顶级比特币 ETF：美国投资者最佳投资选择指南

尽管表现不佳，但比特币 (BTC) ETF 仍受到关注。资产管理公司和财务顾问预计将利用这些基金实现投资组合多元化，从而提高其潜力。最近的比特币减半事件凸显了其韧性，增强了投资者对 ETF 的信心和兴趣。

Bitcoin ETFs: A Comprehensive Guide to the Best Investment Options

比特币 ETF：最佳投资选择综合指南

Introduction

介绍

Bitcoin exchange-traded funds (ETFs) have garnered significant attention in the financial landscape, offering investors a regulated and accessible gateway into the burgeoning cryptocurrency market. While their performance may not fully align with the lofty expectations of crypto enthusiasts, these funds hold notable potential for growth. Asset managers and financial advisors are increasingly incorporating Bitcoin ETFs into their portfolios, seeking to diversify their clients' assets and capitalize on the potential upside.

比特币交易所交易基金（ETF）在金融领域引起了广泛关注，为投资者提供了进入蓬勃发展的加密货币市场的受监管且可访问的门户。尽管它们的表现可能并不完全符合加密货币爱好者的崇高期望，但这些基金具有显着的增长潜力。资产管理者和财务顾问越来越多地将比特币 ETF 纳入其投资组合，寻求客户资产多元化并充分利用潜在的上涨空间。

Post-Halving Rally Highlights Bitcoin's Resilience

减半后的反弹凸显了比特币的弹性

The recent Bitcoin halving event, where the block reward for miners is halved, has been met with a robust recovery in Bitcoin's price. Despite a brief dip below $60,000, the cryptocurrency has rebounded to trade near $67,000 at the time of writing. This rally underscores Bitcoin's resilience and ability to withstand market fluctuations. The bullish momentum is expected to encourage investor confidence and further fuel interest in Bitcoin and related investment vehicles, such as ETFs.

最近的比特币减半事件，矿工的区块奖励减半，比特币价格强劲回升。尽管短暂跌破 60,000 美元，但截至撰写本文时，该加密货币已反弹至 67,000 美元附近。这次反弹凸显了比特币的弹性和抵御市场波动的能力。看涨势头预计将鼓励投资者信心，并进一步激发对比特币和相关投资工具（如 ETF）的兴趣。

Top Bitcoin ETFs for Investors' Consideration

供投资者考虑的顶级比特币 ETF

Amidst the growing landscape of Bitcoin ETFs, several stand out for their unique features and performance track records. Here are three of the best Bitcoin ETFs that investors may wish to consider:

在比特币 ETF 不断发展的格局中，有几款因其独特的功能和业绩记录而脱颖而出。以下是投资者可能希望考虑的三种最佳比特币 ETF：

1. Valkyrie Bitcoin and Ether Strategy ETF (BTF)

1.Valkyrie比特币和以太策略ETF（BTF）

Valkyrie Bitcoin and Ether Strategy ETF (BTF), listed on the New York Stock Exchange (NYSE), aims to track the performance of both Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. This ETF offers investors exposure to both cryptocurrencies through futures contracts and other instruments, providing a degree of diversification despite their correlated nature. BTF holds approximately equal proportions of Bitcoin and Ethereum via futures contracts.

Valkyrie 比特币和以太策略 ETF (BTF) 在纽约证券交易所 (NYSE) 上市，旨在追踪市值最大的两种加密货币比特币和以太坊的表现。该 ETF 为投资者提供了通过期货合约和其他工具接触加密货币的机会，尽管它们具有相关性，但仍提供了一定程度的多元化。 BTF 通过期货合约持有大致相等比例的比特币和以太坊。

BTF has assets under management (AUM) of $50.84 million and an expense ratio of 1.24%. The fund has 2.70 million shares outstanding and pays a dividend yield of 11.53%, with a trailing 12-month dividend of $2.23. BTF has delivered a 1-year return of +81.22% and has a beta of 0.74, indicating a slightly lower volatility than the overall market.

BTF 的管理资产 (AUM) 为 5084 万美元，费用率为 1.24%。该基金已发行 270 万股，股息率为 11.53%，过去 12 个月股息为 2.23 美元。 BTF 的 1 年回报率为 +81.22%，贝塔值为 0.74，波动性略低于整体市场。

It is important to note that the high dividend yield is atypical over extended periods and may be influenced by market volatility.

