美國SEC尋求有關提案的評論，以使比特幣ETF交換股份以基本資產

2月5日，證券交易所CBOE BZX Exchange提出了修訂的申請，以允許所謂的“實物”創作和贖回

The US Securities and Exchange Commission is considering an application from Cboe BZX Exchange to permit in-kind creations and redemptions for two ETFs, the ARK 21Shares Bitcoin ETF (NYSE:ARKB) and the 21Shares Core Ethereum ETF (NYSE:CETH).

美國證券交易委員會正在考慮從CBOE BZX Exchange提出的申請，以允許對兩個ETF的實物創建和贖回，即ARK 21Shares Bitcoin ETF（NYSE：ARKB）和21shares Core Core Ethereum etf（NYSE：CETH）。

This development comes amid a flurry of ETF proposals and anticipation of regulatory approvals in the US.

這一發展是出於一系列ETF提案和對美國監管批准的期望而產生的。

The application, filed on Feb. 5, would allow authorized participants to create new ETF shares by exchanging a basket of the ETF’s underlying assets for a “block” of typically several thousand shares. Redemptions would reverse this process.

該申請於2月5日提交的申請將允許授權參與者通過將ETF的基礎資產交換為通常數千股的“塊”來創建新的ETF股票。贖回將扭轉這一過程。

In-kind creations and redemptions are more tax efficient compared to cash creations and redemptions, where an ETF swaps shares for cash. As a result, in-kind creations and redemptions are preferred by most ETF issuers and investors.

與現金創造和贖回相比，內在的創造和贖回效率更高，ETF將股份交換現金。結果，大多數ETF發行人和投資者都更喜歡實物創造和贖回。

However, the SEC has not yet permitted in-kind redemptions for spot crypto ETFs. Cash creations and redemptions have been permitted for several spot crypto ETFs, including ARKB and CETH.

但是，SEC尚未允許對現場加密ETF進行實物贖回。已允許包括ARKB和CETH在內的幾個位置加密ETF進行現金創造和贖回。

This application follows a request by Nasdaq, a US securities exchange, in January to facilitate in-kind creations and redemptions for BlackRock's iShares Bitcoin Trust (NYSE:IBIT), the largest ETF by net assets.

該申請遵循美國證券交易所納斯達克（Nasdaq）的要求，以促進貝萊德（BlackRock）的Ishares比特幣信託（Ishares Bitcoin Trust）（NYSE：IBIT）的實物創造和贖回，這是淨資產最大的ETF。

According to BlackRock's website, the ETF has assets under management (AUM) of around $57 billion. For comparison, ARKB and CETH hold AUMs of approximately $5 billion and $20 million, respectively, based on 21Shares’ website.

根據BlackRock的網站，ETF的資產管理（AUM）約為570億美元。為了進行比較，ARKB和CETH的AUMS基於21Shares的網站，分別為50億美元和2000萬美元。

After Donald Trump — who promised to turn the US into the "world's crypto capital" — won the US elections and began his presidential term on Jan. 20, US regulators are expected to soften their stance on crypto oversight.

唐納德·特朗普（Donald Trump）（答應將美國變成“世界加密首都”）贏得了美國大選，並於1月20日開始了他的總統任期後，預計美國監管機構將軟化他們對加密貨幣監督的立場。

In 2024, asset managers submitted a flurry of regulatory filings to list ETFs holding altcoins, including Solana (CRYPTO: SOL).

2024年，資產管理人員提交了一系列監管檔案，以列出持有AltCoins的ETF，包括Solana（Crypto：Sol）。

Issuers are also awaiting approval for several planned crypto index ETFs designed to hold diverse baskets of digital tokens.

發行人還在等待批准幾個計劃的加密指數ETF，旨在持有多種數字代幣的籃子。

Bloomberg Intelligence anticipates “relatively high odds of approval across the board” for new crypto ETF filings.

彭博情報局預計，新的加密ETF文件將“全面獲得相對較高的認可機率”。