With Google updating its policy regarding crypto-related ads, BlackRock and VanEck have seized the opportunity to become the first asset managers to advertise Bitcoin spot ETFs.
The competition in the Bitcoin spot exchange-traded fund (ETF) market has continued to gain momentum as top asset managers roll out different initiatives to control a large percentage of the market.
BlackRock and VanEck Advertise Bitcoin ETF on Google
In light of this, leading asset managers BlackRock and VanEck have taken to Google to advertise their Bitcoin spot ETFs on the platform. The ads appeared as “sponsored” content among the search results for “Bitcoin ETF” on Google.
Google Update Crypto-Related Ads Policies
Notably, the development comes less than a day after Google updated its advertisement policies, allowing certain crypto products to run ads on the platform.
The policy update, which went into effect on January 29, specifically mentioned that companies can now advertise financial products that allow U.S. investors to trade shares in trusts holding large pools of digital currency.
Shortly after the policy update, BlackRock and VanEck became the first to advertise Bitcoin ETFs on the popular search engine platform.
It is expected that other asset managers will soon join BlackRock and VanEck to advertise their Bitcoin ETF products on Google.
Intense Competition in the Bitcoin Spot ETF Market
The Bitcoin spot ETF market has seen sustained competition from top asset managers since the SEC approved the launch of these funds.
At first, these financial giants reduced their fees to gain a competitive edge in the market. For instance, Bitwise offers a 0.20% fee, which will only go into effect after the first six months of trading or when the fund records $1 billion in assets under management (AUM). Similarly, BlackRock also reduced its fees to 0.25% from 0.30%.
Furthermore, Bitwise is also among the asset managers that have released commercials for the product. These asset managers have reduced their fees and advertised the Bitcoin fund through different mediums to gain a competitive edge over their rivals.
BlackRock Leads in AUM
Besides Grayscale, whose ETF is a conversion of its existing Bitcoin Trust, BlackRock’s Bitcoin fund is in the top spot in terms of assets under management (AUM).
According to data shared by Bloomberg ETF analyst James Seyffart, BlackRock’s fund boasts over $2.4 billion in AUM. BlackRock is closely followed by Fidelity Investments’ BTC ETF, which has $2.2 billion in assets under management.
At press time, the assets under management across all Bitcoin funds, excluding Grayscale’s GBTC, are worth $6.49 billion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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