为了吸引投资者，加密货币 ETF 变得越来越有创意，但风险也可能更高

交易所交易基金的供应商正在寻找更具创意（也可能风险更大）的方法来吸引投资者进入加密货币热潮。

ProShares filed paperwork on Friday for an exchange-traded fund that would calculate the S&P 500’s return in Bitcoin, the latest in a slew of new crypto-related ETF filings emerging from Wall Street.

ProShares 周五提交了一只交易所交易基金的文件，该基金将计算标准普尔 500 指数的比特币回报率，这是华尔街出现的一系列新的加密货币相关 ETF 文件中的最新一份。

The filings, if approved, would introduce over a dozen crypto-focused funds in 2025, a year after the first-ever US Bitcoin ETFs hit the market.

这些文件如果获得批准，将在 2025 年（即美国首只比特币 ETF 上市一年后）推出十多个专注于加密货币的基金。

The filings show that Strive Asset Management and REX Shares are planning funds to offer exposure to convertible bonds issued by companies that buy Bitcoin. Meanwhile, ETF company Volatility Shares is aiming to launch inverse and leveraged Solana funds, along with an ETF that would track the sixth-largest digital token using futures contracts.

文件显示，Strive Asset Management 和 REX Shares 正在计划提供资金，以投资购买比特币的公司发行的可转换债券。与此同时，ETF 公司 Volatility Shares 计划推出反向和杠杆 Solana 基金，以及使用期货合约追踪第六大数字代币的 ETF。

“This is the continued evolution of launches to incorporate crypto strategies into ETFs. We’ll see a lot of these in 2025,” said Bloomberg Intelligence’s Athanasios Psarofagis. “It’s the hot thing — issuers love to strike when the theme is hot. We’ll see crypto everything.”

“这是将加密策略纳入 ETF 的持续发展。到 2025 年，我们将看到很多这样的情况，”彭博资讯的 Athanasios Psarofagis 说道。 “这是热门话题——发行人喜欢在主题热门时出击。我们将看到加密货币的一切。”

The filings come amid a booming year for crypto, with Bitcoin — the world’s largest digital asset — surging over 120% to cross above $100,000. That boost is partly due to incoming president Donald Trump’s embrace of the industry, with many market-watchers betting that a looser regulatory stance by his administration could help the crypto space grow further.

这些文件是在加密货币蓬勃发展的一年中发布的，全球最大的数字资产比特币飙升超过 120%，突破 10 万美元。这种提振的部分原因是即将上任的总统唐纳德·特朗普对该行业的拥抱，许多市场观察人士押注他的政府放松监管立场可能有助于加密货币领域进一步发展。

The enthusiasm over his election helped push annual inflows for the biggest Bitcoin ETF — one by BlackRock — to over $37 billion for the year, the third-most of all funds, data compiled by Bloomberg show.

彭博社汇编的数据显示，对他当选的热情帮助推动最大的比特币 ETF（贝莱德旗下的一只）的年度资金流入超过 370 亿美元，在所有基金中排名第三。

Bitcoin fan and MicroStrategy Inc. co-founder Michael Saylor took advantage of surging crypto prices by doubling down on his tactic of purchasing the largest token for the company’s reserves. MicroStrategy has been using a mix of new equity and sales of convertible bonds to help finance the buying — and other companies have similar plans.

比特币爱好者、MicroStrategy Inc. 联合创始人 Michael Saylor 利用加密货币价格飙升的机会，加倍策略购买最大的代币作为公司储备。 MicroStrategy 一直在利用新股和销售可转换债券的组合来帮助为收购融资，其他公司也有类似的计划。

Theمواد بلاستيكية ETF intends to invest a majority of its assets in convertible bonds issued by companies that hold Bitcoin, according to the filing. Meanwhile, Strive is proposing to launch a fund that invests in derivatives such as swaps and options to get exposure to convertible securities issued by MicroStrategy or other companies with similar investment strategies, according to paperwork filed last week.

文件显示，巴巴多斯 ETF 打算将其大部分资产投资于持有比特币的公司发行的可转换债券。与此同时，根据上周提交的文件，Strive 提议推出一只投资掉期和期权等衍生品的基金，以获得 MicroStrategy 或其他具有类似投资策略的公司发行的可转换证券的投资。

“It is rare that a new asset class comes around for the investing masses, and that’s what crypto is now — and Wall Street is always great at creating supply when there is demand,” said Todd Sohn, an ETF strategist at Strategas. “So this is the evolution of the crypto ETF spectrum: futures-based, spot, thematic, and now convertibles, both hyper specific for MicroStrategy and whoever else gets involved in a similar capacity.”

Strategas 的 ETF 策略师托德·索恩 (Todd Sohn) 表示：“对于投资大众来说，很少有新的资产类别出现，而这就是现在的加密货币——而华尔街总是擅长在有需求时创造供应。” “因此，这就是加密 ETF 系列的演变：基于期货的、现货的、主题的，以及现在的可转换债券，两者都是针对 MicroStrategy 以及其他参与类似能力的公司的。”