Hashdex launches new ad amid Bitcoin ETF approval review

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Asset management company Hashdex has released a new advertisement as the U.S. Securities and Exchange Commission (SEC) reviews applications for spot Bitcoin exchange-traded funds (ETFs) listing.

Hashdex debuted it on X (formerly Twitter) on December 28, featuring an interview set in the 1980s when personal computers were gaining popularity. In the video, a man expressed skepticism about using home computers for everyday tasks, reflecting the sentiments of that era’s views on personal computer use.

The person in the interview says, “It is amazing to me that tremendous impact that home computers have had on everyone, and yet it seems to me that people I have talked to have said that it takes longer to do something by putting it into your computer and calling it up again than if you just kept a simple record for yourself in-house.”

The ad’s message is about how “understanding disruptive innovation takes time.” It emphasizes that innovative ideas like spot Bitcoin ETFs might face doubt at first but can eventually show their transformative power. The ad aims to showcase Bitcoin’s importance as a disruptive force in finance.

In the wider crypto marketing scene, the competition has heated up as Bitwise and Hashdex collectively released four crypto ads in December. Bitwise’s first ad, endorsing Bitcoin ETFs, was released on December 18. It starred actor Jonathan Goldsmith, famous for his “Most Interesting Man in the World” role.

Hashdex then released its ad on December 20, showcasing a dump truck and captions highlighting crypto’s distinctiveness from traditional assets.

On the same day as Hashdex’s dump truck ad, Bitwise released another ad where Goldsmith said, “Thought you would like to know, Satoshi sends his regards,” portraying a character to promote Bitcoin. The fourth one is the newly released Hashdex ad.

Initially, social media responses favored Bitwise’s ad campaign, indicating increased confidence in a financial product awaiting regulatory approval.

“This is a great ad. Every Boomer remembers feeling exactly this way about computers/internet,”

Eric Balchunas, Bloomberg ETF analyst.

Another user, progenius.eth, commented, “Easily the best ETF ad so far. The simplicity is just on point. Post-approval video next.”

Chris Glendening, Hashdex’s marketing head, highlighted the importance of assisting investors in understanding the unique qualities of various issuers amid the current Bitcoin market hype.

“We believe investors will gravitate towards thematic asset management experience with a sole focus on digital assets and bitcoin, with extensive experience running bitcoin ETFs in several markets,” Glendening said.

Optimism surges on Bitcoin ETF approval

Optimism for Bitcoin ETF approval has risen lately due to BlackRock joining in June and Grayscale Investments winning a court battle against the SEC in August.

Balchunas’ Bloomberg analyst colleague, James Seyffart, maintains a firm stance. According to him, there is a 90 percent chance that the regulator will approve these funds on January 10, 2024.

“Since it feels like everyone is asking. Events of the last few days haven’t changed my & @EricBalchunas’ odds. We can’t go any higher than 90% by Jan 10th. That said, things are continuing to move forward in our view,” said Seyffart.

The commission has yet to indicate approval for any spot crypto exchange-traded product but set a December 29 deadline for several firms to update their applications before potential approval.

Franklin Templeton updated its ETF Form S-1 on November 28. Balchunas backed simultaneous ETF launches but pointed out potential fairness issues if Franklin launches its ETF on the same day as others despite submitting later.

Currently, 12 spot Bitcoin ETFs are awaiting SEC approval, with most decisions due in March. ARK Invest’s bid needs SEC approval or denial by January 10, 2024.