Don’t look now, but Bitcoin is back. The cryptocurrency is hovering around $65,000, returning to its 2021 heights. Shortly after that peak, crypto companies flooded US airwaves, spending a combined $223 million on TV ads in early 2022. But when FTX collapsed later that year, ad budgets evaporated industry-wide—except at Coinbase.
Magic Money: Coinbase’s Resilient Ad Strategy
Kate Rouch, Coinbase’s Chief Marketing Officer, joined the company in 2021 amid a crypto "land grab." While competitors like FTX and Crypto.com splurged on arena naming rights and celebrity Super Bowl ads, Coinbase took a different approach:
- QR Code Campaign: Their 2022 Super Bowl ad featured a silent, bouncing QR code, driving 11.7 million website visits and 2.8 million sign-ups (24% conversion rate).
- Consistent Spend: Despite layoffs and a 50% cut in operating expenses, Coinbase remained one of the few crypto exchanges advertising on TV in 2023 ($10M estimated spend).
👉 Discover how Coinbase stays ahead in volatile markets
Update the System: Challenging Traditional Finance
Coinbase’s 2023 "Update the System" campaign critiqued credit-card fees and overdrafts, urging consumers to "deserve better." Other tactics included:
- NFT Stunts: A stablecoin campaign let users mint NFT pennies for swag (172,000 minted).
- Liquid Death Partnership: Won an ad auction to place crypto ads on water cases, leveraging NFT voting for creative selection.
"Our vision isn’t specific to a price run—it’s about why crypto matters." — Kate Rouch
The Road Ahead: Regulation and Elections
With Bitcoin ETFs boosting prices, analysts expect ad spend to rise—but cautiously. Coinbase faces SEC lawsuits over unregistered securities claims, spending $2.9M on lobbying in 2023. Rouch notes crypto could sway single-issue voters in 2024.
FAQs
Q: Did Coinbase reduce ad spending during the crypto crash?
A: Yes, but it stayed visible—unlike competitors who cut budgets to zero.
Q: What’s unique about Coinbase’s marketing?
A: They blend humor (e.g., "Long Live Crypto" ad) with critiques of traditional finance.
Q: Will Coinbase increase ad spend in 2024?
A: No immediate plans, but Rouch says they’ll "run with it" if the market grows.