CBOE BZX Exchange提出了代表Invesco Galaxy与美国SEC的规则更改

CBOE BZX交易所提出了代表Invesco Galaxy与美国SEC的规则更改，寻求批准对Invesco Galaxy的比特币和以太坊ETF股票的实物创建和赎回。

The Cboe BZX Exchange has proposed a rule change with the U.S. SEC on behalf of Invesco Galaxy. The proposal, which is open for public feedback, aims to approve the in-kind creation and redemption of Invesco Galaxy’s Bitcoin and Ethereum ETF shares.

CBOE BZX交易所已代表Invesco Galaxy与美国SEC提出了规则更改。该提案旨在供公众反馈，旨在批准Invesco Galaxy的比特币和以太坊ETF股票的实物创造和赎回。

The proposal, which was filed on March 13, clarifies that only institutional investors will be eligible for the in-kind transactions model. Individual investors will still be required to use the cash-based model when buying or redeeming ETF shares.

该提案于3月13日提出，澄清说，只有机构投资者才有资格获得实物交易模式。购买或兑换ETF股票时，个人投资者仍将被要求使用基于现金的模型。

In-kind creation and redemption of Invesco Galaxy’s BTC and ETH ETF shares will allow institutional clients to direct exchange digital assets for ETF shares without the need for cash.

Invesco Galaxy的BTC和ETH ETF股票的实物创建和赎回将使机构客户无需现金而无需现金而指导ETF股票的交换数字资产。

The new model is expected to eliminate the need for institutions to sell crypto holdings to create shares, thus reducing the time needed to complete transactions and avoiding additional payments/commissions to brokers. If approved, the proposal will allow investors to tap into Bitcoin (BTC) and Ethereum (ETH) without needing to hold the assets physically.

预计新模型将消除机构出售加密货币持有股份以创建股票的需求，从而减少完成交易所需的时间，并避免向经纪人付款/佣金。如果获得批准，该提案将允许投资者利用比特币（BTC）和以太坊（ETH），而无需物理上持有资产。

Cboe files to allow Invesco Galaxy’s in-kind transaction model

CBOE文件允许Invesco Galaxy的实物交易模型

CBOE BZX's proposal for Invesco Galaxy's physical creation model could shake up the crypto landscape. Expect widened institutional access, slashed trading costs, and ramped-up liquidity for $BTC and $ETH ETFs. 🚀

CBOE BZX对Invesco Galaxy物理创建模型的提议可能会动摇加密景观。预计机构通行，削减交易成本以及$ BTC和$ ETH ETF的流动性加剧。 🚀

– Direct swaps = more demand, possible price surge 📈– SEC's…

- 直接掉期=更多需求，可能的价格涨幅📈– sec的…

"Cboe BZX Exchange, Inc. (the "Exchange" or "BZX") proposes to amend several parts of its previously approved rule filing to list and trade the BTC ETP Amendment No. 2 and ETH ETP Amendment No. 1 to permit in-kind creations and redemptions.

“ CBOE BZX Exchange，Inc。（“交易所”或“ BZX”）提议修改其先前批准的规则的几部分，以列出和交易BTC ETP 2号和ETH ETP ETP第1号修订，以允许实物创造和赎回。

The proposal, which is open for public feedback, aims to approve the in-kind creation and redemption of Invesco Galaxy’s Bitcoin and Ethereum ETF shares. The proposal, which was filed on March 13, clarifies that only institutional investors will be eligible for the in-kind transactions model. Individual investors will still be required to use the cash-based model when buying or redeeming ETF shares.

该提案旨在供公众反馈，旨在批准Invesco Galaxy的比特币和以太坊ETF股票的实物创造和赎回。该提案于3月13日提出，澄清说，只有机构投资者才有资格获得实物交易模式。购买或兑换ETF股票时，个人投资者仍将被要求使用基于现金的模型。

In-kind creation and redemption of Invesco Galaxy’s BTC and ETH ETF shares will allow institutional clients to direct exchange digital assets for ETF shares without the need for cash.

