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在 T-Rex Group 提交文件后，寻求比特币价格杠杆敞口的投资者可能会购买一些辛辣的 TradFi 产品

Investors seeking 2x leveraged exposure to Bitcoin’s price may soon have some new TradFi products to consider, following the T-Rex Group’s filing for several MicroStrategy ETFs on Thursday.

在 T-Rex Group 周四提交了几只 MicroStrategy ETF 申请后，寻求 2 倍杠杆投资比特币价格的投资者可能很快就会考虑一些新的 TradFi 产品。

The issuer of leveraged funds for tech giants like Tesla and Nvidia signaled that the Bitcoin-hungry software firm is next up on its menu. T-Rex submitted applications for two ETFs — one that would deliver 2x long performance on MicroStrategy’s stock — alongside a correlating inverse option, according to filings with the U.S. Securities and Exchange Commission (SEC).

特斯拉和英伟达等科技巨头的杠杆基金发行人表示，这家渴望比特币的软件公司将是其菜单上的下一个目标。根据向美国证券交易委员会 (SEC) 提交的文件，T-Rex 提交了两只 ETF 的申请，其中一只将带来 MicroStrategy 股票 2 倍的长期表现，同时还提交了相关的反向期权。

However, the spiciness associated with digital assets might already be too hot to handle for some. According to Bloomberg ETF analyst Eric Balchunas, T-Rex’s proposed ETFs are positioned toward the particularly pungent end of the scoville scale, used to measure the strength of chilis.

然而，与数字资产相关的辣味可能已经让一些人难以承受。彭博 ETF 分析师 Eric Balchunas 表示，T-Rex 拟议的 ETF 定位于斯科维尔等级中特别辛辣的一端，用于衡量辣椒的强度。

“These are a near-lock to be most volatile ETFs ever seen in the US, will likely be in the neighborhood of 20x the volatility of SPX. The ghost pepper of ETF hot sauce,” he wrote on Twitter (X: TWTR) of the set of products.

“这些几乎是美国有史以来波动性最大的 ETF，其波动性可能是 SPX 的 20 倍左右。 ETF 辣酱的幽灵辣椒，”他在 Twitter（X：TWTR）上写道该系列产品。

T-Rex just filed for the first-ever 2x Microstrategy $MSTR ETFs.. these are a near-lock to be most volatile ETFs ever seen in the US, will likely be in the neighborhood of 20x the volatility of SPX. The ghost pepper of ETF hot sauce. pic.twitter.com/NlUQMVTOxI

T-Rex 刚刚申请了有史以来第一只 2 倍 Microstrategy $MSTR ETF。这些几乎是美国有史以来波动性最大的 ETF，可能是 SPX 波动性的 20 倍左右。 ETF辣酱的鬼椒。 pic.twitter.com/NlUQMVTOxI

— Eric Balchunas (@EricBalchunas) June 27, 2024

- 埃里克·巴尔丘纳斯 (@EricBalchunas) 2024 年 6 月 27 日

This is due to the fact that MicroStrategy utilizes debt and equity to acquire more Bitcoin, which could already be viewed as a leveraged play on the digital asset. Instead of simply holding Bitcoin as an investment vehicle, such as spot Bitcoin ETFs, MicroStrategy has leveraged tools to accumulate the asset.

这是因为 MicroStrategy 利用债务和股权来收购更多比特币，这已经可以被视为数字资产的杠杆游戏。 MicroStrategy 不是简单地持有比特币作为投资工具（例如现货比特币 ETF），而是利用杠杆工具来积累资产。

Earlier this month, MicroStrategy unveiled plans to issue $700 million in unsecured senior convertible notes to add to its massive stash of Bitcoin. It ultimately boosted its holdings to 226,331 BTC after the purchase, or about $13.8 billion at the time of writing. Within crypto, the company has cultivated a reputation for being Bitcoin’s largest corporate holder.

本月早些时候，MicroStrategy 公布了发行 7 亿美元无担保高级可转换票据的计划，以增加其大量比特币储备。购买后，它最终将其持有量增至 226,331 BTC，在撰写本文时约合 138 亿美元。在加密领域，该公司被誉为比特币最大的企业持有者。

Balchunas has previously compared spot Bitcoin ETFs to hot sauce, suggesting a dash of exposure in the average investor’s portfolio is a palatable avenue for most. Most people are “just going to add a little bit” to their portfolio, he wrote of spot Bitcoin ETFs in April.

Balchunas 此前曾将现货比特币 ETF 比作辣酱，这表明对大多数投资者来说，在普通投资者的投资组合中进行少量投资是一种可接受的途径。他在 4 月份谈到现货比特币 ETF 时写道，大多数人“只会在他们的投资组合中增加一点”。

Since MicroStrategy embarked on its Bitcoin buying spree, the company has faced significant price swings at times. Its largest single-day drawdown took place in May of 2022, plummeting 25% amid fallout in the crypto market, according to Market Chameleon.

自从 MicroStrategy 开始疯狂购买比特币以来，该公司有时会面临大幅的价格波动。据 Market Chameleon 称，其最大单日跌幅发生在 2022 年 5 月，由于加密货币市场的影响，其跌幅达 25%。

That said, MicroStrategy’s stock price has rocketed 109% to $1,433 so far this year, aided by the approval of spot Bitcoin ETFs, which gave investors more exposure options in January. Previously, MicroStrategy was viewed as a popular proxy bet toward Bitcoin on Wall Street.

尽管如此，得益于现货比特币 ETF 的批准，MicroStrategy 的股价今年迄今已飙升 109% 至 1,433 美元，这为投资者在 1 月份提供了更多的投资选择。此前，MicroStrategy 被视为华尔街对比特币的流行代理押注。

Edited by Andrew Hayward

安德鲁·海沃德编辑