富达现货以太 ETF：有潜在回报的高风险赌注

富达向 SEC 提交的 S-1 申请旨在在 Cboe BZX 交易所建立现货以太坊 (ETH) 交易所交易基金 (ETF)。富达的 ETF 将允许对其持有的部分 ETH 进行质押，但会面临处罚和流动性问题等风险。该申请概述了监管的不确定性、潜在的政治反对以及与质押奖励和分叉决策相关的风险。美国证券交易委员会对以太坊基金会的持续调查和监管问题可能会影响审批流程，分析师对大型矿池的质押权集中以及 ETF 对以太坊生态系统的潜在影响表示担忧。

Is Fidelity's Spot Ether ETF a Risky Bet?

富达的现货以太 ETF 是一个冒险的赌注吗？

On March 27, Fidelity filed an S-1 application with the SEC to unveil a spot Ether (ETH) exchange-traded fund (ETF). As anticipated from an earlier filing, the ETF grants Fidelity the flexibility to stake a portion of its ETH holdings.

3 月 27 日，富达向 SEC 提交 S-1 申请，推出现货以太坊 (ETH) 交易所交易基金 (ETF)。正如之前提交的文件中所预期的那样，该 ETF 赋予富达投资持有其部分 ETH 的灵活性。

Is Staking a Prudent Move?

质押是一个谨慎的举动吗？

The ETF would trade on the Cboe BZX Exchange, with Fidelity Digital Asset Services as custodian of the trust's ETH. According to the S-1, the fund intends to stake a portion of its assets through one or more staking infrastructure providers. However, this decision comes with added risks, including the potential for "slashing" penalties and liquidity risks during stake processing. Additionally, staking rewards will be treated as income for the fund for tax purposes, triggering taxable events for investors even without associated distributions from the trust.

该 ETF 将在 Cboe BZX 交易所进行交易，富达数字资产服务公司作为该信托基金 ETH 的托管人。根据 S-1 的说法，该基金打算通过一个或多个质押基础设施提供商质押其部分资产。然而，这一决定会带来额外的风险，包括潜在的“大幅”处罚和权益处理过程中的流动性风险。此外，出于税收目的，质押奖励将被视为基金收入，即使没有信托的相关分配，也会引发投资者的应税事件。

What Are the Fees and Other Considerations?

费用和其他注意事项是什么？

The application remains mum on the anticipated fees for the ETF. In the event of a fork, the custodian will determine which chain the fund supports. Moreover, the ETF faces multiple other risks. The form highlights potential regulatory measures in the US and beyond that could adversely affect the fund. Termination triggers include the SEC deeming the fund an investment company under the 1940 Act, the CFTC classifying it as a commodity pool under the CEA, and the Treasury Department's FinCEN designating it as a money service business.

该申请对 ETF 的预期费用保持沉默。如果发生分叉，托管人将决定基金支持哪条链。此外，ETF还面临多种其他风险。该表格强调了美国及其他地区可能采取的监管措施可能对该基金产生不利影响。终止触发因素包括 SEC 将该基金视为 1940 年法案规定的投资公司、CFTC 将其归类为 CEA 下的商品池，以及财政部的 FinCEN 将其指定为货币服务业务。

Is SEC Scrutiny a Roadblock?

SEC 审查是障碍吗？

Reports indicate that the SEC is investigating the Ethereum Foundation, which analysts suggest could impact the prospects of spot ETH ETF approval. Additionally, political opposition to spot ETH ETFs has emerged.

有报道称，SEC 正在调查以太坊基金会，分析师认为这可能会影响现货 ETH ETF 的批准前景。此外，对现货 ETH ETF 的政治反对已经出现。

Could an ETF Alter the Ethereum Landscape?

ETF 能否改变以太坊格局？

The Ethereum blockchain is susceptible to 51% attacks, where a malicious entity could seize governance by controlling a majority of votes. According to the form, "the top three largest staking pools controlled nearly 50% of the ether staked on the Ethereum network." Lido DAO stands as the dominant ETH staking pool, holding 31.5% of all staked ETH.

以太坊区块链容易受到 51% 攻击，恶意实体可以通过控制多数选票来夺取治理权。根据该表格，“前三大质押池控制着以太坊网络上近 50% 的以太币”。 Lido DAO 是占主导地位的 ETH 质押池，持有所有质押 ETH 的 31.5%。

Analysts posit that a spot ETH ETF could diminish the influence of DAOs, while also introducing "concentration risk" based on how ETFs distribute ETH among stakers.

分析师认为，现货 ETH ETF 可能会削弱 DAO 的影响力，同时还会根据 ETF 在利益相关者之间分配 ETH 的方式引入“集中风险”。

Is the SEC Holding Up Approval?

SEC 是否会推迟批准？

The SEC has extended the approval deadline for other ETH ETFs to May 23. Eight applicants await the SEC's decision regarding spot ETH ETFs.

SEC 将其他 ETH ETF 的批准截止日期延长至 5 月 23 日。八名申请人正在等待 SEC 关于现货 ETH ETF 的决定。

Conclusion

结论

Fidelity's spot ETH ETF application raises questions about potential risks, regulatory challenges, and the impact on the Ethereum ecosystem. The SEC's scrutiny of the Ethereum Foundation and political opposition add layers of uncertainty. While an ETF could bring new investors to Ethereum, it also introduces complexities that warrant careful consideration.

富达的现货 ETH ETF 申请引发了有关潜在风险、监管挑战以及对以太坊生态系统影响的问题。美国证券交易委员会对以太坊基金会和政治反对派的审查增加了层层不确定性。虽然 ETF 可以为以太坊带来新的投资者，但它也带来了需要仔细考虑的复杂性。