Invesco Galaxy的BTC和ETH ETF股票的实物创建和赎回将使机构客户无需现金而无需现金而指导ETF股票的交换数字资产。

The new model is expected to eliminate the need for institutions to sell crypto holdings to create shares, thus reducing the time needed to complete transactions and avoiding additional payments/commissions to brokers. If approved, the proposal will allow investors to tap into Bitcoin (BTC) and Ethereum (ETH) without needing to hold the assets physically.

预计新模型将消除机构出售加密货币持有股份以创建股票的需求，从而减少完成交易所需的时间，并避免向经纪人付款/佣金。如果获得批准，该提案将允许投资者利用比特币（BTC）和以太坊（ETH），而无需物理上持有资产。

Cboe proposed amending several parts of its previous rule filing to list and trade BTC ETP Amendment No. 2 and ETH ETP Amendment No. 1 to permit in-kind creations and redemptions. The proposal published this morning included Cboe’s statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change.

CBOE提议修改其先前规则的几个部分，以列出和交易BTC ETP 2号和ETH ETP修正案，以允许实物创造和赎回。今天上午发布的提案包括有关拟议规则更改目的和基础的陈述，并讨论了其对拟议规则更改的任何评论。

The Exchange also denied that the proposed rule change would impose any burden on competition that is not necessary or appropriate in ‘furtherance of the purposes of the Act’. Cboe highlighted that the proposed amendments were intended to allow Invesco Galaxy’s ETFs to operate more efficiently.

该交易所还否认，拟议的规则变更将对竞争施加任何负担，这些负担在“促进该法案的目的”中不必要或不合适。 CBOE强调，提出的修正案旨在允许Invesco Galaxy的ETF更有效地运行。

Serial entrepreneur Austin Zaback claimed that Bitcoin excitement was ramping up as Cboe’s move to allow in-kind redemptions for Invesco Galaxy’s ETFs projected bullish times ahead, even with $7B BTC liquidations at $92,500 hinting at a massive short squeeze. On March 12th, Farside’s data revealed that Bitcoin ETFs saw over $371 million in outflows, marking the seventh straight day of consecutive outflows. Ethereum also extended its negative flows streak to five days with over $21 million in outflows.

连续企业家奥斯汀·扎巴克（Austin Zaback）声称，随着CBOE的举动允许Invesco Galaxy的ETF的实现兑换，比特币兴奋正在加剧，即使在$ 92,500的薪水下，即使在$ 92,500的薪水中，也以7b BTC的清算时间投入了$ 92,500的速度。 3月12日，Farside的数据显示，比特币ETF的外流超过3.71亿美元，这是连续第七天的流出。以太坊还将其负面流程扩大到五天，流出超过2100万美元。

Cboe’s filing follows similar moves by BlackRock, which also recently sought approval for the in-kind redemption model.

CBOE的文件遵循BlackRock的类似举动，该动作最近也寻求实物赎回模型的批准。

Cboe believes the proposal is consistent with the Securities Exchange Act of 1934

CBOE认为该提案与1934年的《证券交易法》一致

Cboe claimed that the proposed rule change was consistent with the requirements of Section 6(b) and Section 6(b)(5) of the Act. Specifically, Cboe pointed out that the proposed rule change was consistent with the Section 6(b)(5) requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices and to promote just and equitable principles of trade.

CBOE声称，拟议的规则更改与该法第6（b）条和第6（b）（5）节的要求一致。具体而言，CBOE指出，拟议的规则更改与第6（b）（5）条的要求一致，即交换规则的设计旨在防止欺诈性和操纵性行为和实践，并促进公正，公平的贸易原则。

The rules should also be designed to promote cooperation and coordination with persons engaged in regulating, clearing, settling, processing information, and facilitating transactions in securities to remove barriers and perfect the mechanism of a free and open market and a national market system, and generally, to protect investors and public interest.

该规则还应旨在促进与从事监管，清算，定居，处理信息的人员进行合作和协调，并促进证券交易，以消除障碍，并完善自由和公开市场的机制以及国家市场体系的机制，以及一般而言，以保护投资者和公众利益。

The exchange also noted that all other representations in the BTC ETP Amendment No. 2 and ETH ETP Amendment No. 1 remain unchanged except for the proposed rule changes.

该交换还指出，除了提出的规则更改外，BTC ETP修正案和ETH ETP修正案的所有其他代表都保持不变。

The public

公众