Hashdex, an asset management firm, has released a new commercial ahead of the upcoming US Securities and Exchange Commission (SEC) decision on the listing of spot Bitcoin exchange-traded funds (ETFs) in the country.
On January 5, Hashdex posted an advertisement on X (formerly Twitter), aligning with its series of ads strategically crafted to promote its Spot Bitcoin ETF. The advertisement proclaimed that “Bitcoin’s Time Has Arrived,” as speculation mounted that a decision from the US Securities and Exchange Commission (SEC) on approval of a spot Bitcoin ETF could be imminent.
— Hashdex (@hashdex) January 5, 2024
The Hashdex commercial reflects on Burger King’s 1993 decision to accept credit, showcasing the slow but impactful adoption of new financial technologies. The commercial draws a parallel between Bitcoin and the advent of credit in the ’90s and emphasizes Bitcoin’s innovative nature and potential for financial sector disruption.
It suggests that comprehending disruptive innovation requires time and concludes that “Bitcoin’s Time Has Arrived.”
Notably, the digital asset management firm recently marked Bitcoin’s birthday in a video released just yesterday, showcasing a firm commitment to celebrating the cryptocurrency’s evolving status in the financial sector. Bitcoin was created 15 years ago, and Hashdex dedicated a video to its inception and inspiration for the future of crypto.
🎂We know you’re still celebrating, after all, it’s not every day that #Bitcoin turns 15 years old. So how about another content piece about its birthday? 😉
Enjoy! pic.twitter.com/9rNEgxQ6nR— Hashdex (@hashdex) January 3, 2024
Earlier last month, Hashdex released an ad showing an interview in which the subject criticized using home computers to do everyday tasks. The interview, purportedly taking place in the 1980s amid the rise in the adoption of the personal computer, showed a man dismissing the usefulness of the technology.
Hashdex is one of many asset management firms looking to secure a Spot Bitcoin ETF to make banking with crypto easier for its clients. The SEC has long pushed back its decision on Bitcoin ETF approval in the US, citing multiple concerns.
However, US courts have put pressure on the regulator to make a decision, raising the hype around Bitcoin.
Spot Bitcoin ETF Approval Anticipation Grows, Industry Observers Cautious About Potential Delay
As the anticipation for potential Spot Bitcoin ETF approval in the United States intensifies heading into 2024, the prevailing expectation is approval in the early weeks of the year. With this perception intact, several prospective issuers, including Hashdex, are proactively launching advertisements.
However, some industry observers adopted a more cautious stance. Bloomberg senior ETF analyst Eric Balchunas noted that the SEC is currently providing final comments, and issuers are expected to submit final 19b-4s and S-1s shortly after that. While acknowledging the proximity to approval, Balchunas emphasized that no official approval had been confirmed.
Subsequent reports suggested a potential delay in the approval process, extending into the following week. The SEC would use this time to review comments and amendments before making a final decision.
Fox Business’ Eleanor Terrett anticipated amended 19b-4 filings and last-minute discussions about comments on S-1s, with the approval timeline leaning towards next week. Bloomberg analyst James Seyffart echoed this sentiment, pointing to potential approval orders in the coming week and expecting 19b-4 amendment filings with changes discussed between the SEC and issuers.
Also, in anticipation of a Bitcoin ETF approval, investment firm VanEck pledged to donate 5% of potential ETF profits to Bitcoin core developers at Bitcoin Brink. The firm emphasized its long-term commitment to Bitcoin by making an initial donation of $10,000, asserting that they are not mere “Bitcoin tourists” but are invested for the long haul.
In November and December, SEC officials engaged in meetings with representatives from asset managers who were seeking to list a spot Bitcoin ETF. The companies involved in these discussions include Grayscale, BlackRock, Fidelity, and Franklin Templeton.
Although the SEC has not indicated approval for any spot cryptocurrency exchange-traded product, the anticipation for potential approval has escalated, with expectations that a decision will be made in the early weeks of 2024, likely between January 8th and 10th.
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