Grayscale Investments, the crypto industry’s largest asset management firm, has owed a significant chunk of its success to strategic ad campaigns that have helped improve its exposure. With such a stellar 2020, the company appears bent on using the same strategy as it heads into the new year.
Grayscale is Big on Ads
Earlier this week, the company shared a noir-style look at some behind-the-scenes action on the set of a new crypto commercial. The set featured a hotel and rain effects, with Grayscale claiming that it would launch its new ad in 2021. With the firm growing in leaps and bounds in 2020, it’s no surprise that it can afford such a fancy ad spot.
Grayscale’s history with ad campaigns has been quite fruitful. The company’s first major ad spot came in May 2019, when it launched its #dropgold campaign to improve Bitcoin awareness and convince investors to switch to the asset. At the time, Bitcoin traded at $4,500 per token and was just looking to climb out of the 2018 crypto winter hole.
The ad spot worked, with Grayscale pointing to it as a primary driver of its resurgence in 2019. In fact, the company recently went back to the ad spot. Earlier this month, Grayscale chief executive Barry Silbert tweeted that the company will run the #dropgold ads once more on several top finance news channels countrywide.
Still, it isn’t to say that Grayscale has always been successful in its ad campaigns. This year, the company launched a different ad material hoping to promote cryptocurrencies as a top investment asset. However, the ad got a lot of heat from many, who claimed that it didn’t exactly mention Bitcoin. Indeed, Grayscale seemed to have focused on touting its in-house investment products, while only mentioning Bitcoin in a scant, less-than-audible manner.
2020 Has Been Grayscale’s Year
The success of Grayscale’s ad efforts can be debated at some other time. What can’t be discussed is the company’s success this year. Grayscale entered 2020 as the world’s largest crypto asset manager, and it will end the year with that same rank.
Buoyed by the rise in Bitcoin’s price and an increased institutional investment level, Grayscale has been the top destination for large corporations and high-net-worth individuals looking to get a piece of the crypto pie.
Last month, on-chain analytics service Coin 98 Analytics pointed out that Grayscale had bought up twice as much Bitcoin as miners could create in November. The firm added that it ought up over 7,000 BTC in less than 24 hours earlier this month, bringing its total Bitcoin assets under management to a $10.5 billion count.