贝莱德以四家华尔街巨头作为 AP 来支持比特币 ETF

贝莱德的现货比特币 ETF 已将其授权参与者 (AP) 扩大到包括花旗、Citadel、高盛和瑞银，使 AP 总数达到 9 个。此举出台之际，多家资产管理公司已向 SEC 提交了修改后的 S-1 表格，用于其比特币 ETF 申请，这标志着批准过程的最后一步。这些修正案提供了对保荐人费用和战略调整的见解，贝莱德将其保荐人费用设定为 0.3%，而 VanEck 选择了 0.25% 的低永久费用。 AP 的增加和修正案的激增表明美国现货比特币 ETF 的进程取得了重大进展。

BlackRock Bolsters Spot Bitcoin ETF with Addition of Four Wall Street Firms as Authorized Participants

贝莱德增加四家华尔街公司作为授权参与者，支持现货比特币 ETF

In a significant development, BlackRock, the world's largest asset manager, has expanded its network of authorized participants (APs) for its spot Bitcoin exchange-traded fund (ETF) by adding four prominent Wall Street firms: Citi, Citadel, Goldman Sachs, and UBS. This expansion raises the total number of APs for BlackRock's Bitcoin-based fund to nine, strengthening its liquidity and trading ecosystem.

全球最大的资产管理公司贝莱德 (BlackRock) 取得了重大进展，通过增加四家著名的华尔街公司：花旗 (Citi)、Citadel、高盛 (Goldman Sachs) 和瑞银。此次扩张将贝莱德比特币基金的 AP 总数增加到 9 个，从而增强了其流动性和交易生态系统。

Amendment Reveals Updated Details of BlackRock's Bitcoin ETF

修正案公布了贝莱德比特币 ETF 的最新细节

The addition of these APs was disclosed through an amendment filed with the Securities and Exchange Commission (SEC) on April 5. The amendment provides insights into the latest developments surrounding BlackRock's spot Bitcoin ETF offering.

这些 AP 的增加是通过 4 月 5 日向美国证券交易委员会 (SEC) 提交的修正案披露的。该修正案提供了有关贝莱德现货比特币 ETF 发行的最新进展的见解。

Surge in Amended Bitcoin ETF Applications

修订后的比特币 ETF 申请激增

BlackRock's announcement comes amidst a flurry of activity in the Bitcoin ETF market, with several other firms submitting amended filings for their own spot Bitcoin ETF applications. On January 8, industry leaders such as Ark Invest/21Shares, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie filed amended S-1 forms with the SEC, representing a critical step in the approval process.

贝莱德宣布这一消息之际，比特币 ETF 市场出现了一系列活动，其他几家公司也为自己的现货比特币 ETF 申请提交了修改后的文件。 1 月 8 日，Ark Invest/21Shares、VanEck、WisdomTree、Invesco、Fidelity 和 Valkyrie 等行业领导者向 SEC 提交了修订后的 S-1 表格，这是批准过程中的关键一步。

Sponsor Fees and Strategic Adjustments

保荐费和战略调整

The amended filings shed light on the financial structures supporting these potential spot Bitcoin ETFs. BlackRock has set its sponsor fee at 0.3%, with a reduced rate of 0.2% for the initial year or until the ETF reaches $5 billion in assets. VanEck has opted for one of the lowest permanent fees among issuers at 0.25%, while WisdomTree has chosen a higher fee of 0.5%. Notably, Ark Invest and 21Shares have announced a waiver of their 0.25% fee for the first $1 billion in transactions.

修改后的文件揭示了支持这些潜在比特币 ETF 现货的金融结构。贝莱德将保荐费设定为 0.3%，第一年或直到 ETF 资产达到 50 亿美元之前，保荐费降低 0.2%。 VanEck 选择了发行人中最低的永久费用之一，即 0.25%，而 WisdomTree 选择了更高的 0.5% 费用。值得注意的是，Ark Invest 和 21Shares 宣布免除前 10 亿美元交易的 0.25% 费用。

Role of Authorized Participants in ETF Market

ETF 市场授权参与者的角色

Authorized participants play a crucial role in the ETF market, ensuring liquidity by creating and redeeming ETF shares in response to market demand. This process helps maintain ETF prices closely aligned with the net asset value of the underlying assets. APs typically procure the necessary assets to create ETF shares and receive a package of shares in return, known as a creation unit.

