灰階推出首個針對股權證明資產的主動式管理收益基金

Grayscale Investments 推出了首款主動管理投資產品 Grayscale 動態收入基金（GDIF），旨在透過與權益證明加密資產相關的質押獎勵來優化收入。該基金專為高淨值人士設計，監控質押市場並投資各種代幣，如 Cosmos Osmosis (OSMO)、Solana (SOL) 和 Polkadot (DOT)。 GDIF 每週將代幣獎勵貨幣化，每季向投資者分配收益，並重新平衡代幣以獲得最佳收入，從而滿足數位資產領域對質押收益日益增長的需求。

Grayscale Unveils Actively Managed Income Fund Focusing on Proof-of-Stake Assets

灰階推出專注於權益證明資產的主動管理收益基金

In a significant strategic move to retain clients and diversify its offerings, Grayscale Investments, the world's largest crypto asset manager, has announced the launch of its first actively managed investment product, the Grayscale Dynamic Income Fund (GDIF). The fund aims to optimize income generation for investors through staking rewards associated with proof-of-stake (PoS) crypto assets.

全球最大的加密資產管理公司灰階投資公司宣布推出首個主動式管理投資產品灰階動態收益基金（GDIF），這是留住客戶並實現產品多元化的重大策略舉措。該基金旨在透過與股權證明（PoS）加密資產相關的質押獎勵來優化投資者的收入。

Groundbreaking Approach to Staking

突破性的質押方法

The Grayscale Dynamic Income Fund marks an innovative approach to the growing market of PoS digital assets, which offer investors the opportunity to earn rewards for holding and supporting blockchain networks. Unlike traditional investment strategies that rely solely on capital appreciation, GDIF leverages qualitative and quantitative analysis to identify and invest in a portfolio of PoS tokens, maximizing income potential.

灰階動態收入基金標誌著不斷增長的 PoS 數位資產市場的創新方法，它為投資者提供了透過持有和支持區塊鏈網路獲得獎勵的機會。與僅依賴資本增值的傳統投資策略不同，GDIF 利用定性和定量分析來識別和投資 PoS 代幣投資組合，從而最大限度地提高收入潛力。

Upon acquisition, the fund monetizes token rewards into cash on a weekly basis, ensuring a regular income stream for investors. Earnings are distributed quarterly, and the token portfolio is rebalanced strategically to optimize income generation.

收購後，該基金每週將代幣獎勵貨幣化為現金，確保投資者的定期收入流。收益按季度分配，並對代幣投資組合進行策略性重新平衡，以優化收入產生。

A Diversified Portfolio of PoS Assets

多元化的 PoS 資產組合

While the specific holdings of the fund remain confidential, Grayscale has disclosed that 24% of GDIF will be allocated to OSMO, the decentralized exchange token of the Cosmos ecosystem. Solana (SOL) and Polkadot (DOT) will constitute 20% and 14%, respectively, of the fund's portfolio. The remaining 43% is categorized as "other," leaving room for potential investments in a wide range of PoS tokens. Notably absent from the disclosed holdings is Ethereum (ETH), the world's largest PoS token by market capitalization.

雖然該基金的具體持有量仍處於保密狀態，但 Grayscale 透露，24% 的 GDIF 將分配給 OSMO，即 Cosmos 生態系統的去中心化交易代幣。 Solana (SOL) 和 Polkadot (DOT) 將分別佔該基金投資組合的 20% 和 14%。剩下的 43% 被歸類為“其他”，為各種 PoS 代幣的潛在投資留下了空間。值得注意的是，所揭露的持有量中沒有以太坊（ETH），它是全球市值最大的 PoS 代幣。

Experienced Leadership and Stringent Requirements

經驗豐富的領導和嚴格的要求

Matt Maximo, an experienced portfolio manager who has been with Grayscale Investments since 2021, will oversee the GDIF. The fund is exclusively available to high-net-worth individuals with assets under management exceeding $1.1 million or a net worth of over $2.2 million. Additionally, GDIF imposes a 10% performance fee.

Matt Maximo 是一位經驗豐富的投資組合經理，自 2021 年以來一直在 Grayscale Investments 工作，他將負責監督 GDIF。該基金專門針對管理資產超過 110 萬美元或淨資產超過 220 萬美元的高淨值個人。此外，GDIF 還收取 10% 的績效費。

Addressing the Exodus from GBTC

解決 GBTC 流失問題

The launch of GDIF comes amid a period of significant outflows from Grayscale's flagship product, the Grayscale Bitcoin Trust (GBTC). Since its conversion to a spot Bitcoin exchange-traded fund (ETF) in January 2024, GBTC has experienced a substantial decline in assets under management, shedding over 46% of its BTC holdings, valued at approximately $20 billion.

GDIF 的推出正值灰階旗艦產品灰階比特幣信託（GBTC）資金大量流出之際。自 2024 年 1 月轉換為現貨比特幣交易所交易基金 (ETF) 以來，GBTC 管理的資產大幅下降，拋售了超過 46% 的 BTC 持有量，價值約 200 億美元。

The conversion to a spot ETF has exposed GBTC to higher management fees and trading costs compared to competing products from BlackRock and Fidelity, exacerbating the outflow trend.

與貝萊德和富達的競爭產品相比，轉換為現貨ETF使GBTC面臨更高的管理費和交易成本，加劇了資金外流趨勢。

The Rise of the Staking Market

質押市場的興起

The global staking market has emerged as a major force in the crypto landscape, with a total market capitalization of around $355 billion, according to Staking Rewards. Ethereum (ETH) remains the dominant staking asset, with over $110 billion worth of ETH staked. Solana (SOL) ranks second with $72 billion staked, followed by SUI, Aptos, and Cardano, each with approximately $15 billion staked.

根據 Stake Rewards 的數據，全球 Stake 市場已成為加密貨幣領域的主要力量，總市值約 3,550 億美元。以太坊 (ETH) 仍然是主要的質押資產，質押的 ETH 價值超過 1100 億美元。 Solana (SOL) 以 720 億美元的質押金額排名第二，其次是 SUI、Aptos 和 Cardano，各質押金約 150 億美元。

The average staking reward rate currently stands at 6%, although larger cap coins such as ETH, SUI, ADA, and BNB offer lower returns.

目前平均質押獎勵率為 6%，儘管 ETH、SUI、ADA 和 BNB 等較大市值的代幣回報率較低。

Conclusion

結論

Grayscale's launch of its Actively Managed Income Fund represents a strategic shift in the company's investment strategy. By focusing on the growing market of PoS digital assets and employing active management techniques, Grayscale aims to adapt to changing market dynamics and provide investors with innovative and income-generating solutions in the evolving crypto asset landscape.

Grayscale 推出主動式管理收益基金代表著該公司投資策略的策略轉變。透過專注於不斷成長的 PoS 數位資產市場並採用主動管理技術，Grayscale 旨在適應不斷變化的市場動態，並在不斷發展的加密資產領域為投資者提供創新和創造收入的解決方案。