灰階比特幣迷你信託：投資比特幣的新方式

隨著比特幣受歡迎程度的上升，灰階為小投資者引入了一種獲得比特幣投資的新方法：灰階比特幣迷你信託。

Grayscale has introduced a new way for smaller investors to gain exposure to bitcoin: the Grayscale Bitcoin Mini Trust. This article will explain what the trust is, how it functions and what makes it significant. By the end, you’ll understand how this option could fit into an investment strategy and the potential risks to consider.

灰階為小投資者引入了一種獲取比特幣的新方式：灰階比特幣迷你信託。本文將解釋什麼是信託、它如何運作以及它的重要性。最後，您將了解此選項如何適合投資策略以及需要考慮的潛在風險。

What Is Grayscale’s Bitcoin Mini Trust?

什麼是灰階的比特幣迷你信託？

Grayscale's Bitcoin Mini Trust is a passive investment vehicle created for investors seeking easy exposure to bitcoin within a traditional brokerage account. Its ticker is BTC, not to be confused with the ticker for bitcoin, which is also BTC.

Grayscale 的比特幣迷你信託是一種被動投資工具，專為尋求在傳統經紀帳戶中輕鬆接觸比特幣的投資者而創建。它的股票代碼是 BTC，不要與比特幣的股票代碼混淆，比特幣的股票代碼也是 BTC。

Unlike Grayscale’s larger Bitcoin Trust (GBTC), the Bitcoin Mini Trust has lower minimum investment requirements and much lower fees. Designed to mirror bitcoin’s price, the Bitcoin Mini Trust is listed on the NYSE and holds bitcoin directly. Share price reflects the trust’s bitcoin holdings minus fees, offering an accessible alternative for those who prefer not to manage a digital wallet or cryptocurrency exchange account.

與灰階較大的比特幣信託（GBTC）不同，比特幣迷你信託的最低投資要求較低，費用也低得多。比特幣迷你信託旨在反映比特幣的價格，在紐約證券交易所上市並直接持有比特幣。股價反映了信託持有的比特幣減去費用，為不喜歡管理數位錢包或加密貨幣交易帳戶的人提供了可行的選擇。

The trust’s price is tied to the CoinDesk Bitcoin Price Index (XBX), a reference rate for spot bitcoin in U.S. dollars. With a very competitive annual fee of 0.15%, the Bitcoin Mini Trust covers the costs of administration and custodianship, without additional charges. Grayscale, the largest crypto asset manager globally, has managed regulated crypto investment products since 2013, allowing investors to include bitcoin as a hedge, diversification asset or alternative to fiat investments.

該信託的價格與 CoinDesk 比特幣價格指數 (XBX) 掛鉤，這是美元現貨比特幣的參考匯率。比特幣迷你信託年費為 0.15%，極具競爭力，涵蓋管理和託管費用，無需額外費用。全球最大的加密資產管理公司 Grayscale 自 2013 年以來一直管理受監管的加密投資產品，允許投資者將比特幣作為對沖、多元化資產或法定投資的替代品。

How Does the Bitcoin Mini Trust Work?

比特幣迷你信託如何運作？

The Bitcoin Mini Trust works by holding bitcoin in custody with Coinbase Custody Trust Company, LLC, an entity affiliated with Coinbase. This custody arrangement helps investors bypass the technical complexities of wallet management.

比特幣迷你信託的運作方式是由Coinbase Custody Trust Company, LLC（Coinbase 的附屬實體）託管比特幣。這種託管安排有助於投資者繞過錢包管理的技術複雜性。

Shares in the trust represent portions of the bitcoin held, with a “basket” system set at 10,000 shares per basket. Each share’s value is tied to an index price, updated daily, which aims to closely reflect bitcoin’s market value. Authorized participants, working within the NYSE Arca platform, trade the shares, helping maintain alignment between the share price and bitcoin’s market price.

信託中的股份代表所持有的比特幣的一部分，「籃子」系統設定為每個籃子 10,000 股。每份股票的價值都與每日更新的指數價格掛鉤，旨在密切反映比特幣的市場價值。授權參與者在 NYSE Arca 平台內進行股票交易，有助於維持股價與比特幣市場價格之間的一致性。

Significance Of The Mini Trust

迷你信託的意義

The Grayscale Bitcoin Mini Trust offers investors simplified access to bitcoin’s price movements utilizing a registered investment product that is listed on the NYSE, making it appealing for those seeking exposure to the price of bitcoin without holding physical bitcoin.

灰階比特幣迷你信託利用紐約證券交易所上市的註冊投資產品，為投資者提供了簡化了解比特幣價格走勢的途徑，這對於那些尋求在不持有實體比特幣的情況下了解比特幣價格的人來說很有吸引力。

With a low entry requirement and the lowest fees among spot bitcoin ETPs, the Bitcoin Mini Trust enables a broader, more diversified investor base. As a “spin-off” product seeded by transferring 10% of GBTC’s bitcoin holdings, it launched with $1.7 billion in assets under management (AUM) and a net asset value (NAV) of $5.84 per share.

