多機構比特幣託管：入門

比特幣已經從金融的邊緣發展到目前主流投資資產的地位。比特幣交易所交易的興起

Bitcoin has seen mainstream adoption as an investment asset, with the rise of bitcoin exchange-traded products (ETPs) and ETFs making it easier for institutional investors to gain bitcoin exposure. However, as billions of dollars flow into these products, a significant issue has emerged that warrants closer scrutiny: reliance on single custodians to hold the physical bitcoin that backs them.

比特幣作為一種投資資產已被主流採用，隨著比特幣交易所交易產品（ETP）和 ETF 的興起，機構投資者更容易獲得比特幣投資。然而，隨著數十億美元流入這些產品，出現了一個值得更密切審查的重大問題：依賴單一託管人來持有支援它們的實體比特幣。

For instance, the iShares Bitcoin Trust by BlackRock has over $50 billion in assets under management, making it the most successful bitcoin ETF in the market. Yet, every bitcoin held in that fund is kept in custody solely by Coinbase. While BlackRock is a titan of finance, the reality is that Coinbase – in addition to BlackRock – is a key source of counterparty risk for investors. This single point of failure exposes the fund to a risk of catastrophic loss about which few investors are likely to be aware.

例如，貝萊德旗下的 iShares 比特幣信託基金管理超過 500 億美元的資產，使其成為市場上最成功的比特幣 ETF。然而，該基金中持有的所有比特幣均由 Coinbase 單獨保管。雖然貝萊德是金融巨頭，但現實情況是，除了貝萊德之外，Coinbase 也是投資者交易對手風險的主要來源。這一單點故障使基金面臨災難性損失的風險，而很少投資者可能意識到這一點。

The potential fallout of this arrangement is clearly spelled out in the iShares Bitcoin Trust’s SEC registration statement: "...in the event of an insolvency or bankruptcy of the Bitcoin Custodian... customers’ assets – including the Trust’s assets – may be considered the property of the Bitcoin Custodian, and customers – including the Trust – may be at risk of being treated as general unsecured creditors of such entities and subject to the risk of total loss or markdowns on value of such assets."

iShares 比特幣信託的 SEC 註冊聲明中清楚地闡明了這種安排的潛在後果：「…如果比特幣託管人無力償債或破產…客戶的資產（包括信託的資產）可能會被考慮比特幣託管人的財產以及客戶（包括信託）可能面臨被視為此類實體的一般無擔保債權人的風險，並面臨此類資產價值全部損失或貶值的風險。

In simpler terms, if Coinbase were to declare bankruptcy, holders of iShares Bitcoin ETF units could find themselves at the back of the line, treated as unsecured creditors with no guaranteed claim to the bitcoin backing their shares. Notably, Coinbase’s credit rating of BB– from S&P Global Ratings places it in "junk" status. As of this writing, there is no reason to question Coinbase’s ability to continue holding bitcoin in custody on behalf of its clients. But, before we dismiss this scenario as unlikely, remember that bitcoin history is littered with examples of custodian collapses – from Mt. Gox, to FTX, to Prime Trust.

簡單來說，如果 Coinbase 宣布破產，iShares 比特幣 ETF 單位的持有者可能會發現自己處於最後的位置，被視為無擔保債權人，無法保證對支持其股票的比特幣擁有索取權。值得注意的是，標準普爾全球評級機構對 Coinbase 的 BB 信用評級將其置於「垃圾」狀態。截至撰寫本文時，沒有理由質疑 Coinbase 繼續代表客戶託管比特幣的能力。但是，在我們認為這種情況不太可能發生之前，請記住，比特幣歷史上充斥著託管機構崩潰的例子——從 Mt. Gox 到 FTX，再到 Prime Trust。

Single-custodian models are a holdover from traditional finance, where assets are often pooled with a single clearinghouse or bank. However, bitcoin is fundamentally different. It doesn’t require a centralized custodian, so relying on one undermines the very principles that make bitcoin valuable: trust minimization and resilience against centralized points of failure.

單一託管模式是傳統金融的延續，傳統金融中的資產通常集中在單一清算所或銀行。然而，比特幣有著本質上的差異。它不需要中心化的託管人，因此依賴一個託管人會破壞使比特幣有價值的原則：信任最小化和針對中心化故障點的彈性。

The failure of a single custodian can happen for various reasons. Beyond bankruptcy and fraud, there’s the risk of state attacks, cyberattacks, and operational failures. Any of these events could render the assets inaccessible, even if the bitcoin itself is still visible on the blockchain. In a market that values speed, security, and autonomy, many institutional investors consider this an unacceptable risk.

