灰度比特币迷你信托：投资比特币的新方式

随着比特币受欢迎程度的上升，灰度为小投资者引入了一种获得比特币投资的新方式：灰度比特币迷你信托。

Grayscale has introduced a new way for smaller investors to gain exposure to bitcoin: the Grayscale Bitcoin Mini Trust. This article will explain what the trust is, how it functions and what makes it significant. By the end, you’ll understand how this option could fit into an investment strategy and the potential risks to consider.

灰度为小投资者引入了一种获取比特币的新方式：灰度比特币迷你信托。本文将解释什么是信托、它如何运作以及它的重要性。最后，您将了解此选项如何适合投资策略以及需要考虑的潜在风险。

What Is Grayscale’s Bitcoin Mini Trust?

什么是灰度的比特币迷你信托？

Grayscale's Bitcoin Mini Trust is a passive investment vehicle created for investors seeking easy exposure to bitcoin within a traditional brokerage account. Its ticker is BTC, not to be confused with the ticker for bitcoin, which is also BTC.

Grayscale 的比特币迷你信托是一种被动投资工具，专为寻求在传统经纪账户中轻松接触比特币的投资者而创建。它的股票代码是 BTC，不要与比特币的股票代码混淆，比特币的股票代码也是 BTC。

Unlike Grayscale’s larger Bitcoin Trust (GBTC), the Bitcoin Mini Trust has lower minimum investment requirements and much lower fees. Designed to mirror bitcoin’s price, the Bitcoin Mini Trust is listed on the NYSE and holds bitcoin directly. Share price reflects the trust’s bitcoin holdings minus fees, offering an accessible alternative for those who prefer not to manage a digital wallet or cryptocurrency exchange account.

与灰度较大的比特币信托（GBTC）不同，比特币迷你信托的最低投资要求较低，费用也低得多。比特币迷你信托旨在反映比特币的价格，在纽约证券交易所上市并直接持有比特币。股价反映了信托持有的比特币减去费用，为那些不喜欢管理数字钱包或加密货币交易账户的人提供了一种可行的选择。

The trust’s price is tied to the CoinDesk Bitcoin Price Index (XBX), a reference rate for spot bitcoin in U.S. dollars. With a very competitive annual fee of 0.15%, the Bitcoin Mini Trust covers the costs of administration and custodianship, without additional charges. Grayscale, the largest crypto asset manager globally, has managed regulated crypto investment products since 2013, allowing investors to include bitcoin as a hedge, diversification asset or alternative to fiat investments.

该信托的价格与 CoinDesk 比特币价格指数 (XBX) 挂钩，该指数是美元现货比特币的参考汇率。比特币迷你信托年费为 0.15%，极具竞争力，涵盖管理和托管费用，无需额外费用。全球最大的加密资产管理公司 Grayscale 自 2013 年以来一直管理受监管的加密投资产品，允许投资者将比特币作为对冲、多元化资产或法定投资的替代品。

How Does the Bitcoin Mini Trust Work?

比特币迷你信托如何运作？

The Bitcoin Mini Trust works by holding bitcoin in custody with Coinbase Custody Trust Company, LLC, an entity affiliated with Coinbase. This custody arrangement helps investors bypass the technical complexities of wallet management.

比特币迷你信托的运作方式是由Coinbase Custody Trust Company, LLC（Coinbase 的附属实体）托管比特币。这种托管安排有助于投资者绕过钱包管理的技术复杂性。

Shares in the trust represent portions of the bitcoin held, with a “basket” system set at 10,000 shares per basket. Each share’s value is tied to an index price, updated daily, which aims to closely reflect bitcoin’s market value. Authorized participants, working within the NYSE Arca platform, trade the shares, helping maintain alignment between the share price and bitcoin’s market price.

信托中的股份代表所持有的比特币的一部分，“篮子”系统设定为每个篮子 10,000 股。每份股票的价值都与每日更新的指数价格挂钩，旨在密切反映比特币的市场价值。授权参与者在 NYSE Arca 平台内进行股票交易，帮助维持股价与比特币市场价格之间的一致性。

Significance Of The Mini Trust

迷你信托的意义

The Grayscale Bitcoin Mini Trust offers investors simplified access to bitcoin’s price movements utilizing a registered investment product that is listed on the NYSE, making it appealing for those seeking exposure to the price of bitcoin without holding physical bitcoin.

灰度比特币迷你信托利用在纽约证券交易所上市的注册投资产品，为投资者提供了简化了解比特币价格走势的途径，这对于那些寻求在不持有实物比特币的情况下了解比特币价格的人来说很有吸引力。

With a low entry requirement and the lowest fees among spot bitcoin ETPs, the Bitcoin Mini Trust enables a broader, more diversified investor base. As a “spin-off” product seeded by transferring 10% of GBTC’s bitcoin holdings, it launched with $1.7 billion in assets under management (AUM) and a net asset value (NAV) of $5.84 per share.

