Asset manager VanEck wasted no time in celebrating the approval of its new Ether (ETH) exchange-traded fund (ETF) with a creative 37-second advertisement that invites viewers to “Enter the ether.” The ad, which was posted on X just 30 minutes after the Securities and Exchange Commission (SEC) approved VanEck’s 19b-4 filing for the spot Ether ETF, joins other approved filings from BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. However, before trading can begin, the SEC still needs to approve each ETF’s S-1 filing, which experts predict could take several months.
VanEck’s ad poses thought-provoking questions such as, “Could it be the fuel to a less centralized and open-source economy?” and “What could Ethereum be? That’s up to you and me.” At the time of writing, the ad has received over 1,000 reposts on X and has been viewed 170,000 times. The response to the ad has been mainly positive, with Colin Goltra, the operating chief of Yield Guild Games, describing it as “hard af [as fuck].” The anonymous co-founder of the DeGods private club, known as “Mav,” commented that the ad allowed “boomers” to discover the potential of smart contracts and realize that crypto can be more than just digital gold. Andrew Thurman, a contributor to the Jito Foundation, humorously compared the ad to a conversation with a friend who had taken too many mushrooms and lived in a yurt for a year.
This is not the first time VanEck has released creative advertisements for its ETFs. In late September, the company launched a similar string of ads for its Ethereum Strategy ETF (EFUT), which is based on Ethereum futures. The ETF, with the ticker EFUT, was launched on October 2, shortly after the ads were released. Other asset managers that have received 19b-4 approvals have yet to release ads, with only Grayscale and Bitwise acknowledging the approvals on X.
In related news, the approval of crypto rules by the SEC is currently under review by President Biden. The resolution to overturn these rules has been placed on his desk, and the outcome remains uncertain. The CEO of Trezor, a popular hardware wallet for cryptocurrencies, warns that the existence of Bitcoin ETFs on platforms like Coinbase could make them attractive targets for hackers and governments.