貝萊德以四家華爾街巨頭作為 AP 支持比特幣 ETF

貝萊德的現貨比特幣 ETF 已將其授權參與者 (AP) 擴大到包括花旗、Citadel、高盛和瑞銀，使 AP 總數達到 9 個。此舉出台之際，多家資產管理公司已向 SEC 提交了修改後的 S-1 表格，用於其比特幣 ETF 申請，這標誌著批准過程的最後一步。這些修正案提供了對保薦人費用和策略調整的見解，貝萊德將其保薦人費用設定為 0.3%，而 VanEck 選擇了 0.25% 的低永久費用。 AP 的增加和修正案的激增表明美國現貨比特幣 ETF 的進程取得了重大進展。

BlackRock Bolsters Spot Bitcoin ETF with Addition of Four Wall Street Firms as Authorized Participants

貝萊德增加四家華爾街公司作為授權參與者，支持現貨比特幣 ETF

In a significant development, BlackRock, the world's largest asset manager, has expanded its network of authorized participants (APs) for its spot Bitcoin exchange-traded fund (ETF) by adding four prominent Wall Street firms: Citi, Citadel, Goldman Sachs, and UBS. This expansion raises the total number of APs for BlackRock's Bitcoin-based fund to nine, strengthening its liquidity and trading ecosystem.

全球最大的資產管理公司貝萊德 (BlackRock) 取得了重大進展，透過增加四家著名的華爾街公司：花旗 (Citi)、Citadel、高盛 (Goldman Sachs) 和瑞銀。此次擴張將貝萊德比特幣基金的 AP 總數增加到 9 個，從而增強了其流動性和交易生態系統。

Amendment Reveals Updated Details of BlackRock's Bitcoin ETF

修正案公佈了貝萊德比特幣 ETF 的最新細節

The addition of these APs was disclosed through an amendment filed with the Securities and Exchange Commission (SEC) on April 5. The amendment provides insights into the latest developments surrounding BlackRock's spot Bitcoin ETF offering.

這些 AP 的增加是透過 4 月 5 日向美國證券交易委員會 (SEC) 提交的修正案披露的。該修正案提供了有關貝萊德現貨比特幣 ETF 發行的最新進展的見解。

Surge in Amended Bitcoin ETF Applications

修訂後的比特幣 ETF 申請激增

BlackRock's announcement comes amidst a flurry of activity in the Bitcoin ETF market, with several other firms submitting amended filings for their own spot Bitcoin ETF applications. On January 8, industry leaders such as Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie filed amended S-1 forms with the SEC, representing a critical step in the approval process.

貝萊德宣布這項消息之際，比特幣 ETF 市場出現了一系列活動，其他幾家公司也為自己的現貨比特幣 ETF 申請提交了修改後的文件。 1 月 8 日，Ark Invest/21Shares、VanEck、WisdomTree、Invesco、Fidelity 和 Valkyrie 等行業領導者向 SEC 提交了修訂後的 S-1 表格，這是批准過程中的關鍵一步。

Sponsor Fees and Strategic Adjustments

保薦費和戰略調整

The amended filings shed light on the financial structures supporting these potential spot Bitcoin ETFs. BlackRock has set its sponsor fee at 0.3%, with a reduced rate of 0.2% for the initial year or until the ETF reaches $5 billion in assets. VanEck has opted for one of the lowest permanent fees among issuers at 0.25%, while WisdomTree has chosen a higher fee of 0.5%. Notably, Ark Invest and 21Shares have announced a waiver of their 0.25% fee for the first $1 billion in transactions.

修改後的文件揭示了支持這些潛在比特幣 ETF 現貨的金融結構。貝萊德將保薦費設定為 0.3%，第一年或直到 ETF 資產達到 50 億美元之前，保薦費降低 0.2%。 VanEck 選擇了發行人中最低的永久費用之一，即 0.25%，而 WisdomTree 選擇了更高的 0.5% 費用。值得注意的是，Ark Invest 和 21Shares 宣布免除前 10 億美元交易的 0.25% 費用。

Role of Authorized Participants in ETF Market

ETF 市場授權參與者的角色

Authorized participants play a crucial role in the ETF market, ensuring liquidity by creating and redeeming ETF shares in response to market demand. This process helps maintain ETF prices closely aligned with the net asset value of the underlying assets. APs typically procure the necessary assets to create ETF shares and receive a package of shares in return, known as a creation unit.

