貝萊德文件提案，以實現現代創建和贖回其等族以太坊信託ETF（ETHA）

美國投資公司BlackRock已向美國證券交易委員會提出了一項提案，該提案將允許其實物創建和贖回其Ishares Ethereum Trust ETF（ETHA）。

American investment firm BlackRock (NYSE:BLK) has filed a proposal with the US Securities and Exchange Commission (SEC) that will allow the in-kind creation and redemption of its iShares Ethereum Trust ETF (ETHA).

美國投資公司BlackRock（NYSE：BLK）已向美國證券交易委員會（SEC）提出了一項提案，該提案將允許其實物創建和贖回其ISHARES ETHERERUM TRUST ETF（ETHA）。

This development comes three months after the asset manager made a similar application for its Bitcoin spot ETF.

這一發展是在資產經理為其比特幣現場ETF的類似申請的三個月之後。

What Happened: On May 9, Block disclosed in an S-1 amendment the proposed change to the ETHA fund that would permit an in-kind creation and redemption process for the ETF.

發生的事情是：5月9日，在S-1修正案中披露的Block提議的更改將允許ETF實物創造和贖回過程。

Cryptocurrency ETFs generally operate a cash creation and redemption process. Authorized participants exchange cash for shares of an ETF at the point of creation and these shares are returned for the equivalent of their cash value at the point of redemption.

加密貨幣ETF通常經營現金創造和贖回過程。授權參與者在創建時交換了ETF股票的現金，並將這些股份退還為相當於其現金價值的現金。

But in an in-kind system, shares are exchanged for the underlying cryptocurrency between investors and the ETF issuers. This allows ETF issuers to increase their cryptocurrency holdings without any cash outflow or to decrease their holdings without selling shares in the open market.

但是，在實物系統中，股票被交換為投資者與ETF發行人之間的潛在加密貨幣。這使ETF發行人可以在沒有任何現金流出的情況下增加其加密貨幣持有量，或者在不出售公開市場的股票的情況下減少其持股。

According to Wolfe Research analyst James Seyffart, BlackRock’s application is the first to push for in-kind creation/redemption in Ethereum ETFs after the asset manager filed a similar one for the iShares Bitcoin Trust ETF (NYSE:BTC) in January 2024.

根據沃爾夫研究分析師詹姆斯·塞法特（James Seyffart）的說法，貝萊德的申請是在資產經理在2024年1月為Ishares Bitcoin Trust ETF（NYSE：BTC）提交了類似的，在資產經理為Ishares Bitcoin Trust ETF（NYSE：BTC）提交了類似的Ethereum ETF之後，首次推動實物創造/贖回。

There is a final deadline around November 10, 2025, at which the SEC is expected to respond to this proposed change on BlackRock’s ETHA.

在2025年11月10日左右的最後截止日期是最後的截止日期，預計SEC將對貝萊德埃薩（Etha）的擬議變更做出回應。

Why It’s Important: In its S-1 amendment for an in-kind creation/redemption system, BlackRock lists multiple risks, which can be described as the conventional risks all investors should know before directly or indirectly engaging with the crypto market.

為什麼重要的是：在其實物創建/救贖系統的S-1修正案中，貝萊德列出了多種風險，這可以描述為所有投資者在直接或間接與加密貨幣市場互動之前都應知道的常規風險。

Seyffart points out that there is a whole paragraph on the risk of Quantum computing.

Seyffart指出，關於量子計算的風險有整個段落。

“It is disclosing that substantial advancements in Quantum computing technology over the next few years might present opportunities to attack the cryptographic algorithms used to secure digital assets like Bitcoin (BTC) or Ethereum (ETH), ultimately compromising the assets’ security.”

“揭示，未來幾年的量子計算技術方面的實質進步可能會帶來攻擊用於確保比特幣（BTC）或以太坊（ETH）等數字資產的加密算法的機會，最終損害了資產的安全性。”

He adds that although there are steps by certain network members to create a cryptographic algorithm that would be immune to Quantum computing developments, there is little evidence to show that such Quantum-proof systems can be completely built or even implemented without causing network forks.”

他補充說，儘管某些網絡成員有一些步驟來創建一種對量子計算開發免疫的加密算法，但幾乎沒有證據表明可以完全構建或什至實施此類量子系統而不會引起網絡叉。 ”

However, Seyffart adds that there is no need to worry as these are part of the basic digital asset risks, which BlackRock is mandated to disclose. Other dangers mentioned in the amendment proposal include exchange collapse, e.g., FTX, governance policy, and volatility.

但是，Seyffart補充說，無需擔心，因為這些是基本數字資產風險的一部分，貝萊德被要求披露。修訂提案中提到的其他危險包括交換崩潰，例如，FTX，治理政策和波動性。

What Next: At press time, Ethereum traded at $2,347, up 28.38% over the past week. The world’s second-largest cryptocurrency is up 48.38% on a 30-day period as the broader crypto sector continues to recover from 2022’s market crash.

下一步：在發稿時，以太坊的交易價格為2,347美元，在過去一周中增長了28.38％。由於更廣泛的加密貨幣行業從2022年的市場崩潰中繼續恢復，全球第二大加密貨幣在30天的時間內增長了48.38％。