Strive資產管理公司申請推出首支比特幣債券交易所交易基金（ETF）

由 DOGE 聯合執行長 Vivek Ramaswamy 共同領導的 Strive Asset Management 在引入創新投資策略方面邁出了重要一步

Strive Asset Management, co-led by DOGE Co-Chief Vivek Ramaswamy, has filed with the U.S. Securities and Exchange Commission (SEC) to launch the first-ever Bitcoin Bond Exchange-Traded Fund (ETF). The ETF, officially titled the Strive Bitcoin Bond ETF, will provide investors with unique exposure to Bitcoin-backed securities.

由 DOGE 聯合執行長 Vivek Ramaswamy 共同領導的 Strive Asset Management 已向美國證券交易委員會 (SEC) 提交申請，推出首支比特幣債券交易所交易基金 (ETF)。該 ETF 的正式名稱為 Strive Bitcoin Bond ETF，將為投資者提供獨特的比特幣支持證券投資機會。

The filing was made using Form N-1A, the primary registration document for open-end management investment companies, including mutual funds and ETFs. Required by the SEC, this form provides comprehensive information about the fund’s investment strategy, risks, fees, and operational details. By filing a Form N-1A, Strive not only registers the Bitcoin Bond ETF but also seeks to ensure transparency and compliance with regulatory standards, offering potential investors a clear view of what the fund entails and how it plans to operate.

該備案是使用 N-1A 表格進行的，該表格是開放式管理投資公司（包括共同基金和 ETF）的主要註冊文件。根據 SEC 的要求，該表格提供了有關基金投資策略、風險、費用和營運細節的全面資訊。透過提交 N-1A 表格，Strive 不僅註冊了比特幣債券 ETF，還尋求確保透明度和遵守監管標準，讓潛在投資者清楚地了解該基金的內容及其計劃如何運作。

The filing outlines Strive’s intention to offer an actively managed ETF that allocates at least 80% of its exposure to Bitcoin-related bonds and financial instruments. These include convertible bonds from companies like MicroStrategy, a firm renowned for holding significant amounts of Bitcoin as its primary treasury reserve asset. The ETF also plans to use derivatives, such as swaps and FLEX options, to gain synthetic exposure to MicroStrategy’s convertible notes.

該文件概述了 Strive 打算提供一款主動管理的 ETF，將其至少 80% 的曝險分配給比特幣相關債券和金融工具。其中包括 MicroStrategy 等公司的可轉換債券，該公司以持有大量比特幣為其主要國庫儲備資產而聞名。該 ETF 還計劃使用掉期和 FLEX 選擇權等衍生性商品來獲得 MicroStrategy 可轉換票據的綜合曝險。

As stated in the filing, the fund will invest the remaining funds in high-quality, short-term U.S. Treasury instruments for liquidity and collateral purposes. It also notes the fund’s classification as non-diversified, meaning it will concentrate its investments in Bitcoin-related sectors, thereby amplifying sector-specific risks.

正如文件中所述，該基金將把剩餘資金投資於高品質的短期美國國債工具，以達到流動性和抵押品的目的。它還指出該基金的分類為非多元化，這意味著它將把投資集中在比特幣相關領域，從而放大特定行業的風險。

The filing highlights MicroStrategy’s prominent role in the ETF’s strategy. As of December 31, 2024, MicroStrategy is identified as the world's largest Bitcoin treasury company. Its approach—acquiring substantial Bitcoin holdings, leveraging blockchain technology, and advocating for Bitcoin adoption—aligns closely with Strive’s focus.

該文件強調了 MicroStrategy 在 ETF 策略中的突出作用。截至 2024 年 12 月 31 日，MicroStrategy 被認定為全球最大的比特幣財務公司。其方法——收購大量比特幣、利用區塊鏈技術以及倡導比特幣的採用——與 Strive 的重點密切相關。

The prospectus specifies that the ETF will invest remaining funds in high-quality, short-term U.S. Treasury instruments for liquidity and collateral purposes. It also notes the fund’s classification as non-diversified, meaning it will concentrate its investments in Bitcoin-related sectors, amplifying sector-specific risks.

