多机构比特币托管：入门

比特币已经从金融的边缘发展到目前主流投资资产的地位。比特币交易所交易的兴起

Bitcoin has seen mainstream adoption as an investment asset, with the rise of bitcoin exchange-traded products (ETPs) and ETFs making it easier for institutional investors to gain bitcoin exposure. However, as billions of dollars flow into these products, a significant issue has emerged that warrants closer scrutiny: reliance on single custodians to hold the physical bitcoin that backs them.

比特币作为一种投资资产已被主流采用，随着比特币交易所交易产品（ETP）和 ETF 的兴起，机构投资者更容易获得比特币投资。然而，随着数十亿美元流入这些产品，出现了一个值得更密切审查的重大问题：依赖单一托管人来持有支持它们的实物比特币。

For instance, the iShares Bitcoin Trust by BlackRock has over $50 billion in assets under management, making it the most successful bitcoin ETF in the market. Yet, every bitcoin held in that fund is kept in custody solely by Coinbase. While BlackRock is a titan of finance, the reality is that Coinbase – in addition to BlackRock – is a key source of counterparty risk for investors. This single point of failure exposes the fund to a risk of catastrophic loss about which few investors are likely to be aware.

例如，贝莱德旗下的 iShares 比特币信托基金管理着超过 500 亿美元的资产，使其成为市场上最成功的比特币 ETF。然而，该基金中持有的所有比特币均由 Coinbase 单独保管。虽然贝莱德是金融巨头，但现实情况是，除了贝莱德之外，Coinbase 也是投资者交易对手风险的主要来源。这一单点故障使基金面临灾难性损失的风险，而很少有投资者可能意识到这一点。

The potential fallout of this arrangement is clearly spelled out in the iShares Bitcoin Trust’s SEC registration statement: "...in the event of an insolvency or bankruptcy of the Bitcoin Custodian... customers’ assets – including the Trust’s assets – may be considered the property of the Bitcoin Custodian, and customers – including the Trust – may be at risk of being treated as general unsecured creditors of such entities and subject to the risk of total loss or markdowns on value of such assets."

iShares 比特币信托的 SEC 注册声明中清楚地阐明了这种安排的潜在后果：“……如果比特币托管人无力偿债或破产……客户的资产（包括信托的资产）可能会被考虑比特币托管人的财产以及客户（包括信托）可能面临被视为此类实体的一般无担保债权人的风险，并面临此类资产价值全部损失或贬值的风险。”

In simpler terms, if Coinbase were to declare bankruptcy, holders of iShares Bitcoin ETF units could find themselves at the back of the line, treated as unsecured creditors with no guaranteed claim to the bitcoin backing their shares. Notably, Coinbase’s credit rating of BB– from S&P Global Ratings places it in "junk" status. As of this writing, there is no reason to question Coinbase’s ability to continue holding bitcoin in custody on behalf of its clients. But, before we dismiss this scenario as unlikely, remember that bitcoin history is littered with examples of custodian collapses – from Mt. Gox, to FTX, to Prime Trust.

简单来说，如果 Coinbase 宣布破产，iShares 比特币 ETF 单位的持有者可能会发现自己处于最后的位置，被视为无担保债权人，无法保证对支持其股票的比特币拥有索取权。值得注意的是，标准普尔全球评级机构对 Coinbase 的 BB 信用评级将其置于“垃圾”状态。截至撰写本文时，没有理由质疑 Coinbase 继续代表客户托管比特币的能力。但是，在我们认为这种情况不太可能发生之前，请记住，比特币历史上充斥着托管机构崩溃的例子——从 Mt. Gox 到 FTX，再到 Prime Trust。

Single-custodian models are a holdover from traditional finance, where assets are often pooled with a single clearinghouse or bank. However, bitcoin is fundamentally different. It doesn’t require a centralized custodian, so relying on one undermines the very principles that make bitcoin valuable: trust minimization and resilience against centralized points of failure.

单一托管模式是传统金融的延续，传统金融中的资产通常集中在单一清算所或银行。然而，比特币有着本质上的不同。它不需要中心化的托管人，因此依赖一个托管人会破坏使比特币有价值的原则：信任最小化和针对中心化故障点的弹性。

The failure of a single custodian can happen for various reasons. Beyond bankruptcy and fraud, there’s the risk of state attacks, cyberattacks, and operational failures. Any of these events could render the assets inaccessible, even if the bitcoin itself is still visible on the blockchain. In a market that values speed, security, and autonomy, many institutional investors consider this an unacceptable risk.

