纳斯达克（NASDAQ

纳斯达克已经对比特币ETF做出了决定，尤其是针对贝莱德的iShares比特币信托IBIT，这可能会使现有且潜在的比特币

The U.S. Securities and Exchange Commission (SEC) has taken a step toward approving in-kind creations and redemptions for Bitcoin exchange-traded funds (ETFs), a move that could pave the way for the ETF to begin trading.

美国证券交易委员会（SEC）已迈出了批准对比特币交易所交易资金（ETF）的实物创造和赎回的步骤，此举可能为ETF开始交易铺平道路。

Nasdaq filed a proposal on Jan. 24 with the SEC to introduce in-kind creations and redemptions for Bitcoin ETFs. The proposal seeks to amend the existing rule for authorized participants (APs) to redeem ETF shares directly for Bitcoin.

纳斯达克（NASDAQ）于1月24日向SEC提出了一项提案，向比特币ETF引入实物创作和赎回。该提案旨在修改授权参与者（APS）的现有规则，以直接赎回比特币的ETF股票。

Currently, authorized participants are required to redeem ETF shares for cash, which is then used to purchase Bitcoin for in-kind creations. This process will be streamlined with the proposed change, eliminating the need for an additional step and reducing the cost and operational inefficiencies.

当前，授权参与者必须兑换ETF股票以现金，然后将其用于购买现实创作的比特币。该过程将随着拟议的更改而简化，从而消除了需要额外的步骤并降低成本和运营效率低下的需求。

Authorized participants are typically large financial institutions that create and redeem ETF shares, and while retail investors are not directly eligible to participate in in-kind redemptions, the streamlined process could enhance efficiency and potentially reduce overall costs, indirectly benefiting retail market participants.

授权参与者通常是创建和兑现ETF股票的大型金融机构，尽管零售投资者不合资格参与实物兑换，但简化的流程可以提高效率并有可能降低整体成本，并间接使零售市场参与者受益。

When the SEC first approved spot Bitcoin ETFs in January 2024, including BlackRock’s iShares Bitcoin Trust, cash redemption was made mandatory. This was part of the effort to ensure regulatory simplicity and minimize direct handling of Bitcoin by brokers.

当SEC在2024年1月首次批准了现场比特币ETF时，包括贝莱德的ishares比特币信托，将现金赎回进行了强制性。这是确保监管简单性并最大程度地减少经纪人直接处理比特币的努力的一部分。

However, the swift growth of the Bitcoin ETF market, together with advancements in the digital asset ecosystem, set the ground for a more efficient operational model. The in-kind redemption system was designed as these evolving market dynamics took shape, aiming to accommodate growing institutional interest in cryptocurrency.

但是，比特币ETF市场的迅速增长以及数字资产生态系统的进步为更有效的运营模型奠定了基础。随着这些不断发展的市场动态形成，旨在适应加密货币的机构兴趣，因此设计了实物赎回系统。

BlackRock’s iShares Bitcoin Trust has been a massive success story since its debut, attracting nearly $60 billion in inflows within its first year. This underscores the strong institutional demand for Bitcoin-linked ETFs.

自首次亮相以来，贝莱德（Blackrock）的iShares比特币信托基金（Ishares Bitcoin Trust）一直是一个巨大的成功故事，在第一年就吸引了近600亿美元的流入。这强调了对比特币连接ETF的强大制度需求。

Moreover, large investors have boosted Bitcoin prices since the U.S. election, increasing their holdings from 16.2 million to 16.4 million BTC, according to CryptoQuant.

此外，据CryptoQuant称，自美国大选以来，大型投资者已经提高了比特币价格，将其持股从1620万增加到1640万BTC。

Nasdaq’s proposal could further solidify iShares Bitcoin Trust's position as a market leader by being the first to offer a redemption model that aligns with the needs of institutional investors.

纳斯达克的提议可以通过第一个提供与机构投资者需求相吻合的赎回模型，进一步巩固了iShares比特币信托作为市场领导者的地位。

James Seyffart, an ETF analyst at Bloomberg Intelligence, brought attention to the regulatory hurdles that initially delayed the adoption of in-kind redemption models.

彭博情报局ETF分析师詹姆斯·塞伊法特（James Seyffart）引起了监管障碍的关注，该障碍最初推迟了采用实物救赎模型。

“Nasdaq is finally filing for in-kind creations and redemptions for Bitcoin ETFs, which were initially expected to be included in the SEC’s approval of spot Bitcoin ETFs. However, the SEC opted for cash creations and redemptions to simplify the regulatory approval process. Now, the SEC is expected to approve in-kind creations and redemptions, which will be a key development for Bitcoin ETFs.”

“纳斯达克终于向比特币ETF申请了实物创作和赎回，最初预计将其包括在SEC的批准比特币ETF中。但是，SEC选择了现金创造和赎回，以简化监管批准过程。现在，预计SEC将批准实物创造和赎回，这将是比特币ETF的关键发展。”

If approved by the SEC, Nasdaq’s proposal will mark a significant step in the evolution of Bitcoin ETFs, making them more efficient andoperable, and able to attract more institutional investors.

如果获得SEC的批准，纳斯达克的提议将标志着比特币ETF的发展迈出的重要一步，使其更有效，能够吸引更多的机构投资者。