华夏时报（www.chinatimes.net.cn）记者 冉学东 王永菲 北京报道
Washington Times (www.chinatimes.net.cn) journalist Wang Yongfei, Beijing report
1月19日，欧洲数字资产投资公司CoinShares官网宣布，在瑞士证券交易所SIX Swiss Exchange推出以实物为基础的交易所交易产品（ETP），即CoinShares Physical Bitcoin（产品代码：BITC），BITC每单位代表0.001枚比特币。比特币ETP再次进入加密行业的视野。
On 19 January, the European Network of Digital Assets Investment Corporation CoinShares announced the launch of the in-kind-based Exchange Trade Products (ETP) at the Swiss Stock Exchange, namely CoinShales Physical Bitcoin (product code: BITC), each unit representing 0.001 bitcoins. Bitcoin ETP is again in the field of encryption.
图片来源：SIX Swiss Exchange
近几年，由于诸如Bitwise Asset Management、VanEck和Direxion等机构提交的比特币ETF申请迟迟得不到SEC的批准上市，申请ETP成为一些加密机构的新选择。2016年SIX批准全球首个比特币ETP上市以来，截止目前全球挂牌上市的比特币ETP共有35个。
In recent years, the application for ETP has become a new option for encryption agencies, owing to delays in listing Bitcoin ETF applications submitted by agencies such as Bitwise Asset Management, Van Eck, and Direvision. Since 2016, when the first Bitcoin ETP was approved globally, there have been 35 Bitcoin ETPs currently listed worldwide.
比特币ETP的两面性
bipolarity of BitcoinETP
CoinShares 首席战略官 Meltem demilors 在19日发推表示，比特币ETP推出约为2亿美元的资产管理规模。据了解，其管理费用为0.98％，远低于2％的行业标准，这或将使BITC能够吸引机构和企业投资。
CoinShares Chief Strategy Officer Meltem demillers on 19 suggested that Bitcoin ETP would roll out about $200 million in asset management. Its management costs are understood to be 0.98%, well below the 2% industry standard, which would enable BITC to attract investment from institutions and businesses.
分析师Rock向本报记者表示，通过比特币ETP将会让更多的投资者进入加密领域，为投资者提供了更加简单、安全且经济高效的方式，使得BTC可以更多的被主流市场认可，与传统金融投资市场实现接轨。但是ETP的推出可能会导致加密货币的真正价值被忽视，导致加密货币陷入传统金融的投资管理过于中心化的误区。可能一些大型加密货币交易所会发展得过于强大，或影响到比特币真正的发展目标，任何使用比特币ETP做担保但不经常证明其储备资金供应的交易所，都有可能因再抵押而面临资不抵债的风险，Rock担忧道。
Analyst Rock has indicated to reporters that, through the Bitcoin ETP, more investors will be brought into the encryption field, providing investors with a simpler, safer, and more cost-effective way, allowing BTC to become more recognized in the mainstream market and to be connected to traditional financial investment markets. But the introduction of the ETP could lead to the neglect of the true value of cryptographic currencies, leading to an over-centralized management of investments in traditional finance.
另一方面Rock认为，比特币ETP让投资者在赚取比特币利润的同时也拥有传统的金融基础设施和产品结构的优势，投资比特币ETP无需直接持有该加密货币，与黄金ETP一样，比特币ETP可以让比特币采用机构级存储解决方案。
On the other hand, Rock argues that BitcoinETP gives investors the advantage of traditional financial infrastructure and product structures while earning Bitcoin profits, that investment in BitcoinETP does not require direct possession of the encrypted currency, and that, like gold ETP, Bitcoin ETP allows Bitcoin to adopt an institutional storage solution.
本报记者了解到，目前发行比特币ETP的较为著名企业包括ETC Group在德国Xetra数字证券交易所挂牌上市与瑞士SIX交易所上市、WisdomTree的BTCW在瑞士SIX交易所上市、CoinShares的BITC在瑞士SIX交易所上市，21SharesAG的ABTC在维也纳证券交易所上市等。
Journalists in this newspaper have learned that the more prominent companies that currently issue the Bitcoin ETP include ETC Group, listed on the German Xetra Digital Stock Exchange and on the Swiss SIX Exchange, BTCW on WisdomTree, BITC on the Swiss SIX Exchange, CoinShares on the Swiss SIX Exchange and ABTC on the Vienna Stock Exchange on 21ShalesAG.
比特币ETP距离ETF还有多远？
How far is it from ETP in Bitcoin?
近日在摩根大通的报告中分析师认为，虽然比特币交易所交易基金（ETF）长期来看对币价有积极因素，但是短期可能会损害比特币的价格，因为这会将给灰度的GBTC带来竞争，GBTC溢价缩水，对机构投资者的吸引力会下降。
In a recent report by Morgan Chase analysts, it was argued that while the Bitcoin Exchange Trading Fund (ETF) had a positive influence on currency prices in the long run, it could harm the price of bitcoins in the short term, as it would bring competition to the Greyscale GBTC, which had a reduced premium and would reduce the attractiveness of institutional investors.
