News - BlackRock launches advertising campaign for Bitcoin ETF

By Mike Hesp

BlackRock launches advertising campaign for Bitcoin ETF

Bitcoin (BTC)
ETF

BlackRock's Bitcoin ETF has so far exceeded prediction. The financial giant is not yet advertising its product. That's about to change.

BlackRock's plan has worked. So far, the Bitcoin ETF "IBIT" a complete success. And without its own advertising campaign.

That's about to change. As revealed in a tweet by Bloomberg analyst Eric Balchunas, BlackRock is now also letting the advertising drum roll.

"Bitcoin ETFs have landed," reads the yellow banner showing a black plane taxiing down the runway. "Secure your share of progress," reads the poster further down.

Other ETF providers such as Bitwise and Hashdex were already indirectly advertising their financial products before the actual admission.

In terms of style, however, BlackRock differs somewhat from its competitors: less print, fewer colors, more classic advertising.

Nor does the asset manager have to be particularly "loud." Indeed, Larry Fink's firm's Bitcoin ETF has registered the most inflows since admission. A sure sign of the financial product's popularity.

Since mid-January, BlackRock has been steadily accumulating Bitcoin held in custody at U.S. crypto exchange Coinbase. In less than two months, the world's largest asset manager has accumulated more than 120,000 BTC. This equates to about $6.2 billion.

On average, BlackRock is currently buying 3,100 Bitcoin per day for about $170 million.

Bitcoin, however, constitutes only a small part of BlackRock's business. The world's largest asset manager holds a total of $9.1 trillion. So the Bitcoin ETF accounts for less than 1 percent of its total AUM. Currently, it accounts for 0.07 percent.

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