招股說明書指出，ETF將把剩餘資金投資於高品質的短期美國國債工具，以達到流動性和抵押品的目的。它還指出該基金的分類為非多元化，這意味著它將把投資集中在比特幣相關行業，從而放大特定行業的風險。

The filing emphasizes the ETF’s risks, including exposure to Bitcoin’s price volatility, regulatory uncertainties, and the performance of underlying companies like MicroStrategy. Bitcoin’s fluctuating value, driven by factors such as adoption rates, government regulation, and technological developments, directly impacts the fund's potential returns. The use of derivatives introduces complexities like counterparty risk, leverage, and liquidity challenges, which could further affect performance.

該文件強調了 ETF 的風險，包括比特幣價格波動、監管不確定性以及 MicroStrategy 等基礎公司業績的風險。受採用率、政府監管和技術發展等因素驅動，比特幣價值的波動直接影響該基金的潛在回報。衍生性商品的使用會帶來交易對手風險、槓桿和流動性挑戰等複雜性，這可能會進一步影響績效。

Additionally, as a new fund with no operational history, the Strive Bitcoin Bond ETF’s long-term success is uncertain. Concentration in Bitcoin-related industries increases exposure to sector-specific downturns, and the fund's reliance on emerging financial instruments adds layers of unpredictability.

此外，作為一檔沒有營運歷史的新基金，Strive 比特幣債券 ETF 的長期成功尚不確定。比特幣相關產業的集中度增加了特定產業低迷的風險，而該基金對新興金融工具的依賴增加了不可預測性。

The filing aligns with Ramaswamy's broader vision of challenging conventional investment approaches. As co-chief of the Department of Government Efficiency (DOGE), an advisory commission created by President-elect Donald Trump, Ramaswamy works alongside Elon Musk to overhaul government operations. DOGE's mission includes dismantling bureaucratic inefficiencies, cutting excess regulations, and promoting entrepreneurial governance models. The department, which operates outside formal government structures, is expected to conclude its work by July 4, 2026, marking America’s Semiquincentennial.

該文件符合拉馬斯瓦米挑戰傳統投資方法的更廣泛願景。作為當選總統唐納德·川普創建的諮詢委員會政府效率部 (DOGE) 的聯合主管，拉馬斯瓦米與伊隆·馬斯克一起改革政府運作。 DOGE 的使命包括消除效率低下的官僚機構、削減多餘的監管以及促進企業治理模式。該部門在正式政府機構之外運作，預計將在 2026 年 7 月 4 日美國成立 55 週年紀念日之前完成工作。

Strive’s Bitcoin Bond ETF represents a departure from typical Bitcoin-related funds, which often involve direct cryptocurrency holdings or Bitcoin futures. By focusing on convertible bonds and derivatives, the fund seeks to mitigate some of Bitcoin’s inherent risks while still capitalizing on its potential for high returns. This approach could attract investors wary of the volatility and regulatory complexities of direct Bitcoin investments.

Strive 的比特幣債券 ETF 與典型的比特幣相關基金不同，後者通常涉及直接持有加密貨幣或比特幣期貨。透過專注於可轉換債券和衍生性商品，該基金尋求減輕比特幣的一些固有風險，同時仍利用其高回報潛力。這種方法可能會吸引投資者對直接比特幣投資的波動性和監管複雜性保持警惕。

If approved, the Strive Bitcoin Bond ETF could pave the way for other innovative financial products, further bridging the gap between traditional finance and the cryptocurrency market.

如果獲得批准，Strive 比特幣債券 ETF 可以為其他創新金融產品鋪路，進一步縮小傳統金融與加密貨幣市場之間的差距。