灰階推出具競爭力的比特幣 ETF，重新奪回市場主導地位

為了保持其在現貨比特幣 ETF 市場的主導地位，Grayscale 提交了一份規模較小的比特幣 ETF 申請，其費用僅為 0.15%。此舉是對其旗艦 GBTC 產品管理資產下降的回應，該產品的費用較高，高達 1.5%。新的 ETF Bitcoin Mini Trust 還將獲得 GBTC 10% 的資產貢獻，這可能導致高達 30,500 BTC 的轉移，價值約 20 億美元。 Grayscale此舉旨在應對GBTC自轉換為現貨ETF以來BTC持有量損失50%的情況，並與收費為0.19%的富蘭克林比特幣ETF（EZBC）等競爭對手競爭。

Grayscale Unveils Competitive Bitcoin ETF Bid to Reclaim Market Dominance

Grayscale 推出具有競爭力的比特幣 ETF 出價，以奪回市場主導地位

Amidst a significant outflow of capital from its flagship Grayscale Bitcoin Trust (GBTC), the world's largest asset manager, Grayscale, has strategically positioned itself to retain its leadership in the spot Bitcoin exchange-traded fund (ETF) market. To achieve this, the firm has applied for a smaller Bitcoin ETF with highly competitive fees, aiming to outmaneuver its ten rivals.

在其旗艦產品灰階比特幣信託基金（GBTC）資金大量外流的情況下，全球最大的資產管理公司灰度對自己進行了戰略定位，以保持其在現貨比特幣交易所交易基金（ETF）市場的領導地位。為了實現這一目標，該公司申請了規模較小、費用極具競爭力的比特幣 ETF，旨在智勝十家競爭對手。

In a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale disclosed the details of its new ETF, the Bitcoin Mini Trust, which features a remarkably low fee of just 0.15%. This move has sent shockwaves through the industry, as it significantly undercuts the fees charged by competing funds.

在最近向美國證券交易委員會 (SEC) 提交的一份文件中，Grayscale 披露了其新 ETF 比特幣迷你信託的詳細信息，該 ETF 的費用非常低，僅為 0.15%。此舉在整個行業中引起了衝擊，因為它大大降低了競爭基金收取的費用。

"Wow, GBTC's mini-me BTC will have a fee of 15bps, which means Grayscale will have the cheapest BTC ETF in the market," exclaimed Eric Balchunas, Bloomberg ETF analyst, upon hearing the news.

彭博 ETF 分析師 Eric Balchunas 聽到這一消息後驚呼：“哇，GBTC 的 mini-me BTC 將收取 15 個基點的費用，這意味著 Grayscale 將擁有市場上最便宜的 BTC ETF。”

The current Grayscale Bitcoin Trust carries a 1.5% fee, which has been a contributing factor to its recent decline in assets under management (AUM) compared to rival funds with lower fees. The Franklin Bitcoin ETF (EZBC), for instance, currently stands as the new fund's closest competitor with fees of 0.19%.

目前的灰階比特幣信託收取 1.5% 的費用，與費用較低的競爭對手基金相比，這是其管理資產 (AUM) 最近下降的一個因素。例如，富蘭克林比特幣 ETF (EZBC) 目前是新基金最接近的競爭對手，費用為 0.19%。

Grayscale's strategic move to introduce the Bitcoin Mini Trust with ultra-low fees is expected to revitalize its position in the spot Bitcoin ETF market. Moreover, the firm plans to contribute 10% of the assets held in GBTC to the new fund, creating a potential initial injection of approximately $2 billion worth of Bitcoin (BTC).

Grayscale推出超低費用比特幣迷你信託的策略性舉措預計將重振其在現貨比特幣ETF市場的地位。此外，該公司計劃將 GBTC 所持資產的 10% 捐給新基金，從而可能初始注入價值約 20 億美元的比特幣 (BTC)。

"This is a bold move by Grayscale," commented an industry insider. "By offering the lowest fees in the market, they are sending a clear message that they intend to reclaim their market share and maintain their dominance in the spot Bitcoin ETF space."

「這是灰階的一個大膽舉動。」一位業內人士評論道。 「透過提供市場上最低的費用，他們發出了一個明確的信息，即他們打算重新奪回市場份額，並保持在現貨比特幣 ETF 領域的主導地位。”

However, the competitive landscape for spot Bitcoin ETFs is rapidly evolving, with ten other rivals already in the market. Despite Grayscale's strategic fee adjustment, the success of the Bitcoin Mini Trust will ultimately hinge on its ability to attract capital and retain investors amidst intense competition.

然而，現貨比特幣 ETF 的競爭格局正在迅速演變，市場上已經有其他十個競爭對手。儘管灰度進行了策略性費用調整，但比特幣迷你信託的成功最終將取決於其在激烈競爭中吸引資本並留住投資者的能力。

The recent performance of the Grayscale Bitcoin Trust highlights the challenges facing spot Bitcoin ETFs. Since its conversion to a spot ETF in mid-January, GBTC has witnessed a substantial outflow of BTC holdings, losing more than 50% of its initial assets. The total holdings of the fund currently stand at 304,970 BTC following a $45.8 million outflow on Friday.

灰階比特幣信託基金近期的表現突顯了現貨比特幣 ETF 面臨的挑戰。自1月中旬轉為現貨ETF以來，GBTC持有的BTC大量流出，初始資產損失超過50%。該基金目前持有 304,970 BTC，週五流出 4,580 萬美元。

Grayscale's aggressive fee reduction strategy is a testament to the company's determination to regain its market position. The Bitcoin Mini Trust represents a strategic pivot, leveraging competitive pricing to attract investors and maintain a leadership role in the spot Bitcoin ETF market.

灰階積極的降費策略證明了該公司重新奪回市場地位的決心。比特幣迷你信託代表了一個策略支點，利用有競爭力的定價來吸引投資者並保持在現貨比特幣 ETF 市場的領導地位。

As the spot Bitcoin ETF landscape continues to evolve, it remains to be seen whether Grayscale's latest move will be enough to propel the Bitcoin Mini Trust to the forefront of the market. With a crowded field of competitors and the SEC's cautious approach to approving spot Bitcoin ETFs, the road ahead for Grayscale will be fraught with both challenges and opportunities.

隨著現貨比特幣 ETF 格局的不斷發展，灰階的最新舉措是否足以將比特幣迷你信託推向市場的前沿還有待觀察。由於競爭者眾多，加上美國證券交易委員會在批准現貨比特幣 ETF 方面採取謹慎態度，灰階的未來之路將充滿挑戰和機會。