Bitwise has released a commercial for a spot Bitcoin (BTC) exchange-traded fund (ETF) in apparent anticipation of the product’s regulatory approval.
Bitwise, the world’s largest crypto index fund manager, is one of a slew of firms that have filed for a spot BTC ETF with the U.S. Securities and Exchange Commission (SEC).
The new Bitwise advertisement stars Jonathan Goldsmith, the actor famous for portraying “the Most Interesting Man in the World” in Dos Equis beer ads, speaking to the audience and saying, “You know what’s interesting these days? Bitcoin.”
A word to the wise, from a man of few words. #bitcoinisinteresting https://t.co/wantGiAIqJ pic.twitter.com/x5MPbElEev
— Bitwise (@BitwiseInvest) December 18, 2023
James Seyffart, an ETF research analyst at Bloomberg Intelligence, predicts that the first spot BTC ETFs will be approved next month.
SEC Chair Gary Gensler said in an interview last week that the regulator is taking a new look at the ETFs in light of recent court rulings.
“I’m a chair of a commission, I’m not [going] to pre-judge anything that’s going through the process right now. And as you might know, we had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that, and so we’re taking a new look at this based upon those court rulings.”
Gensler was likely referring to digital asset manager Grayscale’s legal victory earlier this year. In August, a federal judge ruled that the SEC has to reconsider Grayscale’s application to launch an ETF out of its Bitcoin Trust to avoid arbitrariness and inconsistency. The regulator doesn’t plan on appealing the decision.
In an interview on the Unchained Podcast in October, Bitwise chief investment officer Matt Hougan predicted that $5 billion could flow into spot Bitcoin ETFs in their first year of existence.
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