According to a report from the Financial Times, BlackRock, Grayscale, Bitwise, Invesco, and Fidelity already have live Bitcoin ETF ads running on Google.
BlackRock, Grayscale, Invesco and several others now have Bitcoin ETF ads running on Google after rule changes went into effect last week.
Several asset managers have started advertising campaigns for their spot Bitcoin exchange-traded funds (ETFs) as Google changes marketing rules on cryptocurrency products.
Bitcoin ETF Issuers Already Advertising on Google
Google’s new rules went into effect on January 29. Under the regulations, advertisers who offer “cryptocurrency coin trusts” and target recipients in the United States can advertise their products and services as long as they meet Google’s requirements.
Google announced changes to its policy on cryptocurrencies and related products last December. The announcement notes that the advertising giant will issue a warning at least seven days before suspending any account that violates the rules.
Additionally, the ad includes non-exhaustive lists of dos and don’ts, including a specification that all ads must comply with local laws and regulations in the target audience’s region or country. It states that cryptocurrency coin trusts that “allow investors to trade shares in trusts that hold large amounts of digital currency” must apply for certification.
Moreover, the advertiser must be an authorized provider. Interestingly, the rules prohibit advertisements for initial coin offerings (ICOs), initial DEX offerings, DeFi trading protocols, or advertisements that encourage the purchase, sale, or trading of cryptocurrencies or related products. All broadcasters seem to compete in their efforts to draw attention to themselves and not to others.
This competition began before the initial approval by the United States Securities and Exchange Commission (SEC) when the price wars began. The filings reveal that, at 0.20 percent, Bitwise Bitcoin ETP Trust (NYSE: BITB) has the lowest fee. It also provides a waiver that lasts six months, or until the fund reaches $1 billion. While several others have different exemption details, VanEck Bitcoin Trust (CBOE:HODL) has none.
Last month, via X (formerly Tweeter), James Seyffart, Research analyst within Bloomberg Intelligence, posted the following:
“Updated Fee war for the Bitcoin ETF Race. Was missing Wisdomtree’s waiver that was added this morning! Looking for potential approvals tomorrow and potential listings on Thursday.”
At the moment, the advertising investment of each issuer is uncertain since Google does not publish these figures. According to Google, advertisers bid to place ads through auction.
Meta Platforms Will Follow Suit
Meta Platforms is reportedly currently reviewing its advertising policies to allow issuers to promote spot Bitcoin ETFs in the US. In an X post, ETF Store President Nate Geraci hinted that Facebook and Instagram will likely join Google in accepting ads.
On January 10, the SEC approved 11 Bitcoin spot ETFs after rejecting all proposals for more than a decade. The Commission finally gave the green light sometime after losing a court case to Grayscale Investments. The asset manager had sued the SEC for rejecting its application, accusing the SEC of applying the laws arbitrarily. The court ruled in favor of Grayscale, which many observers concluded was a big indicator that approval was just a matter of time.
The products have posted healthy numbers, with more than $7 billion in receipts. Unfortunately, capital outflows from the Grayscale ETF have already exceeded $5 billion. At the end of January, net inflows into all active ETFs amounted to $1.5 billion.
By Audy Castaneda
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