值得注意的是，长期的高股息收益率是非典型的，并且可能会受到市场波动的影响。

2. Bitcoin Strategy ETF (BITO)

2.比特币策略ETF（BITO）

Bitcoin Strategy ETF (BITO), also traded on the NYSE, seeks to replicate the price movements of Bitcoin by investing solely in Bitcoin futures contracts traded on regulated exchanges. Like BTF, BITO allows investors to participate in Bitcoin's price action without directly holding the cryptocurrency.

比特币策略 ETF (BITO) 也在纽约证券交易所交易，旨在通过仅投资在受监管交易所交易的比特币期货合约来复制比特币的价格走势。与 BTF 一样，BITO 允许投资者参与比特币的价格走势，而无需直接持有加密货币。

BITO has AUM totaling $2.38 billion, with an expense ratio of 0.95%. The fund has 85.22 million shares outstanding and pays a dividend yield of 15.91%, with a trailing 12-month dividend of $4.62. BITO has a 1-year return of +78.19% and a beta of 0.68, suggesting a slightly lower volatility than BTF.

BITO 的资产管理规模总计 23.8 亿美元，费用率为 0.95%。该基金已发行 8522 万股，股息率为 15.91%，过去 12 个月股息为 4.62 美元。 BITO 的 1 年回报率为 +78.19%，贝塔值为 0.68，表明波动性略低于 BTF。

BITO was one of the first Bitcoin ETFs based on futures contracts. While futures contracts provide high return potential, they may not accurately reflect the underlying asset's performance. Additionally, the dividend payments may affect the total return potential due to price adjustments in the stock market after dividend issuances and capital erosion.

BITO 是首批基于期货合约的比特币 ETF 之一。虽然期货合约提供高回报潜力，但它们可能无法准确反映标的资产的表现。此外，由于股息发行后股票市场的价格调整和资本侵蚀，股息支付可能会影响总回报潜力。

3. Valkyrie Bitcoin Fund (BRRR)

3. Valkyrie比特币基金（BRRR）

Valkyrie Bitcoin Fund (BRRR), listed on the Nasdaq exchange, aims to track the performance of Bitcoin as represented by the CME CF Bitcoin Reference Rate. Unlike BTF and BITO, which utilize futures contracts, BRRR is a spot ETF that holds the underlying Bitcoin asset in cold storage. This structure theoretically provides a closer alignment with the actual Bitcoin price and may offer lower expense ratios.

Valkyrie 比特币基金（BRRR）在纳斯达克交易所上市，旨在追踪以 CME CF 比特币参考利率为代表的比特币表现。与利用期货合约的 BTF 和 BITO 不同，BRRR 是一种现货 ETF，将基础比特币资产冷藏。从理论上讲，这种结构与实际的比特币价格更接近，并且可能提供更低的费用比率。

BRRR has AUM of $509.34 million and a low expense ratio of 0.25%. With 40,000 shares outstanding, BRRR offers investors a beta of 0.92, indicating a volatility level similar to the overall market.

BRRR 的资产管理规模为 5.0934 亿美元，费用率为 0.25%。 BRRR 拥有 40,000 股已发行股票，为投资者提供的贝塔值为 0.92，表明波动水平与整体市场相似。

Analysts speculate that spot ETFs like BRRR may outperform futures-based ETFs on a total return basis due to their lower expense ratios and simpler management structure.

分析师推测，由于 BRRR 等现货 ETF 的费用比率较低且管理结构更简单，因此在总回报率方面可能优于期货 ETF。

Conclusion

结论

Bitcoin ETFs present investors with an accessible means of gaining exposure to the cryptocurrency market. While their performance may not always meet the overly optimistic expectations of crypto enthusiasts, these funds offer the potential for diversification and long-term growth. The ETFs highlighted in this article, Valkyrie Bitcoin and Ether Strategy ETF (BTF), Bitcoin Strategy ETF (BITO), and Valkyrie Bitcoin Fund (BRRR), each possess unique characteristics and investment strategies. Investors are encouraged to carefully consider their individual circumstances and risk tolerance before selecting an ETF to complement their portfolio.

比特币 ETF 为投资者提供了一种接触加密货币市场的便捷方式。虽然它们的表现可能并不总能满足加密货币爱好者过于乐观的期望，但这些基金提供了多元化和长期增长的潜力。本文重点介绍的 ETF，Valkyrie 比特币和以太策略 ETF (BTF)、比特币策略 ETF (BITO) 和 Valkyrie 比特币基金 (BRRR)，每只都拥有独特的特征和投资策略。我们鼓励投资者在选择 ETF 来补充其投资组合之前，仔细考虑自己的个人情况和风险承受能力。