授權參與者在 ETF 市場中發揮至關重要的作用，透過根據市場需求創建和贖回 ETF 份額來確保流動性。這個過程有助於保持 ETF 價格與標的資產的資產淨值緊密一致。 AP 通常會採購必要的資產來創建 ETF 份額，並收到一攬子份額作為回報，稱為創建單位。

Significance of BlackRock's AP Selection

貝萊德選擇AP的意義

BlackRock's decision to expand its AP network, coupled with the surge in amended applications for spot Bitcoin ETFs, signals a significant advancement in the development of these products in the United States. The coming weeks and months will be pivotal in determining the fate of these applications and their potential impact on the cryptocurrency market.

貝萊德決定擴大其 AP 網絡，加上現貨比特幣 ETF 修改申請的激增，標誌著這些產品在美國的開發取得了重大進展。未來幾週和幾個月對於決定這些應用程式的命運及其對加密貨幣市場的潛在影響至關重要。

SEC's Public Comment Phase for Ethereum ETFs

美國證券交易委員會 (SEC) 針對以太坊 ETF 的公眾評議階段

In a related development, the SEC has initiated a public comment phase for three proposed Ethereum spot ETFs, marking a crucial step in the potential approval process for these offerings. Grayscale Investments, Fidelity, and Bitwise are each submitting proposals for these ETFs.

在相關進展中，美國證券交易委員會已針對三項擬議的以太坊現貨 ETF 啟動了公眾評審階段，這標誌著這些產品的潛在審批流程邁出了關鍵一步。 Grayscale Investments、Fidelity 和 Bitwise 分別提交了這些 ETF 的提案。

Analysts' Outlook on Ethereum ETFs

分析師對以太坊 ETF 的展望

While optimism surrounds Bitcoin ETF approvals, analysts remain cautious about the approval of Ethereum ETFs. They cite the SEC's historical resistance to such offerings and the complexity surrounding Ethereum's classification as a security. SEC Chairman Gary Gensler's comments that Bitcoin ETF approval did not extend to other crypto assets have also raised uncertainty.

儘管人們對比特幣 ETF 的批准持樂觀態度，但分析師對以太坊 ETF 的批准仍持謹慎態度。他們引用了美國證券交易委員會歷史上對此類產品的抵制以及以太坊作為證券分類的複雜性。美國證券交易委員會 (SEC) 主席 Gary Gensler 表示，比特幣 ETF 的批准並未擴展到其他加密資產，這也引發了不確定性。

Stakeholders Advocate for Ethereum-Based Products

利害關係人倡導基於以太坊的產品

Despite the potential delay in Ethereum ETF approvals, industry stakeholders like ConsenSys are advocating for the approval and mainstream adoption of Ethereum-based offerings. They emphasize the robust security measures inherent in Ethereum's design, arguing that these measures address regulatory concerns and facilitate the approval process.

儘管以太坊 ETF 的批准可能會延遲，但像 ConsenSys 這樣的行業利益相關者仍在倡導基於以太坊的產品的批准和主流採用。他們強調以太坊設計中固有的強大安全措施，認為這些措施解決了監管問題並促進了審批流程。

Conclusion

結論

The addition of authorized participants to BlackRock's spot Bitcoin ETF and the surge in amended Bitcoin ETF applications highlight the increasing momentum behind these products in the United States. The SEC's public comment phase for Ethereum ETFs marks another step in the regulatory landscape for cryptocurrency-based financial offerings. As the industry awaits the outcome of these applications, the coming weeks and months will provide a clearer picture of the future of these products and their potential impact on the wider cryptocurrency market.

貝萊德現貨比特幣 ETF 的授權參與者的增加以及修改後的比特幣 ETF 申請的激增凸顯了這些產品在美國背後的成長勢頭。美國證券交易委員會對以太坊 ETF 的公眾評議階段標誌著基於加密貨幣的金融產品監管領域又邁出了一步。當業界等待這些申請的結果時，未來幾週和幾個月將更清楚地了解這些產品的未來及其對更廣泛的加密貨幣市場的潛在影響。