Hashdex 現貨比特幣 ETF 在美國市場首次亮相，成為競爭者

Hashdex 加入美國現貨比特幣 ETF 行列，成為第 11 個此類 ETF。該 ETF 持有 95% 的現貨比特幣和 5% 的期貨合約、現金和類似現金的工具，為投資者提供直接購買比特幣的機會。專家們對該基金的潛力仍持樂觀態度，特別是如果其管理費保持在 0.90% 的競爭力，這高於其他一些現貨比特幣 ETF，但在現有基金的範圍內。

Hashdex's Spot Bitcoin ETF: A Promising Contender in the US Market

Hashdex 現貨比特幣 ETF：美國市場的有力競爭者

Hashdex has emerged as the eleventh spot Bitcoin exchange-traded fund (ETF) in the United States, joining the ranks of established players in the burgeoning cryptocurrency market. This significant development marks a strategic shift for Hashdex, transitioning from a futures ETF to a spot ETF, enabling the fund to purchase Bitcoin directly.

Hashdex 已成為美國第十一隻現貨比特幣交易所交易基金 (ETF)，加入了新興加密貨幣市場的老牌參與者行列。這項重大進展標誌著 Hashdex 的策略轉變，從期貨 ETF 過渡到現貨 ETF，使該基金能夠直接購買比特幣。

Expert Endorsement: A Competitive Edge in a Saturated Market

專家認可：飽和市場中的競爭優勢

Erich Balchunas, a renowned ETF expert, has expressed optimism about Hashdex's ETF, contingent on competitive management fees. Balchunas's positive assessment bodes well for Hashdex, as it enters a crowded market with several established competitors. If Hashdex can maintain a cost-effective structure, it may attract significant investor interest despite its late entry.

著名 ETF 專家 Erich Balchunas 對 Hashdex 的 ETF 表示樂觀，這取決於有競爭力的管理費用。 Balchunas 的積極評估對 Hashdex 來說是個好兆頭，因為它進入了一個擁有多家老牌競爭對手的擁擠市場。如果Hashdex能夠保持具有成本效益的結構，儘管進入較晚，但它可能會吸引大量投資者的興趣。

Diversification Strategy: Striking a Balance between Spot and Futures

多元化策略：現貨與期貨的平衡

Hashdex's ETF differentiates itself from other spot Bitcoin ETFs by allocating a portion of its capital to Bitcoin futures contracts, cash, and cash-like instruments. This diversification strategy allocates 95% of the fund's assets to spot Bitcoin, while the remaining 5% is distributed among the aforementioned instruments. This approach provides investors with exposure to both spot and futures markets, potentially enhancing the fund's overall performance.

Hashdex 的 ETF 與其他現貨比特幣 ETF 的區別在於，其將部分資本分配給比特幣期貨合約、現金和類現金工具。這種多元化策略將基金資產的 95% 分配給現貨比特幣，其餘 5% 則分配在上述工具中。這種方法為投資者提供了現貨和期貨市場的投資機會，有可能提高基金的整體表現。

Hashdex's Vision: Democratizing Digital Assets

Hashdex的願景：數位資產民主化

Hashdex's leadership team emphasized their unwavering belief in Bitcoin's transformative potential, stating, "We invite all investors, whether seasoned Bitcoin enthusiasts, those seeking their first foray, or those somewhere in between, to join us on this long-term journey towards making digital assets accessible."

Hashdex 的領導團隊強調了他們對比特幣變革潛力的堅定信念，並表示：「我們邀請所有投資者，無論是經驗豐富的比特幣愛好者、尋求首次涉足的投資者，還是介於兩者之間的投資者，加入我們這一打造數位資產的長期旅程無障礙。”

Regulatory Compliance: A Path to Legitimacy

監理合規：合法性之路

Hashdex submitted its application for a US Spot Bitcoin ETF in August 2023, demonstrating its commitment to operating within the regulatory framework. Unlike other funds that have partnered with Coinbase, Hashdex sources its Bitcoin from physical exchanges within the CME market. This adherence to regulatory guidelines enhances the fund's credibility and provides investors with an added layer of assurance.

Hashdex 於 2023 年 8 月提交了美國現貨比特幣 ETF 申請，表明了其在監管框架內運營的承諾。與 Coinbase 合作的其他基金不同，Hashdex 從 CME 市場的實體交易所購買比特幣。遵守監管準則提高了基金的可信度，並為投資者提供了額外的保證。

Cost Considerations: Striking a Competitive Balance

成本考量：取得競爭平衡

Hashdex's prospectus indicates a proposed management fee of 0.90%, raising questions about its potential impact on the fund's success. The average management fee for spot Bitcoin ETFs is currently around 0.30%, with some issuers offering even lower fees. Grayscale, with its 1.5% annual management fee, serves as an example of how high fees can affect investor interest and lead to outflows.

Hashdex 的招股說明書顯示，擬議的管理費為 0.90%，這引發了人們對其對該基金成功的潛在影響的質疑。目前，現貨比特幣 ETF 的平均管理費約為 0.30%，有些發行人的費用甚至更低。 Grayscale 的年度管理費為 1.5%，這是高額費用如何影響投資者興趣並導致資金外流的一個例子。

Market Opportunity: A Slice of the Bitcoin ETF Pie

市場機會：分得比特幣 ETF 蛋糕

Despite the high fees, Eric Balchunas believes Hashdex's fund, trading under the ticker $HODL, has the potential to capture a significant market share. With a relatively large inflow of assets under management, the fund could establish a strong foothold in the competitive ETF landscape.

儘管費用很高，Eric Balchunas 相信 Hashdex 的基金（股票代號為 $HODL）有潛力佔領重要的市場份額。憑藉相對較大的管理資產流入，該基金可以在競爭激烈的ETF格局中站穩腳跟。

Conclusion: A Contender to Watch in the Spot Bitcoin ETF Arena

結論：現貨比特幣 ETF 領域值得關注的競爭者

Hashdex's Spot Bitcoin ETF enters the US market with a unique blend of diversification, regulatory compliance, and a strong belief in Bitcoin's long-term value. While the fund's management fee may raise some concerns, its potential for capturing market share cannot be discounted. The ETF's performance will undoubtedly be closely monitored by investors and analysts alike, as it seeks to establish itself as a formidable player in the rapidly evolving cryptocurrency market.

Hashdex 的現貨比特幣 ETF 憑藉多元化、監管合規性以及對比特幣長期價值的堅定信念，進入美國市場。儘管該基金的管理費可能會引起一些擔憂，但其奪取市場份額的潛力不容小覷。該 ETF 的表現無疑將受到投資者和分析師的密切關注，因為它力求在快速發展的加密貨幣市場中成為一個強大的參與者。