Decrypt 的藝術、時尚與娛樂中心

在 T-Rex Group 提交文件後，尋求比特幣價格槓桿敞口的投資者可能會購買一些辛辣的 TradFi 產品

Investors seeking 2x leveraged exposure to Bitcoin’s price may soon have some new TradFi products to consider, following the T-Rex Group’s filing for several MicroStrategy ETFs on Thursday.

在 T-Rex Group 週四提交了幾隻 MicroStrategy ETF 申請後，尋求 2 倍槓桿投資比特幣價格的投資者可能很快就會考慮一些新的 TradFi 產品。

The issuer of leveraged funds for tech giants like Tesla and Nvidia signaled that the Bitcoin-hungry software firm is next up on its menu. T-Rex submitted applications for two ETFs — one that would deliver 2x long performance on MicroStrategy’s stock — alongside a correlating inverse option, according to filings with the U.S. Securities and Exchange Commission (SEC).

特斯拉和英偉達等科技巨頭的槓桿基金發行人表示，這家渴望比特幣的軟體公司將是菜單上的下一個目標。根據向美國證券交易委員會 (SEC) 提交的文件，T-Rex 提交了兩隻 ETF 的申請，其中一隻將帶來 MicroStrategy 股票 2 倍的長期表現，同時也提交了相關的反向選擇權。

However, the spiciness associated with digital assets might already be too hot to handle for some. According to Bloomberg ETF analyst Eric Balchunas, T-Rex’s proposed ETFs are positioned toward the particularly pungent end of the scoville scale, used to measure the strength of chilis.

然而，與數位資產相關的辣味可能已經讓一些人難以承受。彭博 ETF 分析師 Eric Balchunas 表示，T-Rex 建議的 ETF 定位於斯科維爾等級中特別辣的一端，用於衡量辣椒的強度。

“These are a near-lock to be most volatile ETFs ever seen in the US, will likely be in the neighborhood of 20x the volatility of SPX. The ghost pepper of ETF hot sauce,” he wrote on Twitter (X: TWTR) of the set of products.

「這些幾乎是美國有史以來波動性最大的 ETF，其波動性可能是 SPX 的 20 倍左右。 ETF 辣醬的幽靈辣椒，」他在 Twitter（X：TWTR）上寫道該系列產品。

T-Rex just filed for the first-ever 2x Microstrategy $MSTR ETFs.. these are a near-lock to be most volatile ETFs ever seen in the US, will likely be in the neighborhood of 20x the volatility of SPX. The ghost pepper of ETF hot sauce. pic.twitter.com/NlUQMVTOxI

T-Rex 剛剛申請了有史以來第一隻 2 倍 Microstrategy $MSTR ETF。 ETF辣醬的鬼椒。 pic.twitter.com/NlUQMVTOxI

— Eric Balchunas (@EricBalchunas) June 27, 2024

- 艾瑞克‧巴爾丘納斯 (@EricBalchunas) 2024 年 6 月 27 日

This is due to the fact that MicroStrategy utilizes debt and equity to acquire more Bitcoin, which could already be viewed as a leveraged play on the digital asset. Instead of simply holding Bitcoin as an investment vehicle, such as spot Bitcoin ETFs, MicroStrategy has leveraged tools to accumulate the asset.

這是因為 MicroStrategy 利用債務和股權來收購更多比特幣，這已經可以被視為數位資產的槓桿遊戲。 MicroStrategy 不是簡單地持有比特幣作為投資工具（例如現貨比特幣 ETF），而是利用槓桿工具來累積資產。

Earlier this month, MicroStrategy unveiled plans to issue $700 million in unsecured senior convertible notes to add to its massive stash of Bitcoin. It ultimately boosted its holdings to 226,331 BTC after the purchase, or about $13.8 billion at the time of writing. Within crypto, the company has cultivated a reputation for being Bitcoin’s largest corporate holder.

本月早些時候，MicroStrategy 公佈了發行 7 億美元無擔保高級可轉換票據的計劃，以增加其大量比特幣儲備。購買後，它最終將其持有量增至 226,331 BTC，在撰寫本文時約 138 億美元。在加密領域，該公司作為比特幣最大的企業持有者而享有盛譽。

Balchunas has previously compared spot Bitcoin ETFs to hot sauce, suggesting a dash of exposure in the average investor’s portfolio is a palatable avenue for most. Most people are “just going to add a little bit” to their portfolio, he wrote of spot Bitcoin ETFs in April.

Balchunas 先前曾將現貨比特幣 ETF 比作辣醬，這表明對大多數投資者來說，在普通投資者的投資組合中進行少量投資是一種可接受的途徑。他在 4 月談到現貨比特幣 ETF 時寫道，大多數人「只會在他們的投資組合中增加一點」。

Since MicroStrategy embarked on its Bitcoin buying spree, the company has faced significant price swings at times. Its largest single-day drawdown took place in May of 2022, plummeting 25% amid fallout in the crypto market, according to Market Chameleon.

自從 MicroStrategy 開始瘋狂購買比特幣以來，該公司有時會面臨大幅的價格波動。據 Market Chameleon 稱，其最大單日跌幅發生在 2022 年 5 月，由於加密貨幣市場的影響，其跌幅達 25%。

That said, MicroStrategy’s stock price has rocketed 109% to $1,433 so far this year, aided by the approval of spot Bitcoin ETFs, which gave investors more exposure options in January. Previously, MicroStrategy was viewed as a popular proxy bet toward Bitcoin on Wall Street.

儘管如此，由於現貨比特幣 ETF 的批准，MicroStrategy 的股價今年迄今已飆升 109% 至 1,433 美元，為投資者在 1 月提供了更多的投資選擇。此前，MicroStrategy 被視為華爾街對比特幣的流行代理押注。

Edited by Andrew Hayward

安德魯海沃德編輯