Bitwise 大舉押注山寨幣 ETF，開啟加密貨幣基金新前沿

Bitwise 申請了 11 只新的加密 ETF（不包括比特幣和以太坊），這標誌著其大膽擴張到山寨幣市場以及機構加密投資策略的轉變。

Bitwise Pushes the Envelope with Ambitious Altcoin ETF Filings

Bitwise 雄心勃勃地提交山寨幣 ETF 文件，挑戰極限

In a move that’s sending ripples through the digital asset world, Bitwise has submitted an impressive eleven applications to the SEC for single-token crypto Exchange Traded Funds (ETFs). This aggressive push marks a significant moment, as these proposed funds strategically exclude Bitcoin and Ethereum, focusing instead on a curated selection of altcoins. The initiative aims to provide regulated, traditional brokerage access to assets like Aave, Uniswap, Zcash, Bittensor, Sui, and Near, allowing investors to gain direct exposure without navigating crypto exchanges.

Bitwise 已向 SEC 提交了 11 份單代幣加密貨幣交易所交易基金 (ETF) 申請，此舉在數字資產領域引起了軒然大波。這一積極的推動標誌著一個重要時刻，因為這些擬議的基金戰略性地排除了比特幣和以太坊，而是專注於精選的山寨幣。該計劃旨在為 Aave、Uniswap、Zcash、Bittensor、Sui 和 Near 等資產提供受監管的傳統經紀服務，讓投資者無需瀏覽加密貨幣交易所即可獲得直接投資。

A New Breed of Crypto ETF: Strategy Over Spot

加密貨幣 ETF 的新品種：現貨策略

Bitwise isn't proposing traditional spot ETFs for these altcoins. Instead, each fund will operate as a 'Strategy ETF' within a rules-based framework. This innovative structure allows for flexibility, investing up to 60% of capital directly in the underlying token, with the remaining 40% allocated to related exchange-traded products and potentially derivatives. This approach is designed to navigate current regulatory constraints while enabling a scalable model that can be replicated across various digital assets.

Bitwise 並不建議為這些山寨幣建立傳統的現貨 ETF。相反，每隻基金將在基於規則的框架內作為“策略 ETF”運作。這種創新結構具有靈活性，將高達 60% 的資本直接投資於基礎代幣，其餘 40% 分配給相關的交易所交易產品和潛在的衍生品。這種方法旨在克服當前的監管限制，同時實現可在各種數字資產之間複製的可擴展模型。

Expanding the Crypto Investment Landscape

擴大加密貨幣投資格局

This latest filing adds to Bitwise's already diverse crypto product suite, which includes spot ETFs for Bitcoin, Ethereum, Solana, and XRP, alongside crypto-equity funds and futures-based products. The new altcoin ETFs introduce a different risk profile, offering concentrated exposure and a direct link to specific niches within the crypto space, such as decentralized finance (DeFi) and artificial intelligence (AI). This move follows a broader trend of asset managers like Grayscale, VanEck, and 21Shares exploring individual altcoin and thematic ETFs, but Bitwise's scale and repeatable model set a new precedent.

這份最新文件補充了 Bitwise 已經多樣化的加密產品套件，其中包括比特幣、以太坊、Solana 和 XRP 的現貨 ETF，以及加密股票基金和基於期貨的產品。新的山寨幣 ETF 引入了不同的風險狀況，提供集中的風險敞口，並與加密貨幣領域的特定利基市場直接聯繫，例如去中心化金融 (DeFi) 和人工智能 (AI)。此舉遵循了 Grayscale、VanEck 和 21Shares 等資產管理公司探索單個山寨幣和主題 ETF 的更廣泛趨勢，但 Bitwise 的規模和可重複模型開創了新的先例。

Institutional Demand and the Altcoin ETF Puzzle

機構需求和山寨幣 ETF 之謎

While the enthusiasm for new crypto ETFs is palpable, recent performance data for existing altcoin ETFs paints a nuanced picture. Despite substantial inflows into XRP and Solana ETFs, their respective token prices have remained relatively muted. Analysts suggest the market might be becoming crowded, with a potential shakeout on the horizon. However, the recent surge in Bitcoin ETF inflows, led by BlackRock, indicates a strong resurgence of institutional interest. As one analyst noted, "2026 is going to be the year of the crypto ETF. A whole new market has just opened up to crypto." The success of Bitwise's new venture will largely depend on how the SEC responds and whether these structured products can truly unlock significant demand for altcoins.

雖然人們對新加密貨幣 ETF 的熱情顯而易見，但現有山寨幣 ETF 的最新表現數據描繪了一幅微妙的圖景。儘管大量資金流入 XRP 和 Solana ETF，但它們各自的代幣價格仍然相對平靜。分析師表示，市場可能會變得擁擠，並可能出現震盪。然而，近期以貝萊德為首的比特幣 ETF 資金流入激增，表明機構興趣強勁復甦。正如一位分析師指出的那樣，“2026 年將是加密貨幣 ETF 的一年。一個全新的市場剛剛向加密貨幣開放。” Bitwise 新公司的成功將在很大程度上取決於美國證券交易委員會的反應以及這些結構性產品是否能夠真正釋放對山寨幣的巨大需求。

A Glimpse of the Future

未來一瞥

The landscape for crypto investment products is evolving rapidly. With firms like Trump Media also signaling plans for digital asset funds in 2026, it's clear that regulated access to cryptocurrencies is moving beyond just Bitcoin and Ethereum. Bitwise's bold move is a testament to the growing maturity of the crypto market and the increasing appetite for diversified, regulated investment opportunities. It’s an exciting time to watch this space unfold!

加密投資產品的格局正在迅速發展。隨著像 Trump Media 這樣的公司也發出 2026 年數字資產基金計劃，很明顯，對加密貨幣的監管正在超越比特幣和以太坊。 Bitwise 的大膽舉措證明了加密貨幣市場的日益成熟以及對多元化、受監管的投資機會日益增長的興趣。這是觀看這個空間展開的激動人心的時刻！