CBOE BZX Exchange提出了代表Invesco Galaxy與美國SEC的規則更改

CBOE BZX交易所提出了代表Invesco Galaxy與美國SEC的規則更改，尋求批准對Invesco Galaxy的比特幣和以太坊ETF股票的實物創建和贖回。

The Cboe BZX Exchange has proposed a rule change with the U.S. SEC on behalf of Invesco Galaxy. The proposal, which is open for public feedback, aims to approve the in-kind creation and redemption of Invesco Galaxy’s Bitcoin and Ethereum ETF shares.

CBOE BZX交易所已代表Invesco Galaxy與美國SEC提出了規則更改。該提案旨在供公眾反饋，旨在批准Invesco Galaxy的比特幣和以太坊ETF股票的實物創造和贖回。

The proposal, which was filed on March 13, clarifies that only institutional investors will be eligible for the in-kind transactions model. Individual investors will still be required to use the cash-based model when buying or redeeming ETF shares.

該提案於3月13日提出，澄清說，只有機構投資者才有資格獲得實物交易模式。購買或兌換ETF股票時，個人投資者仍將被要求使用基於現金的模型。

In-kind creation and redemption of Invesco Galaxy’s BTC and ETH ETF shares will allow institutional clients to direct exchange digital assets for ETF shares without the need for cash.

Invesco Galaxy的BTC和ETH ETF股票的實物創建和贖回將使機構客戶無需現金而無需現金而指導ETF股票的交換數字資產。

The new model is expected to eliminate the need for institutions to sell crypto holdings to create shares, thus reducing the time needed to complete transactions and avoiding additional payments/commissions to brokers. If approved, the proposal will allow investors to tap into Bitcoin (BTC) and Ethereum (ETH) without needing to hold the assets physically.

預計新模型將消除機構出售加密貨幣持有股份以創建股票的需求，從而減少完成交易所需的時間，並避免向經紀人付款/佣金。如果獲得批准，該提案將允許投資者利用比特幣（BTC）和以太坊（ETH），而無需物理上持有資產。

Cboe files to allow Invesco Galaxy’s in-kind transaction model

CBOE文件允許Invesco Galaxy的實物交易模型

CBOE BZX's proposal for Invesco Galaxy's physical creation model could shake up the crypto landscape. Expect widened institutional access, slashed trading costs, and ramped-up liquidity for $BTC and $ETH ETFs. 🚀

CBOE BZX對Invesco Galaxy物理創建模型的提議可能會動搖加密景觀。預計機構通行，削減交易成本以及$ BTC和$ ETH ETF的流動性加劇。 🚀

– Direct swaps = more demand, possible price surge 📈– SEC's…

- 直接掉期=更多需求，可能的價格漲幅📈– sec的…

"Cboe BZX Exchange, Inc. (the "Exchange" or "BZX") proposes to amend several parts of its previously approved rule filing to list and trade the BTC ETP Amendment No. 2 and ETH ETP Amendment No. 1 to permit in-kind creations and redemptions.

“ CBOE BZX Exchange，Inc。（“交易所”或“ BZX”）提議修改其先前批准的規則的幾部分，以列出和交易BTC ETP 2號和ETH ETP ETP第1號修訂，以允許實物創造和贖回。

The proposal, which is open for public feedback, aims to approve the in-kind creation and redemption of Invesco Galaxy’s Bitcoin and Ethereum ETF shares. The proposal, which was filed on March 13, clarifies that only institutional investors will be eligible for the in-kind transactions model. Individual investors will still be required to use the cash-based model when buying or redeeming ETF shares.

該提案旨在供公眾反饋，旨在批准Invesco Galaxy的比特幣和以太坊ETF股票的實物創造和贖回。該提案於3月13日提出，澄清說，只有機構投資者才有資格獲得實物交易模式。購買或兌換ETF股票時，個人投資者仍將被要求使用基於現金的模型。

In-kind creation and redemption of Invesco Galaxy’s BTC and ETH ETF shares will allow institutional clients to direct exchange digital assets for ETF shares without the need for cash.

