Grayscale receives record investment after Bitcoin TV spot
Grayscale Investments received record investments of $217 million in the week following its TV commercial campaign on “The History of Money” was launched
Grayscale has revealed the debut of its new TV campaign on cryptocurrencies, entitled “The History Of Money,” generated the highest weekly investment inflows the company has recorded into its cryptocurrency products.
The History Of Money’s first commercial aired on August 10, was developed to increase awareness of the company’s brand as well as its cryptocurrency products.
“Thrilled to share that @Grayscale had our largest fundraising week EVER…$217 million invested into the Grayscale funds. Guess you liked the commercial!” Barry Silbert announced in a tweet last Friday.
Silbert had previously claimed that the national ad campaign would be “bringing crypto to the masses,” revealing it would be aired on CNBC Fox, Fox Business and MSNBC.
Grayscale currently offers 10 cryptocurrency investment products. On August 14, the company’s net assets under management (AUM) were revealed to be $5.9 billion and its Bitcoin Trust product remains in the lead, with almost $4.88 million in AUM.
It was also reported recently that the Grayscale Bitcoin Cash Trust was approved for public trading, and that earlier this month, the company filed a request to the US Securities and Exchange Commission (SEC) to obtain reporting status for its Ethereum trust.
In the past week, Grayscale had purchased roughly $1 million worth of bitcoins (BTC) across a span of five days.
Grayscale is not the only cryptocurrency company that has worked to promote Bitcoin on mainstream media platforms. Last week, Galaxy Digital published a full-page advertisement in the Financial Times for Bitcoin.
“Now is the time to invest in Bitcoin. In uncertain times, Bitcoin is a hedge independent of the hegemony,” the ad reads.
Michael Novogratz, the CEO of Galaxy Digital, is a strong supporter of Bitcoin and has even remarked that he prefers Bitcoin over gold.
While television and paper media outlets appear to be receptive to advertising cryptocurrencies, social media platforms such as Google, Twitter and Facebook are alleged to have negatively affected the market by banning cryptocurrency advertisements on their platforms.
JPB Liberty, a law firm based in Sydney, Australia, is filing a class-action lawsuit to bring their complaints to court. The firm claims the ban was enacted across these platforms to cripple the capacity of crypto businesses to acquire customers.
There are also claims that the legislation was unable to target the root of the problem, as fraudulent crypto advertisements impersonating celebrities or high profile individuals in the crypto industry continue to air on their platforms.