Strive资产管理公司申请推出首支比特币债券交易所交易基金（ETF）

由 DOGE 联合首席执行官 Vivek Ramaswamy 共同领导的 Strive Asset Management 在引入创新投资策略方面迈出了重要一步

Strive Asset Management, co-led by DOGE Co-Chief Vivek Ramaswamy, has filed with the U.S. Securities and Exchange Commission (SEC) to launch the first-ever Bitcoin Bond Exchange-Traded Fund (ETF). The ETF, officially titled the Strive Bitcoin Bond ETF, will provide investors with unique exposure to Bitcoin-backed securities.

由 DOGE 联合首席执行官 Vivek Ramaswamy 共同领导的 Strive Asset Management 已向美国证券交易委员会 (SEC) 提交申请，推出首支比特币债券交易所交易基金 (ETF)。该 ETF 的正式名称为 Strive Bitcoin Bond ETF，将为投资者提供独特的比特币支持证券投资机会。

The filing was made using Form N-1A, the primary registration document for open-end management investment companies, including mutual funds and ETFs. Required by the SEC, this form provides comprehensive information about the fund’s investment strategy, risks, fees, and operational details. By filing a Form N-1A, Strive not only registers the Bitcoin Bond ETF but also seeks to ensure transparency and compliance with regulatory standards, offering potential investors a clear view of what the fund entails and how it plans to operate.

该备案是使用 N-1A 表格进行的，该表格是开放式管理投资公司（包括共同基金和 ETF）的主要注册文件。根据 SEC 的要求，该表格提供了有关基金投资策略、风险、费用和运营细节的全面信息。通过提交 N-1A 表格，Strive 不仅注册了比特币债券 ETF，还寻求确保透明度和遵守监管标准，让潜在投资者清楚地了解该基金的内容及其计划如何运作。

The filing outlines Strive’s intention to offer an actively managed ETF that allocates at least 80% of its exposure to Bitcoin-related bonds and financial instruments. These include convertible bonds from companies like MicroStrategy, a firm renowned for holding significant amounts of Bitcoin as its primary treasury reserve asset. The ETF also plans to use derivatives, such as swaps and FLEX options, to gain synthetic exposure to MicroStrategy’s convertible notes.

该文件概述了 Strive 打算提供一款主动管理的 ETF，将其至少 80% 的敞口分配给比特币相关债券和金融工具。其中包括 MicroStrategy 等公司的可转换债券，该公司以持有大量比特币作为其主要国库储备资产而闻名。该 ETF 还计划使用掉期和 FLEX 期权等衍生品来获得 MicroStrategy 可转换票据的综合敞口。

As stated in the filing, the fund will invest the remaining funds in high-quality, short-term U.S. Treasury instruments for liquidity and collateral purposes. It also notes the fund’s classification as non-diversified, meaning it will concentrate its investments in Bitcoin-related sectors, thereby amplifying sector-specific risks.

正如文件中所述，该基金将把剩余资金投资于高质量的短期美国国债工具，以达到流动性和抵押品的目的。它还指出该基金的分类为非多元化，这意味着它将把投资集中在比特币相关领域，从而放大特定行业的风险。

The filing highlights MicroStrategy’s prominent role in the ETF’s strategy. As of December 31, 2024, MicroStrategy is identified as the world's largest Bitcoin treasury company. Its approach—acquiring substantial Bitcoin holdings, leveraging blockchain technology, and advocating for Bitcoin adoption—aligns closely with Strive’s focus.

该文件强调了 MicroStrategy 在 ETF 策略中的突出作用。截至 2024 年 12 月 31 日，MicroStrategy 被认定为全球最大的比特币财务公司。其方法——收购大量比特币、利用区块链技术以及倡导比特币的采用——与 Strive 的重点密切相关。

The prospectus specifies that the ETF will invest remaining funds in high-quality, short-term U.S. Treasury instruments for liquidity and collateral purposes. It also notes the fund’s classification as non-diversified, meaning it will concentrate its investments in Bitcoin-related sectors, amplifying sector-specific risks.

招股说明书指出，ETF将把剩余资金投资于高质量的短期美国国债工具，以达到流动性和抵押品的目的。它还指出该基金的分类为非多元化，这意味着它将把投资集中在比特币相关行业，从而放大特定行业的风险。

The filing emphasizes the ETF’s risks, including exposure to Bitcoin’s price volatility, regulatory uncertainties, and the performance of underlying companies like MicroStrategy. Bitcoin’s fluctuating value, driven by factors such as adoption rates, government regulation, and technological developments, directly impacts the fund's potential returns. The use of derivatives introduces complexities like counterparty risk, leverage, and liquidity challenges, which could further affect performance.

该文件强调了 ETF 的风险，包括比特币价格波动、监管不确定性以及 MicroStrategy 等基础公司业绩的风险。受采用率、政府监管和技术发展等因素驱动，比特币价值的波动直接影响该基金的潜在回报。衍生品的使用会带来交易对手风险、杠杆和流动性挑战等复杂性，这可能会进一步影响业​​绩。

Additionally, as a new fund with no operational history, the Strive Bitcoin Bond ETF’s long-term success is uncertain. Concentration in Bitcoin-related industries increases exposure to sector-specific downturns, and the fund's reliance on emerging financial instruments adds layers of unpredictability.

此外，作为一只没有运营历史的新基金，Strive 比特币债券 ETF 的长期成功尚不确定。比特币相关行业的集中度增加了特定行业低迷的风险，而该基金对新兴金融工具的依赖增加了不可预测性。

The filing aligns with Ramaswamy's broader vision of challenging conventional investment approaches. As co-chief of the Department of Government Efficiency (DOGE), an advisory commission created by President-elect Donald Trump, Ramaswamy works alongside Elon Musk to overhaul government operations. DOGE's mission includes dismantling bureaucratic inefficiencies, cutting excess regulations, and promoting entrepreneurial governance models. The department, which operates outside formal government structures, is expected to conclude its work by July 4, 2026, marking America’s Semiquincentennial.

该文件符合拉马斯瓦米挑战传统投资方法的更广泛愿景。作为当选总统唐纳德·特朗普创建的咨询委员会政府效率部 (DOGE) 的联席主管，拉马斯瓦米与埃隆·马斯克一起改革政府运作。 DOGE 的使命包括消除效率低下的官僚机构、削减多余的监管以及促进企业治理模式。该部门在正式政府机构之外运作，预计将在 2026 年 7 月 4 日美国成立 55 周年纪念日之前完成工作。

Strive’s Bitcoin Bond ETF represents a departure from typical Bitcoin-related funds, which often involve direct cryptocurrency holdings or Bitcoin futures. By focusing on convertible bonds and derivatives, the fund seeks to mitigate some of Bitcoin’s inherent risks while still capitalizing on its potential for high returns. This approach could attract investors wary of the volatility and regulatory complexities of direct Bitcoin investments.

Strive 的比特币债券 ETF 与典型的比特币相关基金不同，后者通常涉及直接持有加密货币或比特币期货。通过专注于可转换债券和衍生品，该基金寻求减轻比特币的一些固有风险，同时仍然利用其高回报潜力。这种方法可能会吸引投资者对直接比特币投资的波动性和监管复杂性保持警惕。

If approved, the Strive Bitcoin Bond ETF could pave the way for other innovative financial products, further bridging the gap between traditional finance and the cryptocurrency market.

如果获得批准，Strive 比特币债券 ETF 可以为其他创新金融产品铺平道路，进一步缩小传统金融与加密货币市场之间的差距。