BlackRock is intensifying its media advertising campaign for its newly launched Bitcoin exchange-traded fund (ETF), but with a unique twist. Instead of labeling it as a currency, the asset management giant is positioning Bitcoin as “progress.”
In its latest advertisement, BlackRock adopts its typically “boring” approach to advertising its iShares Bitcoin Trust (IBIT) ETF, setting it apart from its more flashy competitors. The yellow advertisement simply features a silhouette of a runway and plane, with the caption: “Bitcoin ETFs have landed. Get your share of progress.”
Despite its seemingly mundane marketing strategy, industry experts, including Bloomberg Intelligence ETF analyst Eric Balchunas, recognize the effectiveness of BlackRock’s approach. Balchunas describes it as the “sweet spot” between the traditional and dull investment funds and the trendy and youthful marketing tactics employed by other companies.
Balchunas also notes that the firm is poised to become the leader in the ETF category, and therefore, it makes sense for them to invest in more advertising to solidify their position. He adds that BlackRock highlights how the ETF standardizes Bitcoin, making it comparable to stocks and bonds in a portfolio.
BlackRock’s initial ETF advertisement, released on January 11, targeted the affluent baby boomer market. Since its launch, the IBIT ETF has attracted $5.3 billion in inflows, according to Farside.
The Bitcoin ETF marketing competition has intensified recently, with Bitwise releasing the first ad featuring actor Jonathan Goldsmith as “The Most Interesting Man in the World” in mid-December 2023. The promotional frenzy has picked up even more momentum since Google started allowing cryptocurrency ads in February.
21Shares joined the race on February 15 by promoting Bitcoin’s achievement of becoming a trillion-dollar asset in terms of market capitalization. And on February 19, whistleblower Edward Snowden also hailed BTC as the future of money.
In conclusion, BlackRock’s creative and understated advertising campaign for its Bitcoin ETF positions the asset as a symbol of progress, setting it apart from its competitors. With its growing inflows and potential to dominate the ETF category, the firm’s strategic marketing efforts are likely to pay off in the long run.