美国SEC寻求有关提案的评论，以使比特币ETF交换股份以基本资产

2月5日，证券交易所CBOE BZX Exchange提出了修订的申请，以允许所谓的“实物”创作和赎回

The US Securities and Exchange Commission is considering an application from Cboe BZX Exchange to permit in-kind creations and redemptions for two ETFs, the ARK 21Shares Bitcoin ETF (NYSE:ARKB) and the 21Shares Core Ethereum ETF (NYSE:CETH).

美国证券交易委员会正在考虑从CBOE BZX Exchange提出的申请，以允许对两个ETF的实物创建和赎回，即ARK 21Shares Bitcoin ETF（NYSE：ARKB）和21shares Core Core Ethereum etf（NYSE：CETH）。

This development comes amid a flurry of ETF proposals and anticipation of regulatory approvals in the US.

这一发展是出于一系列ETF提案和对美国监管批准的期望而产生的。

The application, filed on Feb. 5, would allow authorized participants to create new ETF shares by exchanging a basket of the ETF’s underlying assets for a “block” of typically several thousand shares. Redemptions would reverse this process.

该申请于2月5日提交的申请将允许授权参与者通过将ETF的基础资产交换为通常数千股的“块”来创建新的ETF股票。赎回将扭转这一过程。

In-kind creations and redemptions are more tax efficient compared to cash creations and redemptions, where an ETF swaps shares for cash. As a result, in-kind creations and redemptions are preferred by most ETF issuers and investors.

与现金创造和赎回相比，内在的创造和赎回效率更高，ETF将股份交换现金。结果，大多数ETF发行人和投资者都更喜欢实物创造和赎回。

However, the SEC has not yet permitted in-kind redemptions for spot crypto ETFs. Cash creations and redemptions have been permitted for several spot crypto ETFs, including ARKB and CETH.

但是，SEC尚未允许对现场加密ETF进行实物赎回。已允许包括ARKB和CETH在内的几个位置加密ETF进行现金创造和赎回。

This application follows a request by Nasdaq, a US securities exchange, in January to facilitate in-kind creations and redemptions for BlackRock's iShares Bitcoin Trust (NYSE:IBIT), the largest ETF by net assets.

该申请遵循美国证券交易所纳斯达克（Nasdaq）的要求，以促进贝莱德（BlackRock）的Ishares比特币信托（Ishares Bitcoin Trust）（NYSE：IBIT）的实物创造和赎回，这是净资产最大的ETF。

According to BlackRock's website, the ETF has assets under management (AUM) of around $57 billion. For comparison, ARKB and CETH hold AUMs of approximately $5 billion and $20 million, respectively, based on 21Shares’ website.

根据BlackRock的网站，ETF的资产管理（AUM）约为570亿美元。为了进行比较，ARKB和CETH的AUMS基于21Shares的网站，分别为50亿美元和2000万美元。

After Donald Trump — who promised to turn the US into the "world's crypto capital" — won the US elections and began his presidential term on Jan. 20, US regulators are expected to soften their stance on crypto oversight.

唐纳德·特朗普（Donald Trump）（答应将美国变成“世界加密首都”）赢得了美国大选，并于1月20日开始了他的总统任期后，预计美国监管机构将软化他们对加密货币监督的立场。

In 2024, asset managers submitted a flurry of regulatory filings to list ETFs holding altcoins, including Solana (CRYPTO: SOL).

2024年，资产管理人员提交了一系列监管档案，以列出持有AltCoins的ETF，包括Solana（Crypto：Sol）。

Issuers are also awaiting approval for several planned crypto index ETFs designed to hold diverse baskets of digital tokens.

发行人还在等待批准几个计划的加密指数ETF，旨在持有多种数字代币的篮子。

Bloomberg Intelligence anticipates “relatively high odds of approval across the board” for new crypto ETF filings.

彭博情报局预计，新的加密ETF文件将“全面获得相对较高的认可几率”。