CBOE BZX Exchange File Files使用SEC更改拟议的规则更改，该规则将允许实物创作和赎回Invesco Galaxy Bitcoin ETF和Invesco Galaxy Ethereum Etf

CBOE BZX Exchange已向美国证券交易委员会（SEC）提出了拟议的规则更改，该规则将允许对Invesco Galaxy Bitcoin ETF和Invesco Galaxy Ethereum ETF进行实物创造和赎回。

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from Cboe BZX Exchange that would permit in-kind creations and redemptions for the Invesco Galaxy Bitcoin ETF (BTC) and Invesco Galaxy Ethereum ETF (ETH).

美国证券交易委员会（SEC）正在审查CBOE BZX交易所提出的规则更改，该规则将允许对Invesco Galaxy Bitcoin ETF（BTC）和Invesco Galaxy Ethereum ETF（ETH）进行实物创造和赎回。

The proposal, filed on Monday, March 12, modifies the procedures for authorized participants to interact with the ETFs, which could improve market efficiency.

该提案于3月12日星期一提交，修改了授权参与者与ETF互动的程序，这可以提高市场效率。

The proposed rule change concerns the two flagship crypto ETFs that launched in early 2024.

拟议的规则变更涉及2024年初推出的两个旗舰加密ETF。

The Bitcoin ETF was the first to receive regulatory approval, with the SEC granting its approval in January 2024. Shortly after, the Commission also approved the Ethereum ETF, marking a significant milestone in the U.S. crypto market.

比特币ETF是第一个获得监管机构批准的人，SEC于2024年1月获得批准。不久之后，委员会还批准了以太坊ETF，这是美国加密货币市场的重要里程碑。

Both ETFs began trading on U.S. exchanges in February 2024.

两种ETF开始于2024年2月开始在美国交易所进行交易。

The new option would allow authorized participants to choose between using cash or the actual cryptocurrencies when trading with the funds.

新选项将允许授权参与者在与资金交易时使用现金或实际加密货币之间的选择。

The rule change would apply to authorized participants, who are financial institutions that work directly with ETF issuers to create and redeem large blocks of shares.

规则更改将适用于授权参与者，这些参与者是直接与ETF发行人合作以创建和赎回大量股份的金融机构。

Regular investors who buy ETF shares on the stock exchange would not be affected by the proposed change.

在证券交易所购买ETF股票的常规投资者不会受到拟议变更的影响。

The proposed in-kind option provides an alternative to the current cash-only model.

拟议的实物选项为当前仅现金模型提供了替代方案。

When creating new ETF shares using the in-kind model, authorized participants would deliver Bitcoin or Ethereum directly to the funds. Conversely, when redeeming shares, they would receive the cryptocurrencies in return.

在使用实物模型创建新的ETF共享时，授权参与者将直接向资金交付比特币或以太坊。相反，当兑换股票时，他们将获得加密货币作为回报。

This differs from the current cash-only system where participants must convert between cash and crypto during the creation and redemption process.

这不同于当前仅现金系统，在创建和赎回过程中，参与者必须在现金和加密之间进行转换。

The cash-only requirement was part of the original conditions set when the SEC first approved these products.

SEC首次批准这些产品时，仅现金要求是原始条件的一部分。

According to the filing, the in-kind option would make the ETFs “operate more efficiently because authorized participants would be able to source bitcoin or ether, as applicable, rather than to provide cash to the applicable Trust.”

根据文件，实物选项将使ETF“更有效地运行，因为授权参与者能够为适用的情况提供比特币或以太币，而不是为适用的信托提供现金。”

Another advantage is that the in-kind process would “potentially lessen the impact on the market of the Trusts on both sides of the transaction.” This happens because the authorized participant would be responsible for buying and selling the underlying crypto assets rather than the Trust itself.

另一个优点是，实物过程“可能会减少交易两面对信托市场的影响”。之所以发生这种情况，是因为授权参与者将负责购买和出售基础加密资产，而不是信托本身。

The filing notes that purchase orders for in-kind creations would need to be placed by 4:00 p.m. Eastern Time, while the deadline for cash creations would remain at 2:30 p.m. Eastern Time.

文件指出，需要在东部时间下午4:00之前下达实物创作的采购订单，而现金创造的截止日期将在东部时间下午2:30保留。

For in-kind redemptions, the process would mirror the creation process. Authorized participants would deliver ETF shares to the Trust and receive the underlying cryptocurrencies in return.

对于实物兑换，该过程将反映创建过程。授权参与者将向信托提供ETF股票，并获得基本的加密货币作为回报。

The proposed change follows similar requests from other Bitcoin ETF issuers.

拟议的更改遵循其他比特币ETF发行人的类似请求。

Bloomberg ETF analyst James Seyffart previously noted that in-kind transactions should help streamline the ETF market by reducing the number of steps and parties involved in the process.

彭博ETF分析师詹姆斯·塞夫特（James Seyffart）先前指出，内在交易应通过减少该过程中涉及的步骤和各方的数量来帮助简化ETF市场。

Despite their innovation, crypto ETFs have faced market challenges recently.

尽管他们创新了加密ETF，但最近仍面临市场挑战。

Data from Farside Investors shows that Bitcoin ETFs experienced outflows of $371 million on Tuesday, extending seven consecutive days of withdrawals.

Farside Investors的数据显示，比特币ETF在周二经历了3.71亿美元的流出，连续延长了七天的撤离。

The trend continues a recent pattern of institutional outflows from crypto products.

这种趋势延续了最近的加密产品机构流出模式。

Ethereum ETFs also saw outflows, with inflows of $21.57 million extending to five straight days of withdrawals.

以太坊ETF还看到了流出，流入了2157万美元，延长到连续五天的撤离时间。

The SEC will review the proposed rule change and has opened a public comment period. The agency can approve the change, disapprove it, or extend the review period for up to 90 days.

SEC将审查拟议的规则更改，并开放了公众意见期。该机构可以批准更改，不赞成或将审查期限延长至90天。