- Grayscale has received $217 million in investment within one week of the start of the TV advertising campaign.
- Grayscale’s Bitcoin fund was the biggest beneficiary of the campaign with an increase of $195 million raised.
The advertising campaign launched by digital asset management firm Grayscale has begun to show results. The CEO of the asset management firm, Barry Silbert, revealed that Grayscale had its best week ever. Silbert attributed the success directly to the campaign and the commercial launched on major U.S. television networks. Grayscale’s CEO stated:
Thrilled to share that @Grayscale had our largest fundraising week EVER…$217 million invested into the Grayscale funds. Guess you liked the commercial!
Time to invest in Bitcoin
Although the commercial disappointed the crypto community, Silbert’s announcement confirms its success. The commercial was aired on FOX, CNBC, MSNBC, and other networks. With a duration of 30 seconds, the commercial focused mainly on telling the story of money and the loss of the value of fiat currencies. Although the commercial calls on investors to “go digital,” it never mentions Bitcoin or other cryptocurrencies.
In addition to the commercial, Silbert revealed that Grayscale extended its advertising campaign to other media. Grayscale’s CEO shared an image from the Financial Times in which Grayscale publishes: “Now is the time to invest in Bitcoin”. The advertising continues and states that “our times are uncertain” and proposes Bitcoin as a hedge “independent of the hegemony” of the traditional financial system.
Grayscale claims that Bitcoin is an investment asset that allows investors to hedge against inflation. In addition, Grayscale refers to the “new normal”, that is, the period that has arrived after the impact of the coronavirus pandemic on the world. The company invites investors to “capture the opportunity” that has come with the change and reposition their assets toward digital products. Unlike the commercial, the publication in the Financial Times received a better response from the crypto community. One user referred to the ad as “simple, elegant and straight to the point”.
According to Grayscale’s update on total assets under management, the company reported an increase of $300 million in the week it launched the campaign (August 7-14). On August 7, the AUM was $5.6 billion and on August 14, $5.9 billion.
Of the products offered by Grayscale, the Bitcoin Grayscale Trust (GBT) received the largest investment. On August 7th, the GBT had a total amount of $4.681 billion and on August 14th it was $4.876 billion. The second strongest product in this period is the Grayscale Ethereum Trust (GET). On August 7, the GET was $738 million and a week later the GET in AUM was $862 million, representing an increase of $124 million in one week.
08/14/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) August 14, 2020