By
Chimamanda U. Martha
May 16th, 2024
Ads for BlackRock’s Bitcoin ETF will be projected onto closed bank buildings, as per a new filing. The ads will show major milestones in the financial world, including the creation of Bitcoin.
Few things have caused as much excitement in the crypto industry recently as the spot Bitcoin ETF approvals. It had been several years in the making and represented a new frontier for crypto investments. And while they have been less than a month in the market, the firms that got approval have bought up large stashes of Bitcoin, and even more ETFs are rumored to be on the way.
BlackRock, one of the companies approved, has filed for permission to run a rather unorthodox ad campaign for the ETFs.
BlackRock’s Advertising Plans
In a January 31, 2024 filing, BlackRock outlined plans to project ads of its ETF to the sides of former banks across the United States. The idea is that the ad will show major milestones in the financial world leading up to the spot Bitcoin ETF approval. It will also feature the IBIT ticker, which is a reference to BlackRock’s ETF offering.
“The IBIT Signal is an animation designed to be projected onto the facades of former financial institutions in New York City, Miami, and Los Angeles. This storyboard uses our Miami facade as the template,” the filing says.
Some of the milestones to be included in the ad include the opening of the first stock market in the US in 1790, the launch of the first ETF in 1993, and the creation of Bitcoin in 2009.
Bitcoin ETF Ads
It is interesting that BlackRock intends to advertise using former bank premises. Cryptocurrency, especially Bitcoin, has been touted as a way to get around the traditional financial system and many crypto-lovers are especially critical of banks. The Genesis block for Bitcoin, for example, featured an excerpt from a newspaper which referenced the bailout that banks were receiving amidst the 2008 financial collapse.
So projecting an ad for a Bitcoin ETF onto a closed banking hall feels like a full-circle moment.
And while BlackRock’s choice of such a unique ad could be purely a creative choice, it is also crucial. Ever since the spot Bitcoin ETFs hit the market, there has been some talk about the prices of the different funds. The new influx of competition has led some ETFs to lower their prices to stay competitive, especially as funds flowed out of existing futures ETFs to spot ones.
The approval of this batch of ETFs also potentially opens the doors for more funds to potentially be approved and this creates more competition across the board. Simply put, the ETF market is cutthroat and to stay above water, firms like BlackRock will have to advertise.
From what we can see from this filing, Bitcoin ETF ads will be interesting if nothing else.