CBOE BZX Exchange File Files使用SEC更改擬議的規則更改，該規則將允許實物創作和贖回Invesco Galaxy Bitcoin ETF和Invesco Galaxy Ethereum Etf

CBOE BZX Exchange已向美國證券交易委員會（SEC）提出了擬議的規則更改，該規則將允許對Invesco Galaxy Bitcoin ETF和Invesco Galaxy Ethereum ETF進行實物創造和贖回。

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from Cboe BZX Exchange that would permit in-kind creations and redemptions for the Invesco Galaxy Bitcoin ETF (BTC) and Invesco Galaxy Ethereum ETF (ETH).

美國證券交易委員會（SEC）正在審查CBOE BZX交易所提出的規則更改，該規則將允許對Invesco Galaxy Bitcoin ETF（BTC）和Invesco Galaxy Ethereum ETF（ETH）進行實物創造和贖回。

The proposal, filed on Monday, March 12, modifies the procedures for authorized participants to interact with the ETFs, which could improve market efficiency.

該提案於3月12日星期一提交，修改了授權參與者與ETF互動的程序，這可以提高市場效率。

The proposed rule change concerns the two flagship crypto ETFs that launched in early 2024.

擬議的規則變更涉及2024年初推出的兩個旗艦加密ETF。

The Bitcoin ETF was the first to receive regulatory approval, with the SEC granting its approval in January 2024. Shortly after, the Commission also approved the Ethereum ETF, marking a significant milestone in the U.S. crypto market.

比特幣ETF是第一個獲得監管機構批准的人，SEC於2024年1月獲得批准。不久之後，委員會還批准了以太坊ETF，這是美國加密貨幣市場的重要里程碑。

Both ETFs began trading on U.S. exchanges in February 2024.

兩種ETF開始於2024年2月開始在美國交易所進行交易。

The new option would allow authorized participants to choose between using cash or the actual cryptocurrencies when trading with the funds.

新選項將允許授權參與者在與資金交易時使用現金或實際加密貨幣之間的選擇。

The rule change would apply to authorized participants, who are financial institutions that work directly with ETF issuers to create and redeem large blocks of shares.

規則更改將適用於授權參與者，這些參與者是直接與ETF發行人合作以創建和贖回大量股份的金融機構。

Regular investors who buy ETF shares on the stock exchange would not be affected by the proposed change.

在證券交易所購買ETF股票的常規投資者不會受到擬議變更的影響。

The proposed in-kind option provides an alternative to the current cash-only model.

擬議的實物選項為當前僅現金模型提供了替代方案。

When creating new ETF shares using the in-kind model, authorized participants would deliver Bitcoin or Ethereum directly to the funds. Conversely, when redeeming shares, they would receive the cryptocurrencies in return.

在使用實物模型創建新的ETF共享時，授權參與者將直接向資金交付比特幣或以太坊。相反，當兌換股票時，他們將獲得加密貨幣作為回報。

This differs from the current cash-only system where participants must convert between cash and crypto during the creation and redemption process.

這不同於當前僅現金系統，在創建和贖回過程中，參與者必須在現金和加密之間進行轉換。

The cash-only requirement was part of the original conditions set when the SEC first approved these products.

SEC首次批准這些產品時，僅現金要求是原始條件的一部分。

According to the filing, the in-kind option would make the ETFs “operate more efficiently because authorized participants would be able to source bitcoin or ether, as applicable, rather than to provide cash to the applicable Trust.”

根據文件，實物選項將使ETF“更有效地運行，因為授權參與者能夠為適用的情況提供比特幣或以太幣，而不是為適用的信託提供現金。”

Another advantage is that the in-kind process would “potentially lessen the impact on the market of the Trusts on both sides of the transaction.” This happens because the authorized participant would be responsible for buying and selling the underlying crypto assets rather than the Trust itself.

另一個優點是，實物過程“可能會減少交易兩面對信託市場的影響”。之所以發生這種情況，是因為授權參與者將負責購買和出售基礎加密資產，而不是信託本身。

The filing notes that purchase orders for in-kind creations would need to be placed by 4:00 p.m. Eastern Time, while the deadline for cash creations would remain at 2:30 p.m. Eastern Time.

文件指出，需要在東部時間下午4:00之前下達實物創作的採購訂單，而現金創造的截止日期將在東部時間下午2:30保留。

For in-kind redemptions, the process would mirror the creation process. Authorized participants would deliver ETF shares to the Trust and receive the underlying cryptocurrencies in return.

對於實物兌換，該過程將反映創建過程。授權參與者將向信託提供ETF股票，並獲得基本的加密貨幣作為回報。

The proposed change follows similar requests from other Bitcoin ETF issuers.

擬議的更改遵循其他比特幣ETF發行人的類似請求。

Bloomberg ETF analyst James Seyffart previously noted that in-kind transactions should help streamline the ETF market by reducing the number of steps and parties involved in the process.

彭博ETF分析師詹姆斯·塞夫特（James Seyffart）先前指出，內在交易應通過減少該過程中涉及的步驟和各方的數量來幫助簡化ETF市場。

Despite their innovation, crypto ETFs have faced market challenges recently.

儘管他們創新了加密ETF，但最近仍面臨市場挑戰。

Data from Farside Investors shows that Bitcoin ETFs experienced outflows of $371 million on Tuesday, extending seven consecutive days of withdrawals.

Farside Investors的數據顯示，比特幣ETF在周二經歷了3.71億美元的流出，連續延長了七天的撤離。

The trend continues a recent pattern of institutional outflows from crypto products.

這種趨勢延續了最近的加密產品機構流出模式。

Ethereum ETFs also saw outflows, with inflows of $21.57 million extending to five straight days of withdrawals.

以太坊ETF還看到了流出，流入了2157萬美元，延長到連續五天的撤離時間。

The SEC will review the proposed rule change and has opened a public comment period. The agency can approve the change, disapprove it, or extend the review period for up to 90 days.

SEC將審查擬議的規則更改，並開放了公眾意見期。該機構可以批准更改，不贊成或將審查期限延長至90天。