貝萊德透過擴大授權參與者提高 IBIT 比特幣 ETF 流動性

貝萊德正在擴大其 IBIT 比特幣交易所交易基金 (ETF)，新增 5 名授權參與者 (AP)，使總數達到 9 名。 Citadel 證券、高盛、荷蘭銀行、花旗集團和瑞銀將加入現有的 AP 行列，以增強 ETF 的流動性，並為投資者提供更強大的平台。

BlackRock Enhances Liquidity for IBIT Bitcoin ETF with Strategic Expansion of Authorized Participants

貝萊德透過策略性擴大授權參與者增強 IBIT 比特幣 ETF 的流動性

In a significant move to bolster the liquidity of its exchange-traded fund (ETF) linked to Bitcoin, BlackRock Inc. has appointed five additional Authorized Participants (APs) to its roster. The new additions elevate the total number of APs for the iShares Bitcoin Exposure ETF (IBIT) to nine, indicating a concerted effort to enhance market depth and accessibility.

為了增強與比特幣掛鉤的交易所交易基金 (ETF) 的流動性，貝萊德公司 (BlackRock Inc.) 又任命了五名授權參與者 (AP) 為其名冊。新增加的成員將 iShares Bitcoin Exposure ETF (IBIT) 的 AP 總數增加至 9 個，表明各方共同努力增強市場深度和可及性。

The latest APs joining BlackRock's IBIT ETF include industry heavyweights such as Citadel Securities LLC, Goldman Sachs & Co. LLC, ABN AMRO Clearing USA LLC, Citigroup Global Markets, Inc., and UBS Securities LLC. These esteemed institutions join existing APs JP Morgan Securities LLC, Jane Street Capital, Virtu Americas LLC, and Macquarie Capital (USA) Inc. Notably, the Sponsor, iShares Delaware Trust Sponsor LLC, retains the authority to expand this roster further at any time.

最新加入貝萊德 IBIT ETF 的參與者包括 Citadel Securities LLC、Goldman Sachs & Co. LLC、ABN AMRO Clearing USA LLC、Citigroup Global Markets, Inc. 和 UBS Securities LLC 等行業重量級公司。這些受人尊敬的機構加入了現有的AP 摩根大通證券有限責任公司（JP Morgan Securities LLC）、Jane Street Capital、Virtu Americas LLC 和麥格理資本（美國）有限公司（Macquarie Capital (USA) Inc. ）。值得注意的是，保薦人iShares Delaware Trust Sponsor LLC 保留隨時進一步擴大該名冊的權力。

The primary role of APs in the ETF ecosystem is to facilitate the creation and redemption of ETF shares. These entities, often prominent banks or brokerage firms, play a crucial role in ensuring adequate liquidity for ETFs by holding a substantial portion of the underlying assets. They employ a creation and redemption mechanism that dynamically adjusts the supply of ETF shares in response to market demand, ensuring a healthy balance between supply and demand.

AP 在 ETF 生態系統中的主要作用是促進 ETF 份額的創建和贖回。這些實體通常是知名銀行或經紀公司，透過持有大量基礎資產，在確保 ETF 充足的流動性方面發揮著至關重要的作用。他們採用創設和贖回機制，根據市場需求動態調整ETF份額的供應量，確保供需之間的健康平衡。

The addition of multiple APs is expected to significantly enhance the liquidity of BlackRock's IBIT ETF shares. The inclusion of major institutions like UBS, Citigroup, and Goldman Sachs underscores the growing interest among traditional financial institutions in Bitcoin, a testament to the increasing trust these players place in regulated products that enable seamless entry into the cryptocurrency sector.

