The race for the first SEC-approved spot Bitcoin ETF is getting intense. Two major players, Hashdex and Bitwise Asset Management, have recently released advertisements promoting their planned Bitcoin ETF products.

Bitwise was the first to strike on December 18th, featuring actor Jonathan Goldsmith in their commercial. Goldsmith is famous for his “Most Interesting Man in the World” character. Two days later, Hashdex responded with their own ad, showcasing a dump truck and dismissing other assets as “not crypto,” showing their support for cryptocurrency.

“Stocks aren’t crypto, fixed income isn’t crypto, precious metals? nope, not crypto either,” the ad mentions.

Bitwise and Goldsmith didn’t stay quiet for long and came back soon, taunting SEC delays and cleverly mentioning Satoshi Nakamoto’s name. In the latest ad, Goldsmith says:

 “Thought you would like to know, Satoshi sends his regards.”

Viewers and industry experts have deemed Bitwise as the winner of this marketing clash, as it has received more engagement compared to its competitor. This branding battle signifies the growing confidence surrounding the approval of a Bitcoin ETF in early 2024. It also highlights the intense competition among companies vying for the opportunity to issue the asset.

Bitcoin pioneer Samson Mow, now CEO of JAN3, commented on these aggressive promotional campaigns, emphasizing the fierce competition between the 13 ETF issuers. With approval potentially just weeks away, branding has become a key weapon for asset managers aiming to dominate the soon-to-be-launched spot Bitcoin ETF market.

Mow predicts that this fight for the Bitcoin spotlight has only just begun. He envisions a future where celebrities like Novak Djokovic represent BlackRock’s spot BTC ETF at tennis opens or Michael Saylor does a Fidelity promo during the Super Bowl. He stated:

“Think Jonathan Goldsmith is interesting? Wait until BlackRock makes an ad with Novak Djokovic saying ‘Bitcoin is for winners.’ Or the Fidelity Super Bowl ad with Michael Saylor saying there is no second-best ETF.”

VanEck Takes a Different Approach, Plans to Buy and Hold More BTC

In contrast to the excitement created by Hashdex and Bitwise, investment giant VanEck is taking a different approach. When asked about their plans for releasing related advertisements, the company replied through its social media account that they would rather buy and hold more BTC instead of investing in costly ads.

The opportunity cost of investing in bitcoin ads is high. Would rather buy and hold #bitcoin. https://t.co/fWO05xEq22

— VanEck (@vaneck_us) December 20, 2023

This decision is driven by the risk associated with spending money on ads while awaiting the SEC’s long-awaited approvals. This strategy also aligns with the increasing legal pressure on the SEC to allow spot Bitcoin ETFs in 2024. By holding more BTC, VanEck is showcasing their confidence in the future of the product. Overall, multiple expert analysts estimate a probability of over 90% for approval within the first quarter, although nothing is certain until the actual approval is granted.

While Hashdex and Bitwise compete for public attention with their marketing campaigns, VanEck’s move to actually own Bitcoin may prove to be the wiser approach. With the crypto community eagerly awaiting long-overdue ETF approvals in early 2024, those who take action today rather than relying solely on hype for tomorrow may have the advantage.

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Snapchat parent company Snap Inc (NYSE: SNAP) shares fell flat after surging as much as 20% in after-hours trading as the news that some advertisers had suspended ad spending following the start of the war in the Middle East reached investors. At the time of writing, SNAP stock is at around 1.2% up in the pre-market.

According to this CNBC report, the company revealed that it has “observed pauses in spending from a large number of primarily brand-oriented advertising campaigns immediately following the onset of the war in the Middle East”, with the results already evident in the current quarter’s sales.

Snap’s Q3 revenue increased by 5% from last year’s $1.13 billion to $1.19 billion during the same period, marking a return to sales growth and beating analysts’ projected $1.11 billion. The company reported earnings per share of 2 cents, a drop from last year’s 8 cents per share in the third quarter. Snapchat’s Global Daily Active Users were 406 million, higher than the 405.7 million expected. Its average revenue per user was $2.93 against the projected $2.74.

In its “internal forecast”, Snap projects that fourth-quarter sales could range between $1.32 billion and $1.38 billion. Analysts estimate the metric at $1.33 billion. The firm refrained from providing official Q4 guidance like it had for Q3 “due to the unpredictable nature of war”.

Snap’s GAAP net loss in Q3 2023 increased by 2% year-on-year to $368 million or 23 cents per share. Its $3.99 subscription service Snapchat+ hit over five million subscribers last quarter, an increase from four million in the quarter before.

In a statement, the company’s CEO and co-founder Evan Spiegel highlighted Snap’s “positive growth in Q3” and outlined the various cost-cutting measures employed to improve the business. Last summer, Snap announced that it would cut its 6000-member team by 20%. In September, it revealed that it was boarding up its augmented reality enterprise business, resulting in the exit of 170 workers.

“We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success,” Spiegel said.

Snap has also revealed that its Chief Operating Officer, Jerry Hunter, is leaving the company after seven years. In addition, the has authorized a stock repurchase program of up to $500 million. It revealed that it had $3.6 billion in cash, cash equivalents, and marketable securities as of September 30, 2023.

The company also announced that since the official launch of its free AI chatbot My AI in April this year, more than 200 million people have sent more than 20 billion messages on the service. According to the company, that makes My AI “one of the most-used AI chatbots available today”.

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