单一托管人的失败可能因多种原因而发生。除了破产和欺诈之外，还存在国家攻击、网络攻击和运营失败的风险。任何这些事件都可能导致资产无法访问，即使比特币本身在区块链上仍然可见。在一个重视速度、安全性和自主性的市场中，许多机构投资者认为这是不可接受的风险。

This is the problem solved by multi-institutional custody (MIC). MIC uses bitcoin’s native multi-signature technology to distribute custody across multiple independent institutions in different jurisdictions.

这就是多机构托管（MIC）解决的问题。 MIC 使用比特币原生的多重签名技术将托管权分配给不同司法管辖区的多个独立机构。

Instead of one institution holding all the keys in a multi-signature quorum, MIC distributes them across several regulated custodians. This means that no single custodian can authorize transactions on its own, because a quorum of keys (for example, 2 out of 3) is required to move funds. Even if one custodian goes bankrupt or is compromised, the depositor’s bitcoin remains secure and accessible.

MIC 将密钥分配给多个受监管的托管人，而不是由一个机构持有多重签名法定人数中的所有密钥。这意味着没有一个托管人可以自行授权交易，因为转移资金需要一定数量的密钥（例如，三分之二）。即使一名托管人破产或受到损害，储户的比特币仍然安全且可访问。

By combining custodians in different countries with independent regulatory regimes, MIC minimizes risk of coordinated asset freezes or seizures. This distributed approach mitigates many, but not all, of the risks associated with bitcoin custodians, and is a more robust custody solution for institutional-scale investments than the solutions used most often today.

通过将不同国家的托管人与独立的监管制度结合起来，MIC 最大限度地降低了协调资产冻结或扣押的风险。这种分布式方法减轻了与比特币托管人相关的许多（但不是全部）风险，并且对于机构规模的投资来说，它是比当今最常用的解决方案更强大的托管解决方案。

The demand for secure, scalable bitcoin custody has never been higher. As ETFs, ETPs, corporate treasuries, and strategic reserves gain momentum, institutional investors will need solutions that address the risks posed by single custodians. Bitcoin service providers such as Onramp offer a multi-institution custody framework that integrates the best elements of traditional security protocols with the resilience of bitcoin’s decentralized architecture.

对安全、可扩展的比特币托管的需求从未如此之高。随着 ETF、ETP、企业金库和战略储备的发展势头，机构投资者将需要解决单一托管人带来的风险的解决方案。 Onramp 等比特币服务提供商提供了一个多机构托管框架，该框架将传统安全协议的最佳元素与比特币去中心化架构的弹性相结合。

The benefits of MIC extend beyond just security. By involving multiple custodians, institutions diversify their exposure, reducing the risk of catastrophic loss due to a single point of failure. Multi-sig setups provide cryptographic proof of reserves and require multiple parties to approve transactions, increasing oversight and accountability. Institutions can customize their custody arrangements to suit governance and compliance requirements, with the ability to add or rotate custodians as needed.

MIC 的好处不仅仅限于安全性。通过涉及多个托管人，机构可以分散其风险敞口，从而降低因单点故障而造成灾难性损失的风险。多重签名设置提供了储备的加密证明，并需要多方批准交易，从而加强监督和问责。机构可以定制其托管安排，以满足治理和合规要求，并能够根据需要添加或轮换托管人。

One reason that trust structures are gaining traction again is that they can utilize MIC while offering tax-efficiency. Unlike ETFs, which generally require cash settlements, trusts can facilitate in-kind delivery, meaning investors can receive the underlying bitcoin itself rather than fiat cash. This eliminates a taxable event and preserves the long-term upside of holding bitcoin directly.

信托结构再次受到关注的原因之一是它们可以利用 MIC，同时提供税收效率。与通常需要现金结算的 ETF 不同，信托可以促进实物交割，这意味着投资者可以收到基础比特币本身，而不是法定现金。这消除了应税事件，并保留了直接持有比特币的长期优势。

For pension funds, endowments, and family offices seeking direct exposure to bitcoin without introducing additional counterparty risk, MIC-enabled trusts present a compelling alternative. By combining the ease of traditional financial products with the security of decentralized custody, these structures offer institutions a more efficient and resilient way to gain bitcoin exposure.

对于寻求直接投资比特币而不引入额外交易对手风险的养老基金、捐赠基金和家族办公室来说，MIC 支持的信托提供了一个令人信服的选择。通过将传统金融产品的易用性与去中心化托管的安全性相结合，这些结构为机构提供了一种更有效、更有弹性的方式来获得比特币敞口。

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