ETF Store president: Facebook and Instagram may allow advertising of spot BTC ETFs
Previously, issuers of bitcoin exchange-traded funds have already started promoting their products on Google
05.02.2024 - 11:50
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What’s new? Social networks Facebook and Instagram may soon allow ads for spot bitcoin exchange-traded funds (ETFs), according to Nate Geraci, president of the investment consulting firm ETF Store, cited by WSJ journalist Patrick Coffee. According to him, the parent company of both platforms, Meta Platforms, is currently reviewing its policy of promoting cryptocurrencies in the United States.
What else is known? Earlier, Alphabet Holding, which owns Google and YouTube, changed its advertising policy and allowed the promotion of spot BTC ETFs to a US audience. Investment companies BlackRock, VanEck, and Franklin Templeton have already started advertising their funds on Google’s search engine.
Meta’s initiative could increase fund flows into spot BTC ETFs as, according to Geraci, there is “No bigger boomer honeypot than Facebook.”
At the end of January, spot BTC ETFs from BlackRock and Fidelity ranked eighth and tenth in fund flows among all exchange-traded funds with $2,6 billion and $2,2 billion, respectively.
Back in mid-January, bitcoin surpassed silver and became the second-largest commodity ETF in the United States after gold.
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