Invesco Galaxy的BTC和ETH ETF股票的實物創建和贖回將使機構客戶無需現金而無需現金而指導ETF股票的交換數字資產。

The new model is expected to eliminate the need for institutions to sell crypto holdings to create shares, thus reducing the time needed to complete transactions and avoiding additional payments/commissions to brokers. If approved, the proposal will allow investors to tap into Bitcoin (BTC) and Ethereum (ETH) without needing to hold the assets physically.

預計新模型將消除機構出售加密貨幣持有股份以創建股票的需求，從而減少完成交易所需的時間，並避免向經紀人付款/佣金。如果獲得批准，該提案將允許投資者利用比特幣（BTC）和以太坊（ETH），而無需物理上持有資產。

Cboe proposed amending several parts of its previous rule filing to list and trade BTC ETP Amendment No. 2 and ETH ETP Amendment No. 1 to permit in-kind creations and redemptions. The proposal published this morning included Cboe’s statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change.

CBOE提議修改其先前規則的幾個部分，以列出和交易BTC ETP 2號和ETH ETP修正案，以允許實物創造和贖回。今天上午發布的提案包括有關擬議規則更改目的和基礎的陳述，並討論了其對擬議規則更改的任何評論。

The Exchange also denied that the proposed rule change would impose any burden on competition that is not necessary or appropriate in ‘furtherance of the purposes of the Act’. Cboe highlighted that the proposed amendments were intended to allow Invesco Galaxy’s ETFs to operate more efficiently.

該交易所還否認，擬議的規則變更將對競爭施加任何負擔，這些負擔在“促進該法案的目的”中不必要或不合適。 CBOE強調，提出的修正案旨在允許Invesco Galaxy的ETF更有效地運行。

Serial entrepreneur Austin Zaback claimed that Bitcoin excitement was ramping up as Cboe’s move to allow in-kind redemptions for Invesco Galaxy’s ETFs projected bullish times ahead, even with $7B BTC liquidations at $92,500 hinting at a massive short squeeze. On March 12th, Farside’s data revealed that Bitcoin ETFs saw over $371 million in outflows, marking the seventh straight day of consecutive outflows. Ethereum also extended its negative flows streak to five days with over $21 million in outflows.

連續企業家奧斯汀·扎巴克（Austin Zaback）聲稱，隨著CBOE的舉動允許Invesco Galaxy的ETF的實現兌換，比特幣興奮正在加劇，即使在$ 92,500的薪水下，即使在$ 92,500的薪水中，也以7b BTC的清算時間投入了$ 92,500的速度。 3月12日，Farside的數據顯示，比特幣ETF的外流超過3.71億美元，這是連續第七天的流出。以太坊還將其負面流程擴大到五天，流出超過2100萬美元。

Cboe’s filing follows similar moves by BlackRock, which also recently sought approval for the in-kind redemption model.

CBOE的文件遵循BlackRock的類似舉動，該動作最近也尋求實物贖回模型的批准。

Cboe believes the proposal is consistent with the Securities Exchange Act of 1934

CBOE認為該提案與1934年的《證券交易法》一致

Cboe claimed that the proposed rule change was consistent with the requirements of Section 6(b) and Section 6(b)(5) of the Act. Specifically, Cboe pointed out that the proposed rule change was consistent with the Section 6(b)(5) requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices and to promote just and equitable principles of trade.

CBOE聲稱，擬議的規則更改與該法第6（b）條和第6（b）（5）節的要求一致。具體而言，CBOE指出，擬議的規則更改與第6（b）（5）條的要求一致，即交換規則的設計旨在防止欺詐性和操縱性行為和實踐，並促進公正，公平的貿易原則。

The rules should also be designed to promote cooperation and coordination with persons engaged in regulating, clearing, settling, processing information, and facilitating transactions in securities to remove barriers and perfect the mechanism of a free and open market and a national market system, and generally, to protect investors and public interest.

該規則還應旨在促進與從事監管，清算，定居，處理信息的人員進行合作和協調，並促進證券交易，以消除障礙，並完善自由和公開市場的機制以及國家市場體系的機制，以及一般而言，以保護投資者和公眾利益。

The exchange also noted that all other representations in the BTC ETP Amendment No. 2 and ETH ETP Amendment No. 1 remain unchanged except for the proposed rule changes.

該交換還指出，除了提出的規則更改外，BTC ETP修正案和ETH ETP修正案的所有其他代表都保持不變。

The public

公眾