納斯達克（NASDAQ

納斯達克已經對比特幣ETF做出了決定，尤其是針對貝萊德的iShares比特幣信託IBIT，這可能會使現有且潛在的比特幣

The U.S. Securities and Exchange Commission (SEC) has taken a step toward approving in-kind creations and redemptions for Bitcoin exchange-traded funds (ETFs), a move that could pave the way for the ETF to begin trading.

美國證券交易委員會（SEC）已邁出了批准對比特幣交易所交易資金（ETF）的實物創造和贖回的步驟，此舉可能為ETF開始交易鋪平道路。

Nasdaq filed a proposal on Jan. 24 with the SEC to introduce in-kind creations and redemptions for Bitcoin ETFs. The proposal seeks to amend the existing rule for authorized participants (APs) to redeem ETF shares directly for Bitcoin.

納斯達克（NASDAQ）於1月24日向SEC提出了一項提案，向比特幣ETF引入實物創作和贖回。該提案旨在修改授權參與者（APS）的現有規則，以直接贖回比特幣的ETF股票。

Currently, authorized participants are required to redeem ETF shares for cash, which is then used to purchase Bitcoin for in-kind creations. This process will be streamlined with the proposed change, eliminating the need for an additional step and reducing the cost and operational inefficiencies.

當前，授權參與者必須兌換ETF股票以現金，然後將其用於購買現實創作的比特幣。該過程將隨著擬議的更改而簡化，從而消除了需要額外的步驟並降低成本和運營效率低下的需求。

Authorized participants are typically large financial institutions that create and redeem ETF shares, and while retail investors are not directly eligible to participate in in-kind redemptions, the streamlined process could enhance efficiency and potentially reduce overall costs, indirectly benefiting retail market participants.

授權參與者通常是創建和兌現ETF股票的大型金融機構，儘管零售投資者不合資格參與實物兌換，但簡化的流程可以提高效率並有可能降低整體成本，並間接使零售市場參與者受益。

When the SEC first approved spot Bitcoin ETFs in January 2024, including BlackRock’s iShares Bitcoin Trust, cash redemption was made mandatory. This was part of the effort to ensure regulatory simplicity and minimize direct handling of Bitcoin by brokers.

當SEC在2024年1月首次批准了現場比特幣ETF時，包括貝萊德的ishares比特幣信託，將現金贖回進行了強制性。這是確保監管簡單性並最大程度地減少經紀人直接處理比特幣的努力的一部分。

However, the swift growth of the Bitcoin ETF market, together with advancements in the digital asset ecosystem, set the ground for a more efficient operational model. The in-kind redemption system was designed as these evolving market dynamics took shape, aiming to accommodate growing institutional interest in cryptocurrency.

但是，比特幣ETF市場的迅速增長以及數字資產生態系統的進步為更有效的運營模型奠定了基礎。隨著這些不斷發展的市場動態形成，旨在適應加密貨幣的機構興趣，因此設計了實物贖回系統。

BlackRock’s iShares Bitcoin Trust has been a massive success story since its debut, attracting nearly $60 billion in inflows within its first year. This underscores the strong institutional demand for Bitcoin-linked ETFs.

自首次亮相以來，貝萊德（Blackrock）的iShares比特幣信託基金（Ishares Bitcoin Trust）一直是一個巨大的成功故事，在第一年就吸引了近600億美元的流入。這強調了對比特幣連接ETF的強大製度需求。

Moreover, large investors have boosted Bitcoin prices since the U.S. election, increasing their holdings from 16.2 million to 16.4 million BTC, according to CryptoQuant.

此外，據CryptoQuant稱，自美國大選以來，大型投資者已經提高了比特幣價格，將其持股從1620萬增加到1640萬BTC。

Nasdaq’s proposal could further solidify iShares Bitcoin Trust's position as a market leader by being the first to offer a redemption model that aligns with the needs of institutional investors.

納斯達克的提議可以通過第一個提供與機構投資者需求相吻合的贖回模型，進一步鞏固了iShares比特幣信託作為市場領導者的地位。

James Seyffart, an ETF analyst at Bloomberg Intelligence, brought attention to the regulatory hurdles that initially delayed the adoption of in-kind redemption models.

彭博情報局ETF分析師詹姆斯·塞伊法特（James Seyffart）引起了監管障礙的關注，該障礙最初推遲了採用實物救贖模型。

“Nasdaq is finally filing for in-kind creations and redemptions for Bitcoin ETFs, which were initially expected to be included in the SEC’s approval of spot Bitcoin ETFs. However, the SEC opted for cash creations and redemptions to simplify the regulatory approval process. Now, the SEC is expected to approve in-kind creations and redemptions, which will be a key development for Bitcoin ETFs.”

“納斯達克終於向比特幣ETF申請了實物創作和贖回，最初預計將其包括在SEC的批准比特幣ETF中。但是，SEC選擇了現金創造和贖回，以簡化監管批准過程。現在，預計SEC將批准實物創造和贖回，這將是比特幣ETF的關鍵發展。”

If approved by the SEC, Nasdaq’s proposal will mark a significant step in the evolution of Bitcoin ETFs, making them more efficient andoperable, and able to attract more institutional investors.

如果獲得SEC的批准，納斯達克的提議將標誌著比特幣ETF的發展邁出的重要一步，使其更有效，能夠吸引更多的機構投資者。