After receiving SEC approval for its spot Ether ETF, VanEck quickly celebrated with a 37-second promotional video.
After the clearance of its spot Ether exchange-traded fund (ETF), VanEck did not waste any time in celebrating the news. The company immediately released a 37-second promo that encouraged viewers to “enter the ether.”
On May 23, approximately one week after the Securities and Exchange Commission (SEC) approved the 19b-4 registration for a spot Ether exchange-traded fund (ETF), the company uploaded the advertisement to social media platforms.
VanEck’s Ethereum ETF Ad Sparks Positive Reactions
VanEck is now in the same league as other big asset managers, such as BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise as a result of the Securities and Exchange Commission’s clearance of its corresponding filing.
However, trading will not begin until the Securities and Exchange Commission (SEC) gives its approval to each ETF’s S-1 filing, which is a process that might take several months.
The VanEck advertisement poses several thought-provoking questions, including whether Ethereum could power a less centralized and more open-source economy. The advertisement’s captivating content has struck a chord with viewers, as evidenced by the high number of reposts and views it has received.
The advertisement has received a generally positive response from the online community, with many individuals applauding its creativity and the message it conveys. Colin Goltra, the chief operational officer of Yield Guild Games, praised the advertisement and referred to it as having a significant influence.
On the other hand, some people expressed interpretations that were more lighthearted. The anonymous co-founder of DeGods’ private club, X+, who goes by the name “Mav,” humorously suggested that the advertisement symbolizes a moment when traditional investors become aware of the potential that smart contracts present.
Andrew Thurman, an individual who contributes to the Jito Foundation, made a hilarious comparison between the advertisement and something that might appeal to a friend who had a life-changing experience living in a yurt after eating hallucinogenic mushrooms.
SEC Approval Solidifies Ethereum’s Commodity Status
There have been previous instances in which VanEck has leveraged advertising in order to promote its goods that are associated with Ethereum. The company distributed a number of advertisements at the end of September to promote its Ethereum Strategy ETF (EFUT), an Ethereum futures ETF that launched shortly after.
VanEck, which has been vocal in promoting its Ethereum-tied products, has received 19b-4 clearances more frequently than other asset managers. Grayscale and Bitwise are two of the few companies that have published social media posts in which they acknowledge their approvals.
A number of industry experts have voiced their worries, notwithstanding the euphoria that has surrounded the approval of Ethereum exchange-traded funds (ETFs). Paul Grewal, the Chief Legal Officer (CLO) of Coinbase, emphasized that the SEC’s decision validates Ethereum’s status as a commodity.
Other individuals echoed Grewal’s thoughts, emphasizing the decentralized nature of Ethereum as a crucial factor in this cryptocurrency’s classification as a commodity.