比特币ETP在全球多国范围内已经上市了，那么距离比特币ETF上市还有多远呢？近日香港风投公司意博金融再次在港交所更新招股书引发关注，其实早在2020年初，意博金融就已经宣布推出了香港首只加密货币基金ETF，并且该基金已经获得了香港证券及期货事物监察委员会（SFC）的批准，一年期间计划募资1亿美元。
BitcoinETP has been listed in many countries around the world, so how far has it been from being listed in BitcoinETF? In recent days, attention has been drawn to the fact that Hong Kong Windwards has once again made a new offer in Hong Kong. Indeed, early in 2020, it announced the launch of Hong Kong’s first encrypted monetary fund, ETF, which has been approved by the Hong Kong Securities and Futures Monitoring Board (SFC), which plans to raise $100 million over a year.
比特币ETF能否收到美国SEC的批准还是备受期待，那与比特币ETP之间究竟有什么不同呢？简单来说，比特币ETF可以类比为基金，而比特币ETP可以类比为债券，相比来说，比特币ETF比比特币ETP 有更为严格的监管。
Is it possible for the Bitcoin ETF to receive approval from the United States SEC or to be expected? What is the difference with the Bitcoin ETP? In simple terms, the Bitcoin ETF can be compared to a fund, while the Bitcoin ETP can be compared to a bond, which is more strictly regulated than the Bitcoin ETP.
ETF指的是 Exchange Traded Funds，即交易平台交易基金，可以在交易平台交易的基金，简单说就是追踪大盘走势的一篮子标的。而比特币 ETF 是基于比特币的 ETF，购买了比特币 ETF相当于间接投资了比特币，拥有的是可以交易的合法的比特币基金，而并非直接拥有比特币。不过购买比特币 ETF与直接购买比特币，在收益上没有区别。ETF让投资者可以更方便快捷的投资。但是由于BTC价格的大幅波动等原因，SEC至今没有通过比特币 ETF。而ETP是Exchange Traded Products，即交易平台交易产品，是在交易平台上市的开放式投资产品，衍生定价，并像股票一样在全国性交易平台进行日间交易和结算，它被归类为优先结构债务证券。诸如灰度推出的 Bitcoin Investment Trust等也被归类为ETP。
The ETF refers to the Exchange Trade Fund, a trading platform fund that can be traded on a trading platform, simply by tracking a basket of fast-track investments. And the Bitcoin ETF is based on Bitcoin’s ETF, which buys bitcoin as an indirect investment in bitcoin and owns legal bitcoins that are tradable, not directly. But the purchase of bitcoin ETFs is no different from the direct purchase of bitcoins, which allows investors to make faster investments.
比特币价格不断向上突破，而美元通货膨胀已达到历史高点，宏观分析师Holger Zschaepitz表示，通货膨胀预期已达到历史最高水平，但是美国银行基金经理调查中创纪录的净投资者中有92％的投资者预期未来12个月通货膨胀率会继续上升 。在这种市场下，使得比特币ETF能否得到美国SEC的批准备受关注。
Bitcoin prices have been breaking upwards, while dollar inflation has reached historical highs, and macro-analyst Holger Zschaepitz has indicated that inflation is expected to reach historical highs, but 92% of the record net investors in a bank fund manager survey in the United States expect inflation to continue to rise over the next 12 months. Under this market, concerns have been raised about whether BitconetETF can obtain US SEC approval.
业内人士向本报记者表示，随着主流金融机构的大步入局，美国SEC不得不尽快确认比特币ETF的后续发展问题。近日Gary Gensler被新任美国总统Joe Biden任命为SEC主席，比特币ETF将成为他上台后不得不首先面对的一批问题之一。 美国OCC也已宣布联邦银行可以提供比特币的托管服务，并且美国银行Anchorage已经正式被批准托管加密货币，为比特币ETF的审批成功的可能增加了新的筹码。，
Professional sources have told reporters that, as mainstream financial institutions enter the market, the US SEC has had to identify the follow-up development of the Bitcoin ETF as soon as possible. Gary Gensler has recently been appointed President of the United States, Joe Biden, to chair the SEC, and the Bitcoin ETF will be one of the first problems he has to face when he takes office.
值得注意的是，当下比特币ETF面临的主要问题是比特币市场交易价格将确保不被人为操纵，这也是美国SEC关注比特币ETF是否可以批准上市的关键一点。
It is worth noting that the main problem facing the current Bitcoin ETF is that the prices traded on the Bitcoin market will ensure that they are not artificially manipulated, which is the key point of the United States SEC's concern about whether the Bitcoin ETF can be approved for listing.
责任编辑：孟俊莲 主编：冉学东
Responsible Editor: Mon Jun-Lian, Editor-in-Chief: Peng Xiaodong
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