凭借较低的准入要求和现货比特币 ETP 中最低的费用，比特币迷你信托能够建立更广泛、更多元化的投资者基础。作为通过转让 GBTC 10% 比特币持有量而诞生的“分拆”产品，它的管理资产 (AUM) 为 17 亿美元，每股资产净值 (NAV) 为 5.84 美元。

Grayscale’s track record, including GBTC’s pioneering role and regulatory victories, lends credibility to the Bitcoin Mini Trust as an accessible vehicle for cost-efficient bitcoin exposure in traditional portfolios.

Grayscale 的业绩记录，包括 GBTC 的先驱作用和监管胜利，为比特币迷你信托提供了可信度，使其成为传统投资组合中经济高效的比特币敞口的便捷工具。

Investment Strategies Using The Mini Trust

使用迷你信托的投资策略

The Bitcoin Mini Trust can be adapted to many strategies depending on your investment goals. For the long term, investors might use the Bitcoin Mini Trust to hold bitcoin exposure within a retirement or diversified portfolio. Conversely, short-term traders could leverage its daily liquidity to benefit from bitcoin’s price volatility. With the Bitcoin Mini Trust accessible within a traditional brokerage account, it can play a role in various financial strategies.

比特币迷你信托可以根据您的投资目标适应多种策略。从长远来看，投资者可以使用比特币迷你信托在退休或多元化投资组合中持有比特币。相反，短期交易者可以利用其日常流动性从比特币的价格波动中受益。通过在传统经纪账户中访问比特币迷你信托，它可以在各种财务策略中发挥作用。

Risks And Considerations To Make

风险和考虑因素

Several risks come with investing in the Grayscale Bitcoin Mini Trust that potential investors should carefully consider. First, it operates within a developing regulatory landscape; changes in U.S. or global regulations could impact the availability, trading or even legality of the trust, particularly as regulatory agencies like the SEC and IRS continue to refine their approach to digital assets.

投资灰度比特币迷你信托会带来一些风险，潜在投资者应仔细考虑。首先，它在不断发展的监管环境中运作；美国或全球法规的变化可能会影响信托的可用性、交易甚至合法性，特别是在美国证券交易委员会和美国国税局等监管机构不断完善其数字资产管理方法的情况下。

Another significant risk is counterparty exposure. Because the trust holds bitcoin with Coinbase, investors must trust Coinbase to secure the bitcoin. If the custodian encounters a security breach, operational issues or regulatory action, the trust’s value could be affected, and access to assets could even be restricted or lost.

另一个重大风险是交易对手风险。由于信托公司通过 Coinbase 持有比特币，因此投资者必须信任 Coinbase 来确保比特币的安全。如果托管人遇到安全漏洞、运营问题或监管行动，信托的价值可能会受到影响，资产的访问甚至可能受到限制或丢失。

Finally, the trust doesn’t allow in-kind redemptions, meaning that you cannot redeem your shares for physical bitcoin. Because of this, there is the possibility that you could experience liquidity limitations or even trade the Bitcoin Mini Trust’s shares at a discount to its net asset value (NAV), especially if there is a significant market disruption or liquidity shortfall.

最后，该信托不允许实物赎回，这意味着您无法将您的股票赎回为实物比特币。因此，您可能会遇到流动性限制，甚至以​​低于其资产净值 (NAV) 的折扣价交易比特币迷你信托的股票，特别是在出现严重市场混乱或流动性短缺的情况下。

How To Invest In The Bitcoin Mini Trust

如何投资比特币迷你信托

To buy shares of the Grayscale Bitcoin Mini Trust, begin by researching suitable brokerage platforms or exchanges that offer access to the NYSE Arca. Examples include Interactive Brokers, E*TRADE, Charles Schwab, Fidelity, and Robinhood.

要购买灰度比特币迷你信托的股票，首先要研究提供 NYSE Arca 访问权限的合适经纪平台或交易所。例子包括盈透证券、E*TRADE、嘉信理财、富达和罗宾汉。

Once you decide on a broker, open and fund a brokerage account, and find the Bitcoin Mini Trust under its ticker symbol “BTC.” (Note that this ticker symbol may cause confusion, since the ticker for bitcoin itself is also BTC.) Once you find

一旦您决定选择经纪人，就可以开设一个经纪账户并为其提供资金，然后在其股票代码“BTC”下找到比特币迷你信托。 （请注意，这个股票代码可能会引起混淆，因为比特币本身的股票代码也是 BTC。）一旦您发现