富達現貨以太 ETF：有潛在報酬的高風險賭注

富達向 SEC 提交的 S-1 申請旨在在 Cboe BZX 交易所建立現貨以太坊 (ETH) 交易所交易基金 (ETF)。富達的 ETF 將允許對其持有的部分 ETH 進行質押，但會面臨處罰和流動性問題等風險。該申請概述了監管的不確定性、潛在的政治反對以及與質押獎勵和分叉決策相關的風險。美國證券交易委員會對以太坊基金會的持續調查和監管問題可能會影響審批流程，分析師對大型礦池的質押權集中以及 ETF 對以太坊生態系統的潛在影響表示擔憂。

Is Fidelity's Spot Ether ETF a Risky Bet?

富達的現貨以太 ETF 是一個冒險的賭注嗎？

On March 27, Fidelity filed an S-1 application with the SEC to unveil a spot Ether (ETH) exchange-traded fund (ETF). As anticipated from an earlier filing, the ETF grants Fidelity the flexibility to stake a portion of its ETH holdings.

3 月 27 日，富達向 SEC 提交 S-1 申請，推出現貨以太坊 (ETH) 交易所交易基金 (ETF)。正如先前提交的文件中所預期的那樣，該 ETF 賦予富達投資持有其部分 ETH 的靈活性。

Is Staking a Prudent Move?

質押是個謹慎的舉動嗎？

The ETF would trade on the Cboe BZX Exchange, with Fidelity Digital Asset Services as custodian of the trust's ETH. According to the S-1, the fund intends to stake a portion of its assets through one or more staking infrastructure providers. However, this decision comes with added risks, including the potential for "slashing" penalties and liquidity risks during stake processing. Additionally, staking rewards will be treated as income for the fund for tax purposes, triggering taxable events for investors even without associated distributions from the trust.

該 ETF 將在 Cboe BZX 交易所進行交易，富達數位資產服務公司將作為該信託基金 ETH 的託管人。根據 S-1 的說法，該基金打算透過一個或多個質押基礎設施提供者質押其部分資產。然而，這項決定會帶來額外的風險，包括潛在的「大幅」處罰和權益處理過程中的流動性風險。此外，出於稅收目的，質押獎勵將被視為基金收入，即使沒有信託的相關分配，也會引發投資者的應稅事件。

What Are the Fees and Other Considerations?

費用和其他注意事項是什麼？

The application remains mum on the anticipated fees for the ETF. In the event of a fork, the custodian will determine which chain the fund supports. Moreover, the ETF faces multiple other risks. The form highlights potential regulatory measures in the US and beyond that could adversely affect the fund. Termination triggers include the SEC deeming the fund an investment company under the 1940 Act, the CFTC classifying it as a commodity pool under the CEA, and the Treasury Department's FinCEN designating it as a money service business.

該申請對 ETF 的預期費用保持沉默。如果發生分叉，託管人將決定基金支持哪一條鏈。此外，ETF還面臨多種其他風險。該表格強調了美國及其他地區可能採取的監管措施可能對該基金產生不利影響。終止觸發因素包括 SEC 將該基金視為 1940 年法案規定的投資公司、CFTC 將其歸類為 CEA 下的商品池，以及財政部的 FinCEN 將其指定為貨幣服務業務。

Is SEC Scrutiny a Roadblock?

SEC 審查是障礙嗎？

Reports indicate that the SEC is investigating the Ethereum Foundation, which analysts suggest could impact the prospects of spot ETH ETF approval. Additionally, political opposition to spot ETH ETFs has emerged.

有報導稱，SEC 正在調查以太坊基金會，分析師認為這可能會影響現貨 ETH ETF 的批准前景。此外，對現貨 ETH ETF 的政治反對已經出現。

Could an ETF Alter the Ethereum Landscape?

ETF 能否改變以太坊格局？

The Ethereum blockchain is susceptible to 51% attacks, where a malicious entity could seize governance by controlling a majority of votes. According to the form, "the top three largest staking pools controlled nearly 50% of the ether staked on the Ethereum network." Lido DAO stands as the dominant ETH staking pool, holding 31.5% of all staked ETH.

以太坊區塊鏈容易受到 51% 攻擊，惡意實體可以透過控制多數選票來奪取治理權。根據該表格，「前三大質押池控制以太坊網路上近 50% 的以太幣」。 Lido DAO 是主導的 ETH 質押池，持有所有質押 ETH 的 31.5%。

Analysts posit that a spot ETH ETF could diminish the influence of DAOs, while also introducing "concentration risk" based on how ETFs distribute ETH among stakers.

分析師認為，現貨 ETH ETF 可能會削弱 DAO 的影響力，同時也根據 ETF 在利害關係人之間分配 ETH 的方式引入「集中風險」。

Is the SEC Holding Up Approval?

SEC 是否會推遲批准？

The SEC has extended the approval deadline for other ETH ETFs to May 23. Eight applicants await the SEC's decision regarding spot ETH ETFs.

SEC 將其他 ETH ETF 的批准截止日期延長至 5 月 23 日。八名申請人正在等待 SEC 關於現貨 ETH ETF 的決定。

Conclusion

結論

Fidelity's spot ETH ETF application raises questions about potential risks, regulatory challenges, and the impact on the Ethereum ecosystem. The SEC's scrutiny of the Ethereum Foundation and political opposition add layers of uncertainty. While an ETF could bring new investors to Ethereum, it also introduces complexities that warrant careful consideration.

富達的現貨 ETH ETF 申請引發了有關潛在風險、監管挑戰以及對以太坊生態系統影響的問題。美國證券交易委員會對以太坊基金會和政治反對派的審查增加了層層不確定性。雖然 ETF 可以為以太坊帶來新的投資者，但它也帶來了需要仔細考慮的複雜性。