Asset management giant BlackRock is halting commercial use of Bitcoin ETFs following landmark SEC approval last week
Financial giant BlackRock released a new advertisement for its recently approved Bitcoin (BTC) exchange traded fund (ETF), saying it is “a new day” for the crypto king.
BlackRock, the world's largest asset manager, released the ad last week following the financial product's groundbreaking approval by the U.S. Securities and Exchange Commission (SEC).
On Wednesday, the SEC approved all 11 spot BTC ETFs under consideration.
In the commercial, Jay Jacobs, US head of themes and active equity ETFs at BlackRock, talks about the convenience and ease of investing in the asset manager's new Bitcoin fund.
Jacobs also says the adoption of digital assets has “profound implications for the future of finance,” noting that some institutions and investors are viewing Bitcoin as a “potential game-changer for the way money moves around the world.” regard.
Eric Balchunas, senior ETF analyst at Bloomberg, says the commercial is a textbook example of how to appeal to “rich boomers.”
“The calm disposition, the easy-to-understand investment outlook, the soft new age music, the suit without a tie…everything about him says, 'It's all right now, the adults are here.'”
Bitcoin ETF applicants worked with the SEC for months to refine their proposals. The regulator approved the launch of the country's first Bitcoin futures ETFs in October 2021, but had rejected all previous spot Bitcoin ETF applications until the series of approvals last week.
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