Cryptocurrency enthusiasts hoping for a splashy return of digital asset ads during Super Bowl LVIII will not get their wish.
A source at FOX Business confirmed that despite the market being a healthier one compared to last year's “crypto winter”, major cryptocurrency companies will be largely absent from this year's advertising stunts.
Even though the total market value of digital assets is a strong $1.7 trillion, companies in this space are hesitant to spend money on Super Bowl ads. While some cite budget constraints, others believe marketing spend could be better spent elsewhere.
Kraken, the second largest crypto exchange in the USA, did not choose to advertise because the Super Bowl was US-based. “The next wave of crypto users will come from all over the world,” said Mayur Gupta, Marketing Manager at Kraken. He emphasized the need to educate and raise awareness rather than relying on hype and FOMO tactics.
Coinbase, the largest US exchange, is prioritizing lobbying efforts in Washington DC targeting comprehensive digital asset legislation and supporting crypto-friendly politicians. Despite their past Super Bowl appearances and ongoing TV spots, it remains unclear whether they will participate in Sunday's ad campaign.
Outside of exchanges, even the companies behind the recently approved spot Bitcoin ETFs are staying away from the Super Bowl spotlight. BlackRock, the world's largest asset manager, and Grayscale, a multibillion-dollar crypto asset manager, will not appear at the Super Bowl despite recent TV and billboard campaigns promoting their offerings.
CBS, the broadcaster of Super Bowl LVIII, reportedly sold out nearly all of its advertising space in early November, potentially hindering the late participation of Bitcoin ETFs, which received SEC approval just two months later.
The absence of cryptocurrency ads at Super Bowl LVIII signals a shift in the industry's priorities. Rather than relying on expensive, one-off events like the Super Bowl, companies are focusing on creating long-term strategies, navigating regulatory environments, and attracting a global audience.
*This is not investment advice.