頂級比特幣 ETF：美國投資者最佳投資選擇指南

儘管表現不佳，但比特幣 (BTC) ETF 仍受到關注。資產管理公司和財務顧問預計將利用這些基金實現投資組合多元化，從而提高其潛力。最近的比特幣減半事件凸顯了其韌性，增強了投資者對 ETF 的信心和興趣。

Bitcoin ETFs: A Comprehensive Guide to the Best Investment Options

比特幣 ETF：最佳投資選擇綜合指南

Introduction

介紹

Bitcoin exchange-traded funds (ETFs) have garnered significant attention in the financial landscape, offering investors a regulated and accessible gateway into the burgeoning cryptocurrency market. While their performance may not fully align with the lofty expectations of crypto enthusiasts, these funds hold notable potential for growth. Asset managers and financial advisors are increasingly incorporating Bitcoin ETFs into their portfolios, seeking to diversify their clients' assets and capitalize on the potential upside.

比特幣交易所交易基金（ETF）在金融領域引起了廣泛關注，為投資者提供了進入蓬勃發展的加密貨幣市場的受監管且可訪問的門戶。儘管它們的表現可能不完全符合加密貨幣愛好者的崇高期望，但這些基金具有顯著的成長潛力。資產管理者和財務顧問越來越多地將比特幣 ETF 納入其投資組合，尋求客戶資產多元化並充分利用潛在的上漲空間。

Post-Halving Rally Highlights Bitcoin's Resilience

減半後的反彈凸顯了比特幣的彈性

The recent Bitcoin halving event, where the block reward for miners is halved, has been met with a robust recovery in Bitcoin's price. Despite a brief dip below $60,000, the cryptocurrency has rebounded to trade near $67,000 at the time of writing. This rally underscores Bitcoin's resilience and ability to withstand market fluctuations. The bullish momentum is expected to encourage investor confidence and further fuel interest in Bitcoin and related investment vehicles, such as ETFs.

最近的比特幣減半事件，礦工的區塊獎勵減半，比特幣價格強勁回升。儘管短暫跌破 60,000 美元，但截至撰寫本文時，該加密貨幣已反彈至 67,000 美元附近。這次反彈凸顯了比特幣的彈性和抵禦市場波動的能力。看漲勢頭預計將鼓勵投資者信心，並進一步激發對比特幣和相關投資工具（如 ETF）的興趣。

Top Bitcoin ETFs for Investors' Consideration

供投資者考慮的頂級比特幣 ETF

Amidst the growing landscape of Bitcoin ETFs, several stand out for their unique features and performance track records. Here are three of the best Bitcoin ETFs that investors may wish to consider:

在比特幣 ETF 不斷發展的格局中，有幾款因其獨特的功能和業績記錄而脫穎而出。以下是投資者可能想要考慮的三種最佳比特幣 ETF：

1. Valkyrie Bitcoin and Ether Strategy ETF (BTF)

1.Valkyrie比特幣和以太策略ETF（BTF）

Valkyrie Bitcoin and Ether Strategy ETF (BTF), listed on the New York Stock Exchange (NYSE), aims to track the performance of both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. This ETF offers investors exposure to both cryptocurrencies through futures contracts and other instruments, providing a degree of diversification despite their correlated nature. BTF holds approximately equal proportions of Bitcoin and Ethereum via futures contracts.

Valkyrie 比特幣和以太策略 ETF (BTF) 在紐約證券交易所 (NYSE) 上市，旨在追蹤市值最大的兩種加密貨幣比特幣和以太坊的表現。該 ETF 為投資者提供了透過期貨合約和其他工具接觸加密貨幣的機會，儘管它們具有相關性，但仍提供了一定程度的多元化。 BTF 透過期貨合約持有大致相等比例的比特幣和以太坊。

BTF has assets under management (AUM) of $50.84 million and an expense ratio of 1.24%. The fund has 2.70 million shares outstanding and pays a dividend yield of 11.53%, with a trailing 12-month dividend of $2.23. BTF has delivered a 1-year return of +81.22% and has a beta of 0.74, indicating a slightly lower volatility than the overall market.

BTF 的管理資產 (AUM) 為 5,084 萬美元，費用率為 1.24%。該基金已發行 270 萬股，股息率為 11.53%，過去 12 個月股利為 2.23 美元。 BTF 的 1 年報酬率為 +81.22%，貝塔值為 0.74，波動性略低於整體市場。

It is important to note that the high dividend yield is atypical over extended periods and may be influenced by market volatility.