單一託管人的失敗可能因多種原因而發生。除了破產和詐欺之外，還存在國家攻擊、網路攻擊和營運失敗的風險。任何這些事件都可能導致資產無法訪問，即使比特幣本身在區塊鏈上仍然可見。在一個重視速度、安全性和自主性的市場中，許多機構投資者認為這是不可接受的風險。

This is the problem solved by multi-institutional custody (MIC). MIC uses bitcoin’s native multi-signature technology to distribute custody across multiple independent institutions in different jurisdictions.

這就是多機構託管（MIC）解決的問題。 MIC 使用比特幣原生的多重簽名技術將託管權分配給多個不同司法管轄區的獨立機構。

Instead of one institution holding all the keys in a multi-signature quorum, MIC distributes them across several regulated custodians. This means that no single custodian can authorize transactions on its own, because a quorum of keys (for example, 2 out of 3) is required to move funds. Even if one custodian goes bankrupt or is compromised, the depositor’s bitcoin remains secure and accessible.

MIC 將金鑰分配給多個受監管的託管人，而不是由一個機構持有多重簽章法定人數中的所有金鑰。這意味著沒有一個託管人可以自行授權交易，因為轉移資金需要一定數量的金鑰（例如，三分之二）。即使一名託管人破產或受到損害，儲戶的比特幣仍然安全且可存取。

By combining custodians in different countries with independent regulatory regimes, MIC minimizes risk of coordinated asset freezes or seizures. This distributed approach mitigates many, but not all, of the risks associated with bitcoin custodians, and is a more robust custody solution for institutional-scale investments than the solutions used most often today.

透過將不同國家的託管人與獨立的監管制度結合起來，MIC 最大限度地降低了協調資產凍結或扣押的風險。這種分散式方法減輕了與比特幣託管人相關的許多（但不是全部）風險，對於機構規模的投資來說，它是比當今最常用的解決方案更強大的託管解決方案。

The demand for secure, scalable bitcoin custody has never been higher. As ETFs, ETPs, corporate treasuries, and strategic reserves gain momentum, institutional investors will need solutions that address the risks posed by single custodians. Bitcoin service providers such as Onramp offer a multi-institution custody framework that integrates the best elements of traditional security protocols with the resilience of bitcoin’s decentralized architecture.

對安全、可擴展的比特幣託管的需求從未如此之高。隨著 ETF、ETP、企業金庫和策略儲備的發展勢頭，機構投資者將需要解決單一託管人帶來的風險的解決方案。 Onramp 等比特幣服務提供者提供了一個多機構託管框架，該框架將傳統安全協議的最佳元素與比特幣去中心化架構的彈性相結合。

The benefits of MIC extend beyond just security. By involving multiple custodians, institutions diversify their exposure, reducing the risk of catastrophic loss due to a single point of failure. Multi-sig setups provide cryptographic proof of reserves and require multiple parties to approve transactions, increasing oversight and accountability. Institutions can customize their custody arrangements to suit governance and compliance requirements, with the ability to add or rotate custodians as needed.

MIC 的好處不僅限於安全性。透過涉及多個託管人，機構可以分散其風險敞口，從而降低因單點故障而造成災難性損失的風險。多重簽名設定提供了儲備的加密證明，並需要多方批准交易，從而加強監督和問責。機構可以客製其託管安排，以滿足治理和合規要求，並能夠根據需要添加或輪換託管人。

One reason that trust structures are gaining traction again is that they can utilize MIC while offering tax-efficiency. Unlike ETFs, which generally require cash settlements, trusts can facilitate in-kind delivery, meaning investors can receive the underlying bitcoin itself rather than fiat cash. This eliminates a taxable event and preserves the long-term upside of holding bitcoin directly.

信託結構再次受到關注的原因之一是它們可以利用 MIC，同時提供稅收效率。與通常需要現金結算的 ETF 不同，信託可以促進實體交割，這意味著投資者可以收到基礎比特幣本身，而不是法定現金。這消除了應稅事件，並保留了直接持有比特幣的長期優勢。

For pension funds, endowments, and family offices seeking direct exposure to bitcoin without introducing additional counterparty risk, MIC-enabled trusts present a compelling alternative. By combining the ease of traditional financial products with the security of decentralized custody, these structures offer institutions a more efficient and resilient way to gain bitcoin exposure.

對於尋求直接接觸比特幣而不引入額外交易對手風險的退休基金、捐贈基金和家族辦公室來說，MIC 支持的信託提供了一個令人信服的選擇。透過將傳統金融產品的易用性與去中心化託管的安全性相結合，這些結構為機構提供了一種更有效、更有彈性的方式來獲得比特幣曝險。

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