憑藉較低的准入要求和現貨比特幣 ETP 中最低的費用，比特幣迷你信託能夠建立更廣泛、更多元化的投資者基礎。作為透過轉讓 GBTC 10% 比特幣持有量而誕生的「分拆」產品，它的管理資產 (AUM) 為 17 億美元，每股資產淨值 (NAV) 為 5.84 美元。

Grayscale’s track record, including GBTC’s pioneering role and regulatory victories, lends credibility to the Bitcoin Mini Trust as an accessible vehicle for cost-efficient bitcoin exposure in traditional portfolios.

Grayscale 的業績記錄，包括 GBTC 的先驅作用和監管勝利，為比特幣迷你信託提供了可信度，使其成為傳統投資組合中經濟高效的比特幣敞口的便捷工具。

Investment Strategies Using The Mini Trust

使用迷你信託的投資策略

The Bitcoin Mini Trust can be adapted to many strategies depending on your investment goals. For the long term, investors might use the Bitcoin Mini Trust to hold bitcoin exposure within a retirement or diversified portfolio. Conversely, short-term traders could leverage its daily liquidity to benefit from bitcoin’s price volatility. With the Bitcoin Mini Trust accessible within a traditional brokerage account, it can play a role in various financial strategies.

比特幣迷你信託可以根據您的投資目標適應多種策略。從長遠來看，投資者可以使用比特幣迷你信託在退休或多元化投資組合中持有比特幣。相反，短期交易者可以利用其日常流動性從比特幣的價格波動中受益。透過在傳統經紀帳戶中存取比特幣迷你信託，它可以在各種財務策略中發揮作用。

Risks And Considerations To Make

風險和考慮因素

Several risks come with investing in the Grayscale Bitcoin Mini Trust that potential investors should carefully consider. First, it operates within a developing regulatory landscape; changes in U.S. or global regulations could impact the availability, trading or even legality of the trust, particularly as regulatory agencies like the SEC and IRS continue to refine their approach to digital assets.

投資灰階比特幣迷你信託會帶來一些風險，潛在投資者應仔細考慮。首先，它在不斷發展的監管環境中運作；美國或全球法規的變化可能會影響信託的可用性、交易甚至合法性，特別是在美國證券交易委員會和美國國稅局等監管機構不斷完善其數位資產管理方法的情況下。

Another significant risk is counterparty exposure. Because the trust holds bitcoin with Coinbase, investors must trust Coinbase to secure the bitcoin. If the custodian encounters a security breach, operational issues or regulatory action, the trust’s value could be affected, and access to assets could even be restricted or lost.

另一個重大風險是交易對手風險。由於信託公司透過 Coinbase 持有比特幣，因此投資者必須信任 Coinbase 來確保比特幣的安全。如果託管人遇到安全漏洞、營運問題或監管行動，信託的價值可能會受到影響，甚至可能會限製或失去資產。

Finally, the trust doesn’t allow in-kind redemptions, meaning that you cannot redeem your shares for physical bitcoin. Because of this, there is the possibility that you could experience liquidity limitations or even trade the Bitcoin Mini Trust’s shares at a discount to its net asset value (NAV), especially if there is a significant market disruption or liquidity shortfall.

最後，該信託不允許實物贖回，這意味著您無法將您的股票贖回為實體比特幣。因此，您可能會遇到流動性限制，甚至以​​低於其資產淨值 (NAV) 的折扣價交易比特幣迷你信託的股票，特別是在出現嚴重市場混亂或流動性短缺的情況下。

How To Invest In The Bitcoin Mini Trust

如何投資比特幣迷你信託

To buy shares of the Grayscale Bitcoin Mini Trust, begin by researching suitable brokerage platforms or exchanges that offer access to the NYSE Arca. Examples include Interactive Brokers, E*TRADE, Charles Schwab, Fidelity, and Robinhood.

要購買灰階比特幣迷你信託的股票，首先要研究提供 NYSE Arca 存取權的合適經紀平台或交易所。例如盈透證券、E*TRADE、嘉信理財、富達和羅賓漢。

Once you decide on a broker, open and fund a brokerage account, and find the Bitcoin Mini Trust under its ticker symbol “BTC.” (Note that this ticker symbol may cause confusion, since the ticker for bitcoin itself is also BTC.) Once you find

一旦您決定選擇經紀人，您就可以開設一個經紀帳戶並為其提供資金，然後在其股票代碼「BTC」下找到比特幣迷你信託。 （請注意，這個股票代碼可能會造成混淆，因為比特幣本身的股票代碼也是 BTC。）一旦您發現