Hashdex Launches New Ad Campaign Amid SEC Deliberation on Bitcoin ETF Approvals

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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December 28, 2023 14:07 EST

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Hashdex, an asset management firm, has released a new advertisement as the U.S. Securities and Exchange Commission (SEC) is in the process of reviewing applications for the listing of spot Bitcoin exchange-traded funds (ETFs) in the country.

On December 28, Hashdex posted an advertisement on X (formerly Twitter), aligning with the ongoing deliberations at the Securities and Exchange Commission (SEC) regarding the approval or denial of applications for listing spot Bitcoin exchange-traded funds (ETFs) in the United States. The ad spot from Hashdex presents an interview scenario set in the 1980s, a period characterized by the increasing adoption of personal computers.

pic.twitter.com/fVndEbD0Ys

— Hashdex (@hashdex) December 28, 2023

In the interview, the subject expresses criticism towards using home computers for everyday tasks, reflecting a dismissive attitude towards the technology.

The individual in the interview remarks,

“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 spot delivers the message, “Understanding disruptive innovation takes time. Bitcoin’s time has arrived,” underscoring the idea that groundbreaking innovations, such as spot Bitcoin ETFs, may face skepticism initially but ultimately prove their transformative potential. This release coincides with the heightened anticipation and discussions surrounding the potential approval of spot Bitcoin ETFs by the SEC, with the advertisement aiming to highlight Bitcoin’s significance as a disruptive force in the financial landscape.

In a broader context, the crypto marketing war has intensified, with Bitwise and Hashdex rolling out a total of four crypto ads in December, showcasing the competitive landscape in the industry. Bitwise’s initial ad on December 18 featured actor Jonathan Goldsmith, known for his “Most Interesting Man in the World” character, promoting Bitcoin ETFs.

Hashdex responded with its ad on December 20, featuring a dump truck with captions emphasizing the uniqueness of crypto compared to traditional assets. Bitwise then released another ad on the same day, with Goldsmith stating, “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.

Responses on social media initially favored Bitwise’s advertising campaign, signaling a heightened level of confidence in a financial product that awaits regulatory approval. However, with Bloomberg ETF analyst Eric Balchunas commenting on Hashdex’s spot, “This is a great ad. Every Boomer remembers feeling exactly this way about computers/internet,” it is said that Hashdex’s ad is currently leading. Another user, progenius.eth, commented, “Easily the best ETF ad so far. The simplicity is just on point. Post-approval video next.”

SEC Delays Decision on Spot Bitcoin ETFs, Invites Comments

The Securities and Exchange Commission (SEC) has delayed its decision on spot Bitcoin exchange-traded funds (ETFs), a move that analysts believe could pave the way for potential approvals in January. Bloomberg ETF analyst James Seyffart revealed in a November 28 post on X that the SEC delayed its decision 34 days earlier than the January 1, 2024, decision deadline for the applications.

Seyffart and his colleague Eric Balchunas had previously placed 90% odds on spot Bitcoin ETF approvals by January 10, 2024. Seyffart suggested that the delays were likely aimed at aligning all applicants for potential approval by the deadline. Balchunas agreed, stating that the SEC was likely “looking to get them out of the way, clear the runway.”

Although the SEC has not shown explicit approval for any spot crypto exchange-traded product, it established a December 29 deadline for multiple firms to make amendments to existing applications, paving the way for potential approval.

Notably, Franklin Templeton submitted an updated Form S-1 for its ETF on November 28. Balchunas, a Bloomberg ETF analyst, expressed support for simultaneous launches of all ETFs but noted that it might seem unfair for Franklin to launch its ETF on the same day as other providers despite submitting the form months later.

Currently, there are 12 spot Bitcoin ETFs awaiting SEC approval, with most final decision dates set for March. However, ARK Invest’s bid requires SEC approval or denial by January 10, 2024.