nod.
- The ad has received high praise.
In 2024, the most dominant crypto narrative by far has been ETFs. After an over decade-long wait, in January, the SEC finally approved spot Bitcoin ETFs, sending a wave of euphoria through the market that saw the asset clinch fresh all-time highs within a few months.
At the same time, the approval of spot Bitcoin ETFs appears to have paved the way for other assets. In May 2024, the SEC set the stage for Ethereum ETF trading by surprisingly deciding to approve 19b-4 forms from applicants. As the crypto community awaits the approval of S-1 filings that would allow the products to go live for trading, one of the issuers, Bitwise, has kicked off its marketing campaign to lure investors ahead of time.
Bitwise Makes the First Play
Bitwise has set the ball rolling in the Ethereum ETF marketing wars. In an X post on Thursday, June 20, Bitwise unveiled its first Ethereum ETF commercial with the caption, “Unlike Big Finance, Ethereum doesn’t clock out at 4 p.m.”
Sponsored
As highlighted in the caption, the 39-second clip tries to showcase the 24/7 nature of the crypto market, specifically Ethereum, compared to traditional markets, which are only open for about eight hours five days a week. The ad paints this picture through a conversation between a middle-aged man and a much younger man.
The middle-aged man representing big finance notes that he is tired and sleepy from moving billions of dollars from 9:30 AM to 4:00 PM. On the other hand, the younger man, Ethereum, comes off as chipper despite performing the same task. Summing up the point of the video, he quips:
"People can access me 24/7."
Disclosing that the recently shared ad is the first in a four-part series, Bitwise CEO Hunter Horsley explained that the firm aimed to make the concept of Ethereum easy to understand.
"Ethereum is a powerful platform. But many get confused trying to understand it. Bitwise strives to tell its story, in an accessible way," he wrote.
To commemorate the moment, Bitwise made the commercial into an NFT on Zora. Proceeds from user mints will go to the Protocol Guild, which will split 50/50 between supporting Ethereum open-source developers and actors.
The Bitwise initiative has received a flurry of reactions from the crypto community.
Wall Street Set to Onboard the Masses?
The Bitwise ad has generally received high praise. Reacting to the video, prominent crypto investor DCInvestor tipped Wall Street to explain Ethereum to the world in the most relatable way possible.
DCInvestor’s views were also shared by Metis Head of Marketing Jose Fabrega. Fabrega, however, added that the onus now lies with developers to build apps that will retain the coming users.
On the Flipside
- The date for the SEC’s approval of Ethereum ETF S-1 filings remains to be determined.
- Bitwise’s comical and relatable ad may not be enough to give it an edge over more established rivals like BlackRock.
Why This Matters
ETFs have been tipped to catalyze Ethereum, serving as an on-ramp for a new class of users and billions in capital. The relatable nature of the recent Bitwise ad further drives these hopes while also hinting at a potentially near S-1 filing approval.
Read this for more on Ethereum ETFs:
Ethereum ETFs Teased for July 2nd Launch: Here’s What We Know
Learn about Polygon’s commercial taking a jab at Optimistic rollups:
Polygon (MATIC) Takes Aim at Optimistic Rollups in Scathing Ad
