After the Securities and Exchange Commission (SEC) approved VanEck's 19b-4 filing for a spot Ether exchange-traded fund (ETF), the investment manager celebrated by releasing an advertisement encouraging viewers to "Enter the ether."
This ad, posted to X on May 23, appeared just 30 minutes following the SEC's decision.
The SEC's approval also included filings from BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
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Despite this approval, the SEC still needs to authorize each ETF's S-1 filing before trading can commence, which analysts predict could take several months.
VanEck’s artistic advertisement suggests that Ethereum could drive a more decentralized and open-source economy, adding that its potential is in the hands of "you and me." At the time of writing, the ad has over 1,400 reposts and 362,400 views.
The response to the ad has been predominantly positive. Colin Goltra, Chief Operating Officer at Yield Guild Games, said the commercial "goes hard," appreciating how it avoids buzzwords like "Web3," yet is still effective.
EigenLayer praised VanEck's intern behind the ad and jokingly offered $1000 to anyone who could connect them with the intern.
Andrew Thurman from the Jito Foundation humorously remarked on the difference between Bitcoin and Ether ETF commercials, saying:
They advertise BTC ETF to your grandfather who collects gold coins. They advertise ETH ETF to your bar buddy who took too many mushrooms and lived in a yurt for a year.
In contrast to VanEck's proactive marketing, other asset managers with 19b-4 approvals have not yet released advertisements. Only Grayscale and Bitwise acknowledged the approvals in posts on X.
With the approval of these ETFs, the crypto market is set for major developments, pending the SEC's final approval of the S-1 filings.
Meanwhile, crypto enthusiasts are already speculating on the next cryptocurrency to receive a spot ETF. Brian Kelly, CEO of BKCM Digital Asset Fund, suggested on CNBC's "Fast Money" that Solana could be the prime candidate following Bitcoin and Ethereum.
