Hashdex 现货比特币 ETF 在美国市场首次亮相，成为竞争者

Hashdex 加入美国现货比特币 ETF 行列，成为第 11 个此类 ETF。该 ETF 持有 95% 的现货比特币和 5% 的期货合约、现金和类似现金的工具，为投资者提供直接购买比特币的机会。专家们对该基金的潜力仍持乐观态度，特别是如果其管理费保持在 0.90% 的竞争力，这高于其他一些现货比特币 ETF，但在现有基金的范围内。

Hashdex's Spot Bitcoin ETF: A Promising Contender in the US Market

Hashdex 现货比特币 ETF：美国市场的有力竞争者

Hashdex has emerged as the eleventh spot Bitcoin exchange-traded fund (ETF) in the United States, joining the ranks of established players in the burgeoning cryptocurrency market. This significant development marks a strategic shift for Hashdex, transitioning from a futures ETF to a spot ETF, enabling the fund to purchase Bitcoin directly.

Hashdex 已成为美国第十一只现货比特币交易所交易基金 (ETF)，加入了新兴加密货币市场的老牌参与者行列。这一重大进展标志着 Hashdex 的战略转变，从期货 ETF 过渡到现货 ETF，使该基金能够直接购买比特币。

Expert Endorsement: A Competitive Edge in a Saturated Market

专家认可：饱和市场中的竞争优势

Erich Balchunas, a renowned ETF expert, has expressed optimism about Hashdex's ETF, contingent on competitive management fees. Balchunas's positive assessment bodes well for Hashdex, as it enters a crowded market with several established competitors. If Hashdex can maintain a cost-effective structure, it may attract significant investor interest despite its late entry.

著名 ETF 专家 Erich Balchunas 对 Hashdex 的 ETF 表示乐观，这取决于有竞争力的管理费。 Balchunas 的积极评估对 Hashdex 来说是个好兆头，因为它进入了一个拥有多家老牌竞争对手的拥挤市场。如果Hashdex能够保持具有成本效益的结构，尽管进入较晚，但它可能会吸引大量投资者的兴趣。

Diversification Strategy: Striking a Balance between Spot and Futures

多元化策略：现货与期货的平衡

Hashdex's ETF differentiates itself from other spot Bitcoin ETFs by allocating a portion of its capital to Bitcoin futures contracts, cash, and cash-like instruments. This diversification strategy allocates 95% of the fund's assets to spot Bitcoin, while the remaining 5% is distributed among the aforementioned instruments. This approach provides investors with exposure to both spot and futures markets, potentially enhancing the fund's overall performance.

Hashdex 的 ETF 与其他现货比特币 ETF 的区别在于，其将部分资本分配给比特币期货合约、现金和类现金工具。这种多元化策略将基金资产的 95% 分配给现货比特币，其余 5% 则分配在上述工具中。这种方法为投资者提供了现货和期货市场的投资机会，有可能提高基金的整体业绩。

Hashdex's Vision: Democratizing Digital Assets

Hashdex的愿景：数字资产民主化

Hashdex's leadership team emphasized their unwavering belief in Bitcoin's transformative potential, stating, "We invite all investors, whether seasoned Bitcoin enthusiasts, those seeking their first foray, or those somewhere in between, to join us on this long-term journey towards making digital assets accessible."

Hashdex 的领导团队强调了他们对比特币变革潜力的坚定信念，并表示：“我们邀请所有投资者，无论是经验丰富的比特币爱好者、寻求首次涉足的投资者，还是介于两者之间的投资者，加入我们这一打造数字资产的长期旅程无障碍。”

Regulatory Compliance: A Path to Legitimacy

监管合规：合法性之路

Hashdex submitted its application for a US Spot Bitcoin ETF in August 2023, demonstrating its commitment to operating within the regulatory framework. Unlike other funds that have partnered with Coinbase, Hashdex sources its Bitcoin from physical exchanges within the CME market. This adherence to regulatory guidelines enhances the fund's credibility and provides investors with an added layer of assurance.

Hashdex 于 2023 年 8 月提交了美国现货比特币 ETF 申请，表明了其在监管框架内运营的承诺。与 Coinbase 合作的其他基金不同，Hashdex 从 CME 市场的实体交易所采购比特币。遵守监管准则提高了基金的可信度，并为投资者提供了额外的保证。

Cost Considerations: Striking a Competitive Balance

成本考虑：取得竞争平衡

Hashdex's prospectus indicates a proposed management fee of 0.90%, raising questions about its potential impact on the fund's success. The average management fee for spot Bitcoin ETFs is currently around 0.30%, with some issuers offering even lower fees. Grayscale, with its 1.5% annual management fee, serves as an example of how high fees can affect investor interest and lead to outflows.

Hashdex 的招股说明书显示，拟议的管理费为 0.90%，这引发了人们对其对该基金成功的潜在影响的质疑。目前，现货比特币 ETF 的平均管理费约为 0.30%，一些发行人的费用甚至更低。 Grayscale 的年管理费为 1.5%，这就是高额费用如何影响投资者兴趣并导致资金外流的一个例子。

Market Opportunity: A Slice of the Bitcoin ETF Pie

市场机会：分得比特币 ETF 蛋糕

Despite the high fees, Eric Balchunas believes Hashdex's fund, trading under the ticker $HODL, has the potential to capture a significant market share. With a relatively large inflow of assets under management, the fund could establish a strong foothold in the competitive ETF landscape.

尽管费用很高，Eric Balchunas 相信 Hashdex 的基金（股票代码为 $HODL）有潜力占领重要的市场份额。凭借相对较大的管理资产流入，该基金可以在竞争激烈的ETF格局中站稳脚跟。

Conclusion: A Contender to Watch in the Spot Bitcoin ETF Arena

结论：现货比特币 ETF 领域值得关注的竞争者

Hashdex's Spot Bitcoin ETF enters the US market with a unique blend of diversification, regulatory compliance, and a strong belief in Bitcoin's long-term value. While the fund's management fee may raise some concerns, its potential for capturing market share cannot be discounted. The ETF's performance will undoubtedly be closely monitored by investors and analysts alike, as it seeks to establish itself as a formidable player in the rapidly evolving cryptocurrency market.

Hashdex 的现货比特币 ETF 凭借多元化、监管合规性以及对比特币长期价值的坚定信念，进入美国市场。尽管该基金的管理费可能会引起一些担忧，但其夺取市场份额的潜力不容小觑。该 ETF 的表现无疑将受到投资者和分析师的密切关注，因为它力求在快速发展的加密货币市场中成为一个强大的参与者。