授权参与者在 ETF 市场中发挥着至关重要的作用，通过根据市场需求创建和赎回 ETF 份额来确保流动性。这一过程有助于保持 ETF 价格与标的资产的资产净值紧密一致。 AP 通常会采购必要的资产来创建 ETF 份额，并收到一揽子份额作为回报，称为创建单位。

Significance of BlackRock's AP Selection

贝莱德选择AP的意义

BlackRock's decision to expand its AP network, coupled with the surge in amended applications for spot Bitcoin ETFs, signals a significant advancement in the development of these products in the United States. The coming weeks and months will be pivotal in determining the fate of these applications and their potential impact on the cryptocurrency market.

贝莱德决定扩大其 AP 网络，加上现货比特币 ETF 修改申请的激增，标志着这些产品在美国的开发取得了重大进展。未来几周和几个月对于决定这些应用程序的命运及其对加密货币市场的潜在影响至关重要。

SEC's Public Comment Phase for Ethereum ETFs

美国证券交易委员会 (SEC) 针对以太坊 ETF 的公众评议阶段

In a related development, the SEC has initiated a public comment phase for three proposed Ethereum spot ETFs, marking a crucial step in the potential approval process for these offerings. Grayscale Investments, Fidelity, and Bitwise are each submitting proposals for these ETFs.

在相关进展中，美国证券交易委员会已针对三项拟议的以太坊现货 ETF 启动了公众评议阶段，这标志着这些产品的潜在审批流程迈出了关键一步。 Grayscale Investments、Fidelity 和 Bitwise 分别提交了这些 ETF 的提案。

Analysts' Outlook on Ethereum ETFs

分析师对以太坊 ETF 的展望

While optimism surrounds Bitcoin ETF approvals, analysts remain cautious about the approval of Ethereum ETFs. They cite the SEC's historical resistance to such offerings and the complexity surrounding Ethereum's classification as a security. SEC Chairman Gary Gensler's comments that Bitcoin ETF approval did not extend to other crypto assets have also raised uncertainty.

尽管人们对比特币 ETF 的批准持乐观态度，但分析师对以太坊 ETF 的批准仍持谨慎态度。他们引用了美国证券交易委员会历史上对此类产品的抵制以及以太坊作为证券分类的复杂性。美国证券交易委员会 (SEC) 主席加里·詹斯勒 (Gary Gensler) 表示，比特币 ETF 的批准并未扩展到其他加密资产，这也引发了不确定性。

Stakeholders Advocate for Ethereum-Based Products

利益相关者倡导基于以太坊的产品

Despite the potential delay in Ethereum ETF approvals, industry stakeholders like ConsenSys are advocating for the approval and mainstream adoption of Ethereum-based offerings. They emphasize the robust security measures inherent in Ethereum's design, arguing that these measures address regulatory concerns and facilitate the approval process.

尽管以太坊 ETF 的批准可能会延迟，但像 ConsenSys 这样的行业利益相关者仍在倡导基于以太坊的产品的批准和主流采用。他们强调以太坊设计中固有的强大安全措施，认为这些措施解决了监管问题并促进了审批流程。

Conclusion

结论

The addition of authorized participants to BlackRock's spot Bitcoin ETF and the surge in amended Bitcoin ETF applications highlight the increasing momentum behind these products in the United States. The SEC's public comment phase for Ethereum ETFs marks another step in the regulatory landscape for cryptocurrency-based financial offerings. As the industry awaits the outcome of these applications, the coming weeks and months will provide a clearer picture of the future of these products and their potential impact on the wider cryptocurrency market.

贝莱德现货比特币 ETF 的授权参与者的增加以及修改后的比特币 ETF 申请的激增凸显了这些产品在美国背后的增长势头。美国证券交易委员会对以太坊 ETF 的公众评议阶段标志着基于加密货币的金融产品监管领域又迈出了一步。当业界等待这些申请的结果时，未来几周和几个月将更清楚地了解这些产品的未来及其对更广泛的加密货币市场的潜在影响。