貝萊德（IBIT）在加密ETF應用中引發的電荷領導

IBIT很快就確立了美國最大的比特幣ETF，吸引了395.7億美元的流入。

Nasdaq, Inc. has filed a proposal with the U.S. Securities and Exchange Commission (SEC) on behalf of asset manager BlackRock, seeking approval to allow in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).

納斯達克公司已代表Asset Manager BlackRock向美國證券交易委員會（SEC）提出了一項提案，尋求批准，以允許其現貨比特幣交易所交易基金（ETF）的實物創建和贖回。

The BlackRock iShares Bitcoin Trust (IBIT) currently trades on the New York Stock Exchange Arca, and the January 24 filing outlines a proposed rule change that would authorize participating parties to use Bitcoin directly, rather than cash, for creating new shares or redeeming existing ones.

貝萊德ishares比特幣信託（IBIT）目前在紐約證券交易所ARCA上進行交易，1月24日提起的概述擬議的規則更改將授權參與方直接使用比特幣而不是現金，以創建新股份或贖回現有的股票。

Authorized participants, typically large financial institutions, are involved in the primary market activity of ETF creation and redemption. They can use this mechanism to efficiently adjust the supply of ETF shares in response to demand.

授權參與者（通常是大型金融機構）參與了ETF創建和救贖的主要市場活動。他們可以使用這種機制來有效調整ETF股票的供應，以響應需求。

In a post on X, Bloomberg ETF analyst James Seyffart argued that BlackRock “should have been allowed to do this from the beginning” when IBIT debuted in January, alongside ten other U.S. spot Bitcoin ETFs.

在X上的一篇文章中，彭博ETF分析師詹姆斯·塞法特（James Seyffart）辯稱，當伊比特（Ibit）與另外十位美國斑點比特幣ETF一起在1月首次亮相時，貝萊德“應該從一開始就可以做到這一點”。

Wow. Way too many questions and this stuff goes pretty deep in the weeds. So i'll keep it high level and answer "What does this mean?" Not all that much for individual retail investors. Mostly what it means is that ETFs should trade even more efficiently than they already do… pic.twitter.com/LWYsKmo5sH

哇。太多的問題，這些東西在雜草中很深。因此，我將保持高水平並回答“這是什麼意思？”對於個人零售投資者來說，這並不是那麼多。主要的意思是，ETF的交易應該比已經更有效的交易……pic.twitter.com/lwyskmo5sh

“The main point is that the In-kind model is way more streamlined with less steps and less parties involved,” Seyffart wrote. 

Seyffart寫道：“要點是，實物模型更加精簡，較少的步驟，而涉及的各方則更少。”

The proposed model offers greater efficiency for ETFs by bypassing bid/ask spreads and broker commissions, which these funds typically incur when selling a basket of assets to generate cash for share issuance. However, cash-based creation still provides more flexibility for fund participants.

擬議的模型通過繞過投標/詢問差價和經紀委員會來為ETF提供更大的效率，這些資金通常在出售一籃子資產來產生現金以進行股票發行時產生。但是，基於現金的創造仍然為基金參與者提供了更大的靈活性。

Chris J. Terry, Chief Architect at Bitseeker Consulting, emphasized that the proposed mechanism aims to benefit liquidity providers, ultimately enhancing ETF liquidity. He also pointed out that in-kind redemptions help improve tax efficiency by minimizing capital gains distributions, which is advantageous for long-term investors.

Bitseeker Consulting的首席建築師克里斯·J·特里（Chris J. Terry）強調，擬議機制旨在使流動性提供者受益，最終增強ETF流動性。他還指出，實物贖回有助於通過最大程度地減少資本收益分配來提高稅收效率，這對長期投資者來說是有利的。

The filing arrives as the crypto ETF sector sees increased activity, with multiple new applications being submitted on the same day.

隨著加密ETF部門認為活動的增加，該文件的到來是在同一天提交的多個新應用程序。

IBIT Leads the Charge Amid Surge in Crypto ETF Applications

IBIT領導加密ETF應用的激增。

Since its launch, IBIT has quickly established itself as the largest spot Bitcoin ETF in the U.S. It has attracted $39.57 billion in inflows, as reported by data from Farside.

自從伊比特（Ibit）推出以來，伊比特（Ibit）迅速將自己確立為美國最大的現場比特幣ETF，它吸引了395.7億美元的流入，如Farside的數據所報導。

Meanwhile, U.S.-based investment firms Osprey Funds and Rex Shares have formally submitted filings to the SEC, aiming to seek approval for a series of cryptocurrency ETFs. Among these proposed funds are those targeting well-known meme coins like Dogecoin, Official Trump (TRUMP), and Bonk.

同時，總部位於美國的投資公司Osprey基金和REX股票已正式向SEC提交文件，旨在尋求一系列加密貨幣ETF的批准。這些擬議的資金包括針對著名的模因硬幣，例如Dogecoin，官方特朗普（特朗普）和邦克（Bonk）。

The investment firms also outlined plans to introduce ETFs that would focus on leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETHER), Solana (SOL), and XRP. These funds would hold the actual spot cryptocurrencies, as well as related financial derivatives.

投資公司還概述了介紹ETF的計劃，該計劃將重點放在比特幣（BTC），以太坊（Ether），Solana（Sol）（Sol）和XRP等領先的加密貨幣上。這些資金將持有實際現貨加密貨幣以及相關的金融衍生品。

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Michaela沒有加密貨幣職位，也沒有任何加密資產。本文僅用於信息目的，不應將其解釋為財務建議。 Shib Magazine和Shib Daily是Shiba INU加密貨幣項目的官方媒體和出版物。鼓勵讀者進行自己的研究，並在做出任何投資決策之前諮詢合格的財務顧問。