多個AP的加入預計將顯著增強貝萊德IBIT ETF股票的流動性。瑞銀、花旗集團和高盛等主要機構的加入凸顯了傳統金融機構對比特幣日益濃厚的興趣，證明了這些參與者對能夠無縫進入加密貨幣領域的受監管產品越來越信任。

Since its inception in January, BlackRock's IBIT ETF has witnessed remarkable success, garnering significant investor attention. As of the time of writing, IBIT's Assets Under Management (AUM) stand at an impressive $17.24 billion, with a 24-hour volume of $268 million. This places IBIT as the second-largest Bitcoin ETF in terms of AUM, trailing only Grayscale's GBTC with $24.33 billion in AUM and a 24-hour volume of $90.7 million.

自1月推出以來，貝萊德IBIT ETF取得了巨大成功，吸引了投資者的廣泛關注。截至撰寫本文時，IBIT 的管理資產 (AUM) 達到令人印象深刻的 172.4 億美元，24 小時交易量為 2.68 億美元。這使得 IBIT 成為資產管理規模第二大的比特幣 ETF，僅次於 Grayscale 的 GBTC，資產管理規模為 243.3 億美元，24 小時交易量為 9,070 萬美元。

Despite waiving its management fee, VanEck's spot Bitcoin ETF continues to face challenges, with its AUM lagging behind at $38.2 million and a 24-hour volume of $1.6 million. Interestingly, VanEck has expressed belief that an ETF tracking Ether (ETH) could potentially attract even greater interest than Bitcoin's. Pranav Kanade, VanEck's Portfolio Manager, has stated that "ETH could make more sense as an asset to more people than Bitcoin does." However, it remains uncertain whether the SEC is willing to approve any spot ETH ETF applications, given its repeated delays in adjudicating such proposals.

儘管免除了管理費，VanEck 的現貨比特幣 ETF 仍然面臨挑戰，其 AUM 為 3,820 萬美元，24 小時交易量為 160 萬美元。有趣的是，VanEck 表示相信追蹤以太幣 (ETH) 的 ETF 可能會比比特幣吸引更大的興趣。 VanEck 的投資組合經理 Pranav Kanade 表示，“對於更多人來說，ETH 作為一種資產比比特幣更有意義。”然而，鑑於 SEC 在裁決此類提案時一再拖延，目前仍不確定 SEC 是否願意批准任何現貨 ETH ETF 申請。

BlackRock's crypto-related ambitions extend beyond its IBIT ETF. The firm recently launched the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), its first tokenized fund built on a public blockchain. BUIDL enables the investment of dollar-based funds in a range of products, including repurchase agreements and Treasury bills, through the Ethereum blockchain. BlackRock pegged the BUIDL token to the US dollar on a 1:1 basis, ensuring stability and the distribution of dollar-based yields to investors. Within a week of its launch, the BUIDL fund attracted inflows exceeding $160 million.

貝萊德在加密貨幣方面的野心超出了其 IBIT ETF 的範圍。該公司最近推出了貝萊德美元機構數位流動性基金（BUIDL），這是其第一個基於公共區塊鏈的代幣化基金。 BUIDL 支持透過以太坊區塊鏈將美元資金投資於一系列產品，包括回購協議和國庫券。貝萊德將 BUIDL 代幣與美元以 1:1 的比例掛鉤，確保穩定性以及向投資者分配基於美元的收益率。 BUIDL 基金推出一週內，吸引了超過 1.6 億美元的資金流入。

This strategic expansion of Authorized Participants for IBIT ETF represents a concerted effort by BlackRock to enhance market depth, increase liquidity, and expand access to its Bitcoin-linked fund. The inclusion of major financial institutions signals the growing recognition and trust that traditional players have in the crypto sector and regulated products that facilitate their entry. BlackRock's continued innovation, including the launch of the BUIDL fund, further solidifies its position as a dominant force in the evolving digital asset landscape.

IBIT ETF 授權參與者的這項策略擴張代表了貝萊德為增強市場深度、增加流動性並擴大其比特幣相關基金的使用範圍而做出的共同努力。主要金融機構的加入標誌著傳統參與者對加密貨幣領域以及促進其進入的受監管產品的認可和信任日益增強。貝萊德的持續創新，包括推出BUIDL基金，進一步鞏固了其在不斷發展的數位資產領域的主導力量地位。