納斯達克為貝萊德的ishares比特幣信任（IBIT）提出了實物創建和救贖模型

這將徹底改變最大的現貨比特幣交易所基金的運營效率。它可能會大大提高其在市場上的業績。

Nasdaq has filed a proposed rule change at the US Securities and Exchange Commission that would allow in-kind creation and redemption for BlackRock’s (NYSE:BLK) iShares Bitcoin Trust (NYSEARCA:IBIT). This could revolutionize the operating efficiency of the largest spot Bitcoin exchange-traded fund, enhancing its performance in the market.

納斯達克已向美國證券交易委員會提出了一項擬議的規則更改，該更改將允許對BlackRock（NYSE：BLK）ISHARES BITCOIN TRUST（NYSEARCA：IBIT）的實物創造和贖回。這可能會徹底改變最大的現貨比特幣交易所基金的運營效率，從而提高其在市場上的業績。

Currently, IBIT offers a cash redemption model, where authorized participants (APs) can trade large blocks of the ETF for cash, which is then used to buy or sell Bitcoins. However, under Nasdaq’s proposed rule change, APs would be able to trade shares of the Bitcoin trust directly for Bitcoins, without the need for cash transactions. This in-kind creation and redemption process would be more efficient, enabling APs to quickly monitor the demand to buy or sell shares.

目前，IBIT提供了現金贖回模型，授權參與者（AP）可以將ETF的大塊換成現金，然後將其用於買賣比特幣。但是，根據納斯達克擬議的規則更改，美聯社將能夠直接將比特幣信託的股份用於比特幣，而無需進行現金交易。這種實物創造和贖回過程將更加有效，使AP可以快速監控購買或出售股票的需求。

The filing comes after the SEC recently approved several spot Bitcoin ETFs, including IBIT, which began trading in April. However, some market advocates have argued that regulators should have implemented the in-kind mechanism from the start, as it more accurately reflects Bitcoin’s decentralized nature.

該文件是在美國證券交易委員會（SEC）最近批准了包括IBIT在內的幾個現場比特幣ETF之後，該文件從4月開始進行交易。但是，一些市場擁護者認為，監管機構應該從一開始就實現了實物機制，因為它更準確地反映了比特幣的分散性質。

“The in-kind process has fewer intermediaries and steps, so a smoother transaction,” Bloomberg’s ETF analyst James Seyffart said.

彭博社的ETF分析師詹姆斯·塞法特（James Seyffart）說：“實物過程的中介和步驟更少，因此交易更加順暢。”

This highlights the increasing demands of the Bitcoin ETF sector for more flexible arrangements, as maturity in the space is driving investors to seek out even more streamlined and scalable solutions. Given the regulatory overhangs, especially regarding the brokers that handled the Bitcoin for these first spot Bitcoin ETFs, which launched in January 2024, they had to use a cash redemption model. However, leading figures in the industry now argue that digital assets are better suited to in-kind transfers.

這凸顯了比特幣ETF部門對更靈活的安排的需求不斷增長，因為該空間的成熟度促使投資者尋求更加精簡和可擴展的解決方案。鑑於監管懸垂性，特別是關於在2024年1月推出的第一點比特幣ETF處理比特幣的經紀人，他們不得不使用現金贖回模型。但是，業內領先的人物現在認為，數字資產更適合於實物轉移。

BlackRock’s filing is also expected to put pressure on other issuers of cryptocurrency ETFs to integrate in-kind redemption for their products. While BlackRock has not yet filed for an Ethereum ETF, this innovation reinforces its leadership in the fast-evolving crypto ETF market. The firm continues to lead the pack in Bitcoin and other crypto-backed ETFs.

還有望向其他加密貨幣ETF的發行人施加壓力，以集成其產品的實物贖回。雖然貝萊德尚未申請以太坊ETF，但這種創新增強了其在快速發展的加密ETF市場中的領導。該公司繼續以比特幣和其他加密支持的ETF領先。