為了吸引投資者，加密貨幣 ETF 變得越來越有創意，但風險也可能更高

交易所交易基金的供應商正在尋找更具創意（也可能風險更大）的方法來吸引投資者進入加密貨幣熱潮。

ProShares filed paperwork on Friday for an exchange-traded fund that would calculate the S&P 500’s return in Bitcoin, the latest in a slew of new crypto-related ETF filings emerging from Wall Street.

ProShares 週五提交了一檔交易所交易基金的文件，該基金將計算標準普爾 500 指數的比特幣回報率，這是華爾街出現的一系列新的加密貨幣相關 ETF 文件中的最新一份。

The filings, if approved, would introduce over a dozen crypto-focused funds in 2025, a year after the first-ever US Bitcoin ETFs hit the market.

這些文件如果獲得批准，將在 2025 年（即美國首支比特幣 ETF 上市一年後）推出十多個專注於加密貨幣的基金。

The filings show that Strive Asset Management and REX Shares are planning funds to offer exposure to convertible bonds issued by companies that buy Bitcoin. Meanwhile, ETF company Volatility Shares is aiming to launch inverse and leveraged Solana funds, along with an ETF that would track the sixth-largest digital token using futures contracts.

文件顯示，Strive Asset Management 和 REX Shares 正在計劃提供資金，以投資購買比特幣的公司發行的可轉換債券。同時，ETF 公司 Volatility Shares 計劃推出反向槓桿 Solana 基金，以及使用期貨合約追蹤第六大數位代幣的 ETF。

“This is the continued evolution of launches to incorporate crypto strategies into ETFs. We’ll see a lot of these in 2025,” said Bloomberg Intelligence’s Athanasios Psarofagis. “It’s the hot thing — issuers love to strike when the theme is hot. We’ll see crypto everything.”

「這是將加密策略納入 ETF 的持續發展。到 2025 年，我們將看到很多這樣的情況，」彭博資訊的 Athanasios Psarofagis 說。 「這是熱門話題——發行人喜歡在主題熱門時出擊。我們將看到加密貨幣的一切。

The filings come amid a booming year for crypto, with Bitcoin — the world’s largest digital asset — surging over 120% to cross above $100,000. That boost is partly due to incoming president Donald Trump’s embrace of the industry, with many market-watchers betting that a looser regulatory stance by his administration could help the crypto space grow further.

這些文件是在加密貨幣蓬勃發展的一年中發布的，全球最大的數位資產比特幣飆升超過 120%，突破 10 萬美元。這種提振的部分原因是即將上任的總統川普對該行業的擁抱，許多市場觀察家押注他的政府放鬆監管立場可能有助於加密貨幣領域進一步發展。

The enthusiasm over his election helped push annual inflows for the biggest Bitcoin ETF — one by BlackRock — to over $37 billion for the year, the third-most of all funds, data compiled by Bloomberg show.

彭博社彙編的數據顯示，對他當選的熱情幫助推動最大的比特幣 ETF（貝萊德旗下的一隻）的年度資金流入超過 370 億美元，在所有基金中排名第三。

Bitcoin fan and MicroStrategy Inc. co-founder Michael Saylor took advantage of surging crypto prices by doubling down on his tactic of purchasing the largest token for the company’s reserves. MicroStrategy has been using a mix of new equity and sales of convertible bonds to help finance the buying — and other companies have similar plans.

比特幣愛好者、MicroStrategy Inc. 聯合創始人 Michael Saylor 利用加密貨幣價格飆升的機會，加倍策略購買最大的代幣作為公司儲備。 MicroStrategy 一直在利用新股和銷售可轉換債券的組合來幫助收購融資，其他公司也有類似的計劃。

Theمواد بلاستيكية ETF intends to invest a majority of its assets in convertible bonds issued by companies that hold Bitcoin, according to the filing. Meanwhile, Strive is proposing to launch a fund that invests in derivatives such as swaps and options to get exposure to convertible securities issued by MicroStrategy or other companies with similar investment strategies, according to paperwork filed last week.

文件顯示，巴貝多 ETF 打算將其大部分資產投資於持有比特幣的公司發行的可轉換債券。同時，根據上週提交的文件，Strive 提議推出一隻投資掉期和選擇權等衍生性商品的基金，以獲得 MicroStrategy 或其他具有類似投資策略的公司發行的可轉換證券的投資。

“It is rare that a new asset class comes around for the investing masses, and that’s what crypto is now — and Wall Street is always great at creating supply when there is demand,” said Todd Sohn, an ETF strategist at Strategas. “So this is the evolution of the crypto ETF spectrum: futures-based, spot, thematic, and now convertibles, both hyper specific for MicroStrategy and whoever else gets involved in a similar capacity.”

Strategas 的ETF 策略師 Todd Sohn 表示：「對於投資大眾來說，很少有新的資產類別出現，而這就是現在的加密貨幣——而華爾街總是擅長在有需求時創造供應。 「因此，這就是加密 ETF 系列的演變：基於期貨的、現貨的、主題的，以及現在的可轉換債券，兩者都是針對 MicroStrategy 以及其他參與類似能力的公司的。”