新提議的 ETF 旨在將比特幣融入傳統金融

2024 年現貨比特幣交易所交易基金的成功催生了一些新的創意衍生性商品。

Several new exchange-traded fund (ETF) proposals aim to combine Bitcoin with traditional financial assets, offering a unique way to integrate crypto into mainstream markets.

幾項新的交易所交易基金（ETF）提案旨在將比特幣與傳統金融資產結合起來，提供一種將加密貨幣融入主流市場的獨特方式。

ProShares has proposed three ETFs that would provide Bitcoin-denominated returns on the S&P 500, Nasdaq-100, or gold prices. These ETFs would essentially take a long position in the respective stock indices or gold and a short position in USD/long BTC using Bitcoin futures.

ProShares 提議推出三款 ETF，以比特幣計價，以標準普爾 500 指數、納斯達克 100 指數或黃金價格提供回報。這些 ETF 實質上將持有各自股票指數或黃金的多頭頭寸，以及使用比特幣期貨的美元/多頭 BTC 的空頭部位。

According to ETF Store president Nate Geraci, these funds can be described as “BTC hedged ETFs,” and they highlight how “Bitcoin is starting to eat traditional finance.”

ETF Store 總裁 Nate Geraci 表示，這些基金可以被描述為“比特幣對沖 ETF”，它們強調了“比特幣正在開始蠶食傳統金融”。

Another proposed ETF, the REX Bitcoin Corporate Treasury Convertible Bond ETF, would invest in convertible bonds issued by companies like MicroStrategy. These bonds can be swapped for shares of the company's stock if its value rises.

另一項擬議的 ETF 是 REX 比特幣企業國庫可轉換債券 ETF，將投資於 MicroStrategy 等公司發行的可轉換債券。如果公司股票價值上漲，這些債券可以交換為公司股票。

This debt strategy has been successful for MicroStrategy, which has used it to increase its Bitcoin holdings and boost its stock price by about 2,000% since 2020.

這種債務策略對 MicroStrategy 來說是成功的，自 2020 年以來，該公司利用該策略增加了比特幣持有量，並將其股價推高了約 2,000%。

Other companies, like MARA Holdings, have also raised funds through convertible bonds to buy Bitcoin. MARA currently holds over 40,000 Bitcoins.

MARA Holdings 等其他公司也透過可轉換債券籌集資金購買比特幣。 MARA 目前持有超過 40,000 個比特幣。

Another ETF proposal from Bitwise would track publicly listed companies holding Bitcoin, such as MicroStrategy, Block, and Tesla, with the aim of targeting companies stacking Bitcoin as a reserve asset.

Bitwise 的另一個 ETF 提案將追蹤持有比特幣的上市公司，例如 MicroStrategy、Block 和 Tesla，目標是將比特幣作為儲備資產的公司。