纳斯达克为贝莱德的ishares比特币信任（IBIT）提出了实物创建和救赎模型

这将彻底改变最大的现货比特币交易所基金的运营效率。它可能会大大提高其在市场上的业绩。

Nasdaq has filed a proposed rule change at the US Securities and Exchange Commission that would allow in-kind creation and redemption for BlackRock’s (NYSE:BLK) iShares Bitcoin Trust (NYSEARCA:IBIT). This could revolutionize the operating efficiency of the largest spot Bitcoin exchange-traded fund, enhancing its performance in the market.

纳斯达克已向美国证券交易委员会提出了一项拟议的规则更改，该更改将允许对BlackRock（NYSE：BLK）ISHARES BITCOIN TRUST（NYSEARCA：IBIT）的实物创造和赎回。这可能会彻底改变最大的现货比特币交易所基金的运营效率，从而提高其在市场上的业绩。

Currently, IBIT offers a cash redemption model, where authorized participants (APs) can trade large blocks of the ETF for cash, which is then used to buy or sell Bitcoins. However, under Nasdaq’s proposed rule change, APs would be able to trade shares of the Bitcoin trust directly for Bitcoins, without the need for cash transactions. This in-kind creation and redemption process would be more efficient, enabling APs to quickly monitor the demand to buy or sell shares.

目前，IBIT提供了现金赎回模型，授权参与者（AP）可以将ETF的大块换成现金，然后将其用于买卖比特币。但是，根据纳斯达克拟议的规则更改，美联社将能够直接将比特币信托的股份用于比特币，而无需进行现金交易。这种实物创造和赎回过程将更加有效，使AP可以快速监控购买或出售股票的需求。

The filing comes after the SEC recently approved several spot Bitcoin ETFs, including IBIT, which began trading in April. However, some market advocates have argued that regulators should have implemented the in-kind mechanism from the start, as it more accurately reflects Bitcoin’s decentralized nature.

该文件是在美国证券交易委员会（SEC）最近批准了包括IBIT在内的几个现场比特币ETF之后，该文件从4月开始进行交易。但是，一些市场拥护者认为，监管机构应该从一开始就实现了实物机制，因为它更准确地反映了比特币的分散性质。

“The in-kind process has fewer intermediaries and steps, so a smoother transaction,” Bloomberg’s ETF analyst James Seyffart said.

彭博社的ETF分析师詹姆斯·塞法特（James Seyffart）说：“实物过程的中介和步骤更少，因此交易更加顺畅。”

This highlights the increasing demands of the Bitcoin ETF sector for more flexible arrangements, as maturity in the space is driving investors to seek out even more streamlined and scalable solutions. Given the regulatory overhangs, especially regarding the brokers that handled the Bitcoin for these first spot Bitcoin ETFs, which launched in January 2024, they had to use a cash redemption model. However, leading figures in the industry now argue that digital assets are better suited to in-kind transfers.

这凸显了比特币ETF部门对更灵活的安排的需求不断增长，因为该空间的成熟度促使投资者寻求更加精简和可扩展的解决方案。鉴于监管悬垂性，特别是关于在2024年1月推出的第一点比特币ETF处理比特币的经纪人，他们不得不使用现金赎回模型。但是，业内领先的人物现在认为，数字资产更适合于实物转移。

BlackRock’s filing is also expected to put pressure on other issuers of cryptocurrency ETFs to integrate in-kind redemption for their products. While BlackRock has not yet filed for an Ethereum ETF, this innovation reinforces its leadership in the fast-evolving crypto ETF market. The firm continues to lead the pack in Bitcoin and other crypto-backed ETFs.

还有望向其他加密货币ETF的发行人施加压力，以集成其产品的实物赎回。虽然贝莱德尚未申请以太坊ETF，但这种创新增强了其在快速发展的加密ETF市场中的领导。该公司继续以比特币和其他加密支持的ETF领先。