Wall Street Journal reporters revealed today that Meta is planning to allow advertisements related to Bitcoin ETFs on its platforms Facebook and Instagram soon. In addition, Nate Geraci, the President of ETF Store, stated today that three out of the top five ETF issuers in the United States have not yet entered the competition for Bitcoin spot ETFs.
(Previous context:
Google Ads updates “Cryptocurrency Advertising Policy”! Taiwan requires authorization from the Financial Supervisory Commission and the Securities and Futures Bureau for advertising placement.
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(Background information:
Wall Street’s Resistance: Vanguard prohibits clients from trading Bitcoin spot ETFs: BTC is an immature asset with no intrinsic economic value.
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Starting from January 29, 2024, Google, the tech giant, officially opened up advertising for “Cryptocurrency Trust” products in the United States. Multiple Bitcoin spot ETF issuers, including BlackRock, Fidelity VanEck, Franklin Templeton, and Grayscale, have successfully placed advertisements for “Bitcoin spot ETFs” on the Google platform. This has been seen by the community as another milestone for Bitcoin’s adoption by Web2.
Following Alphabet’s Google, which approved the placement of Bitcoin ETF advertisements on its US Google Search and YouTube, Meta, the social media giant with a significant proportion of advertising revenue, is also reportedly interested in allowing Facebook and Instagram to follow suit and open up advertising for Bitcoin ETFs.
According to The Wall Street Journal today (March 3), a spokesperson stated that Meta, the parent company, is currently updating its advertising policies for the US region based on the SEC’s decision.
Further reading:
Google allows “Bitcoin spot ETF advertising”! BlackRock, Fidelity, Grayscale have placed ads, Taiwan is not included.
Three out of the top five ETF issuers globally have not joined the Bitcoin competition.
As traditional finance gradually embraces Bitcoin, Nate Geraci, the President of consulting firm ETF Store, pointed out in a tweet today that three out of the top five ETF issuers have not yet entered the competition for Bitcoin spot ETFs. These three issuers are Vanguard, State Street, and Schwab, which together occupy nearly 50% of the market share. However, he believes that this will soon change.
Geraci commented on these three issuers that have not yet launched Bitcoin ETF products:
Vanguard announced last month that the company has no plans to launch a Vanguard Bitcoin ETF or other cryptocurrency-related products. They also refuse to provide trading services related to Bitcoin spot ETFs or other cryptocurrency products for clients, including Bitcoin futures ETFs, which sparked opposition from the community.
At the end of last month, Bloomberg ETF analyst Eric Balchunas also predicted that Charles Schwab, the largest online broker in the United States, will launch a low-cost Bitcoin spot ETF with a 0.1% expense ratio in the coming months. Geraci also believes that it is a “definite occurrence” that Charles Schwab will enter the competition for Bitcoin spot ETFs.
Further reading:
Will the largest US online broker, Charles Schwab, launch a Bitcoin spot ETF? With 30 million users and managing $7 trillion.
Related reports
Morning Report on the Crypto Market: BlackRock’s spot ETF “IBIT” surpasses GBTC in daily trading volume, Bitcoin rises to $43,400.
Wall Street’s Resistance: Vanguard prohibits clients from trading Bitcoin spot ETFs: BTC is an immature asset with no intrinsic economic value.
Real-time status of Bitcoin spot ETFs: Grayscale GBTC holdings fall below 500,000 shares, total trading volume reaches $25.9 billion, 7 issuers with zero fees compete for the market.