值得注意的是，長期的高股息殖利率是非典型的，並且可能受到市場波動的影響。

2. Bitcoin Strategy ETF (BITO)

2.比特幣策略ETF（BITO）

Bitcoin Strategy ETF (BITO), also traded on the NYSE, seeks to replicate the price movements of Bitcoin by investing solely in Bitcoin futures contracts traded on regulated exchanges. Like BTF, BITO allows investors to participate in Bitcoin's price action without directly holding the cryptocurrency.

比特幣策略 ETF (BITO) 也在紐約證券交易所交易，旨在透過僅投資在受監管交易所交易的比特幣期貨合約來複製比特幣的價格走勢。與 BTF 一樣，BITO 允許投資者參與比特幣的價格走勢，而無需直接持有加密貨幣。

BITO has AUM totaling $2.38 billion, with an expense ratio of 0.95%. The fund has 85.22 million shares outstanding and pays a dividend yield of 15.91%, with a trailing 12-month dividend of $4.62. BITO has a 1-year return of +78.19% and a beta of 0.68, suggesting a slightly lower volatility than BTF.

BITO 的資產管理規模總計 23.8 億美元，費用率為 0.95%。該基金已發行 8,522 萬股，股利率為 15.91%，過去 12 個月股利為 4.62 美元。 BITO 的 1 年回報率為 +78.19%，貝塔值為 0.68，顯示波動性略低於 BTF。

BITO was one of the first Bitcoin ETFs based on futures contracts. While futures contracts provide high return potential, they may not accurately reflect the underlying asset's performance. Additionally, the dividend payments may affect the total return potential due to price adjustments in the stock market after dividend issuances and capital erosion.

BITO 是第一批基於期貨合約的比特幣 ETF 之一。雖然期貨合約提供高回報潛力，但它們可能無法準確反映標的資產的表現。此外，由於股息發行後股票市場的價格調整和資本侵蝕，股息支付可能會影響總回報潛力。

3. Valkyrie Bitcoin Fund (BRRR)

3. Valkyrie比特幣基金（BRRR）

Valkyrie Bitcoin Fund (BRRR), listed on the Nasdaq exchange, aims to track the performance of Bitcoin as represented by the CME CF Bitcoin Reference Rate. Unlike BTF and BITO, which utilize futures contracts, BRRR is a spot ETF that holds the underlying Bitcoin asset in cold storage. This structure theoretically provides a closer alignment with the actual Bitcoin price and may offer lower expense ratios.

Valkyrie 比特幣基金（BRRR）在納斯達克交易所上市，旨在追蹤以 CME CF 比特幣參考利率為代表的比特幣表現。與利用期貨合約的 BTF 和 BITO 不同，BRRR 是一種現貨 ETF，將基礎比特幣資產冷藏。從理論上講，這種結構與實際的比特幣價格更接近，並且可能提供更低的費用比率。

BRRR has AUM of $509.34 million and a low expense ratio of 0.25%. With 40,000 shares outstanding, BRRR offers investors a beta of 0.92, indicating a volatility level similar to the overall market.

BRRR 的資產管理規模為 5.0934 億美元，費用率為 0.25%。 BRRR 擁有 40,000 股已發行股票，為投資者提供的貝塔值為 0.92，顯示波動程度與整體市場相似。

Analysts speculate that spot ETFs like BRRR may outperform futures-based ETFs on a total return basis due to their lower expense ratios and simpler management structure.

分析師推測，由於 BRRR 等現貨 ETF 的費用比率較低且管理結構更簡單，因此在總回報率方面可能優於期貨 ETF。

Conclusion

結論

Bitcoin ETFs present investors with an accessible means of gaining exposure to the cryptocurrency market. While their performance may not always meet the overly optimistic expectations of crypto enthusiasts, these funds offer the potential for diversification and long-term growth. The ETFs highlighted in this article, Valkyrie Bitcoin and Ether Strategy ETF (BTF), Bitcoin Strategy ETF (BITO), and Valkyrie Bitcoin Fund (BRRR), each possess unique characteristics and investment strategies. Investors are encouraged to carefully consider their individual circumstances and risk tolerance before selecting an ETF to complement their portfolio.

比特幣 ETF 為投資者提供了一種接觸加密貨幣市場的便捷方式。雖然它們的表現可能無法總是滿足加密貨幣愛好者過於樂觀的期望，但這些基金提供了多元化和長期成長的潛力。本文重點介紹的 ETF，Valkyrie 比特幣和以太策略 ETF (BTF)、比特幣策略 ETF (BITO) 和 Valkyrie 比特幣基金 (BRRR)，每隻都有獨特的特色和投資策略。我們鼓勵投資者在選擇 ETF 來補充其投資組合之前，仔細考慮自己的個人情況和風險承受能力。