灰度推出首个针对股权证明资产的主动管理收益基金

Grayscale Investments 推出了首款主动管理投资产品 Grayscale 动态收入基金（GDIF），旨在通过与权益证明加密资产相关的质押奖励来优化收入。该基金专为高净值人士设计，监控质押市场并投资各种代币，例如 Cosmos Osmosis (OSMO)、Solana (SOL) 和 Polkadot (DOT)。 GDIF 每周将代币奖励货币化，每季度向投资者分配收益，并重新平衡代币以获得最佳收入，从而满足数字资产领域对质押收益日益增长的需求。

Grayscale Unveils Actively Managed Income Fund Focusing on Proof-of-Stake Assets

灰度推出专注于权益证明资产的主动管理收益基金

In a significant strategic move to retain clients and diversify its offerings, Grayscale Investments, the world's largest crypto asset manager, has announced the launch of its first actively managed investment product, the Grayscale Dynamic Income Fund (GDIF). The fund aims to optimize income generation for investors through staking rewards associated with proof-of-stake (PoS) crypto assets.

全球最大的加密资产管理公司灰度投资公司宣布推出其首个主动管理投资产品灰度动态收益基金（GDIF），这是留住客户并实现产品多元化的一项重大战略举措。该基金旨在通过与股权证明（PoS）加密资产相关的质押奖励来优化投资者的收入。

Groundbreaking Approach to Staking

突破性的质押方法

The Grayscale Dynamic Income Fund marks an innovative approach to the growing market of PoS digital assets, which offer investors the opportunity to earn rewards for holding and supporting blockchain networks. Unlike traditional investment strategies that rely solely on capital appreciation, GDIF leverages qualitative and quantitative analysis to identify and invest in a portfolio of PoS tokens, maximizing income potential.

灰度动态收入基金标志着不断增长的 PoS 数字资产市场的创新方法，它为投资者提供了通过持有和支持区块链网络获得奖励的机会。与仅依赖资本增值的传统投资策略不同，GDIF 利用定性和定量分析来识别和投资 PoS 代币投资组合，从而最大限度地提高收入潜力。

Upon acquisition, the fund monetizes token rewards into cash on a weekly basis, ensuring a regular income stream for investors. Earnings are distributed quarterly, and the token portfolio is rebalanced strategically to optimize income generation.

收购后，该基金每周将代币奖励货币化为现金，确保投资者的定期收入流。收益按季度分配，并对代币投资组合进行战略性重新平衡，以优化收入产生。

A Diversified Portfolio of PoS Assets

多元化的 PoS 资产组合

While the specific holdings of the fund remain confidential, Grayscale has disclosed that 24% of GDIF will be allocated to OSMO, the decentralized exchange token of the Cosmos ecosystem. Solana (SOL) and Polkadot (DOT) will constitute 20% and 14%, respectively, of the fund's portfolio. The remaining 43% is categorized as "other," leaving room for potential investments in a wide range of PoS tokens. Notably absent from the disclosed holdings is Ethereum (ETH), the world's largest PoS token by market capitalization.

虽然该基金的具体持有量仍处于保密状态，但 Grayscale 透露，24% 的 GDIF 将分配给 OSMO，即 Cosmos 生态系统的去中心化交易代币。 Solana (SOL) 和 Polkadot (DOT) 将分别占该基金投资组合的 20% 和 14%。剩下的 43% 被归类为“其他”，为各种 PoS 代币的潜在投资留下了空间。值得注意的是，所披露的持有量中没有以太坊（ETH），它是全球市值最大的 PoS 代币。

Experienced Leadership and Stringent Requirements

经验丰富的领导和严格的要求

Matt Maximo, an experienced portfolio manager who has been with Grayscale Investments since 2021, will oversee the GDIF. The fund is exclusively available to high-net-worth individuals with assets under management exceeding $1.1 million or a net worth of over $2.2 million. Additionally, GDIF imposes a 10% performance fee.

Matt Maximo 是一位经验丰富的投资组合经理，自 2021 年以来一直在 Grayscale Investments 工作，他将负责监督 GDIF。该基金专门面向管理资产超过 110 万美元或净资产超过 220 万美元的高净值个人。此外，GDIF 还收取 10% 的绩效费。

Addressing the Exodus from GBTC

解决 GBTC 流失问题

The launch of GDIF comes amid a period of significant outflows from Grayscale's flagship product, the Grayscale Bitcoin Trust (GBTC). Since its conversion to a spot Bitcoin exchange-traded fund (ETF) in January 2024, GBTC has experienced a substantial decline in assets under management, shedding over 46% of its BTC holdings, valued at approximately $20 billion.

GDIF 的推出正值灰度旗舰产品灰度比特币信托（GBTC）资金大量流出之际。自 2024 年 1 月转换为现货比特币交易所交易基金 (ETF) 以来，GBTC 管理的资产大幅下降，抛售了超过 46% 的 BTC 持有量，价值约 200 亿美元。

The conversion to a spot ETF has exposed GBTC to higher management fees and trading costs compared to competing products from BlackRock and Fidelity, exacerbating the outflow trend.

与贝莱德和富达的竞争产品相比，转换为现货ETF使GBTC面临更高的管理费和交易成本，加剧了资金外流趋势。

The Rise of the Staking Market

质押市场的兴起

The global staking market has emerged as a major force in the crypto landscape, with a total market capitalization of around $355 billion, according to Staking Rewards. Ethereum (ETH) remains the dominant staking asset, with over $110 billion worth of ETH staked. Solana (SOL) ranks second with $72 billion staked, followed by SUI, Aptos, and Cardano, each with approximately $15 billion staked.

根据 Stake Rewards 的数据，全球 Stake 市场已成为加密货币领域的主要力量，总市值约为 3550 亿美元。以太坊 (ETH) 仍然是主要的质押资产，质押的 ETH 价值超过 1100 亿美元。 Solana (SOL) 以 720 亿美元的质押金额排名第二，其次是 SUI、Aptos 和 Cardano，各质押金额约为 150 亿美元。

The average staking reward rate currently stands at 6%, although larger cap coins such as ETH, SUI, ADA, and BNB offer lower returns.

目前平均质押奖励率为 6%，尽管 ETH、SUI、ADA 和 BNB 等较大市值的代币回报率较低。

Conclusion

结论

Grayscale's launch of its Actively Managed Income Fund represents a strategic shift in the company's investment strategy. By focusing on the growing market of PoS digital assets and employing active management techniques, Grayscale aims to adapt to changing market dynamics and provide investors with innovative and income-generating solutions in the evolving crypto asset landscape.

Grayscale 推出主动管理收益基金代表着该公司投资策略的战略转变。通过专注于不断增长的 PoS 数字资产市场并采用主动管理技术，Grayscale 旨在适应不断变化的市场动态，并在不断发展的加密资产领域为投资者提供创新和创收的解决方案。