Celebrating the approval of its spot Ether exchange-traded fund (ETF), asset manager VanEck has released a 37-second advertisement urging viewers to “Enter the ether.”
The ad was posted on X on May 23, approximately 30 minutes after the Securities and Exchange Commission approved its 19b-4 filing for a spot Ether ETF.
This approval was alongside those for BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
Despite the approval, the SEC still needs to greenlight each ETF’s S-1 filing before trading can begin. VanEck has submitted its amended S-1 filing, and approvals are expected to take weeks to months.
Targeting Boomers
The ad featured questions about the potential of Ethereum, asking, “Could it be the fuel to a less centralised and open-source economy?” and “What could Ethereum be? That’s up to you and me.”
It received over 1,000 reposts and was viewed 170,000 times at the time of writing.
Online reactions were largely positive. Colin Goltra, operating chief at Yield Guild Games, praised the ad, stating it “actually goes hard.”
“Today boomers discover smart contracts for the first time [and] realize crypto can be more than digital gold,” wrote Mav, co-founder of DeGods private club, X+.
Meanwhile, Andrew Thurman from the Jito Foundation indicated that the Ether ETF ad is aimed at users at the grassroots level, who may not be familiar with this concept. According to Thurman, this ad targets “your bar buddy who overindulged in mushrooms and lived in a yurt for a year.”
VanEck had previously released a similar series of ads in late September for its Ethereum Strategy ETF, tickered EFUT, an Ethereum futures ETF launched on Oct. 2. Other asset managers with 19b-4 approvals have not yet released ads, with only Grayscale and Bitwise acknowledging the approvals in X posts.
No price reaction yet
Despite the approval of the Ether ETF, there has been little price movement. Ether fell 3.4% just before the news, recovered by around 5% shortly after, and is currently trading at $3,806.
Crypto commentators suggest two reasons for the lack of significant price movement.
Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.” He believes the next major price force for Ether will be ETF inflows once trading begins.
Crypto research firm Second Mountain echoed a similar sentiment, stating that it expects “a massive capital inflow in the first week, potentially reaching billions,” in a May 23 X post just before the SEC approved the ETFs.
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