Coinbase推出了針對機構投資者的比特幣收益基金（CBYF）

本輔助比特幣收益基金初學者指南將涵蓋您需要了解的有關該基金的知識，包括其運作方式，產生收益

Coinbase, one of the world’s largest cryptocurrency exchanges, launched its Coinbase Bitcoin Yield Fund (CBYF) on May 1, 2025. The fund allows institutional investors to earn yields on their Bitcoin (BTC) investments without moving their holdings out of secure custody.

Coinbase是世界上最大的加密貨幣交易所之一，於2025年5月1日成立了其Coinbase Bitcoin收益基金（CBYF）。該基金允許機構投資者在不將其持股移出安全託管的情況下，對其比特幣（BTC）投資賺取收益率。

This Coinbase Bitcoin Yield Fund beginner guide will cover what you need to know about the fund, including how it works, generates yield, risks and stands out from previous Bitcoin yield attempts.

該共依幣比特幣收益基金初學者指南將涵蓋您需要了解的有關該基金的知識，包括其工作原理，產生收益，風險，風險和以前的比特幣收益率嘗試。

If you’ve ever wondered how to earn yield on Bitcoin with Coinbase, this guide provides answers.

如果您想知道如何使用Coinbase在比特幣上賺取收益，則本指南提供了答案。

Coinbase Bitcoin yield fund explained

Coinbase比特幣產量基金解釋了

The CBYF, which is managed by Coinbase Asset Management (CAM), offers a monthly subscription service for investors to buy or sell positions within the fund. However, all buy or sell requests require a five-business-day advance notice.

由Coinbase Asset Management（CAM）管理的CBYF為投資者提供每月訂閱服務，以在基金中購買或出售職位。但是，所有購買或出售請求都需要提前五次提前通知。

Backed by various investors like digital asset manager Aspen Digital, the fund aims to offer a 4% to 8% annual return on investment. Notably, it will never convert Bitcoin into any altcoin or stablecoin.

在數字資產經理Aspen Digital等各種投資者的支持下，該基金旨在提供4％至8％的年度投資回報率。值得注意的是，它永遠不會將比特幣轉換為任何Altcoin或Stablecoin。

Unlike traditional funds that move assets around to trade, CBYF operates primarily through Coinbase’s institutional-grade, cold storage custody systems. This approach ensures security in several ways:

與將資產轉移到貿易的傳統資金不同，CBYF主要通過Coinbase的機構級冷藏託管系統運營。這種方法可確保以多種方式確保安全：

Did you know? Coinbase Custody, CBYF’s custody solution, maintains SOC 1 type 2 and SOC 2 type 2 compliance, making it one of the most secure crypto storage solutions.

你可知道？ COINBASE監護權（CBYF的監護解決方案）維持SOC 1類型2和SOC 2 2型合規性，使其成為最安全的加密儲物解決方案之一。

How does Coinbase Bitcoin yield work?

共插基比特幣產量如何工作？

Bitcoin doesn’t generate yield in the traditional sense. While many of its decentralized finance (DeFi)-focused competitors like Ethereum present multiple, built-in opportunities for yield generation through staking, using Bitcoin staking platforms requires extensive knowledge of layer-2 blockchain ecosystems.

比特幣在傳統意義上不會產生產量。儘管以太坊（Ethereum）等許多專注於以太坊（Ethereum）的競爭者的許多分散財務（DEFI）帶來了多個通過放入來產生產量的內置機會，但使用比特幣放電平台需要廣泛了解第2層區塊鏈生態系統。

While the everyday trader can always earn on Bitcoin through buying and holding it, yield farming via staking is a more consistent profit method for earning. Staking crypto is similar to keeping money in a traditional savings account with a bank. The bank uses your money for loans to other customers and you earn a share of the interest on those loans.

雖然日常交易者總是可以通過購買和持有比特幣賺錢，但通過積累而產生的耕作是收入更加一致的利潤方法。 Staking Crypto類似於將資金保存在銀行的傳統儲蓄帳戶中。該銀行將您的資金用於向其他客戶貸款，您可以在這些貸款上獲得一部分利息。

As a more approachable attempt to offer Bitcoin yield, CAM focuses on cash-and-carry arbitrage, a form of basis trading. Basis trading is a profit strategy in which investors take advantage of Bitcoin’s spread, or the price difference between the Bitcoin spot market and the futures market. Spot traders are buying Bitcoin in the moment, while futures traders enter a contract that says they’ll buy or sell Bitcoin for a certain price on a specific date.

作為提供比特幣收益率的更平易近人的嘗試，CAM專注於現金和攜帶套利，這是一種基礎交易形式。基本交易是一種利潤策略，投資者利用比特幣的價差或比特幣現貨市場與期貨市場之間的價格差異。現貨交易者目前正在購買比特幣，而期貨交易者則簽訂了一份合同，該合同表示他們將在特定日期以一定的價格購買或出售比特幣。

Here’s an example:

這是一個例子：

While it’s impossible to predict Bitcoin’s price movement with 100% accuracy, basis trading is lower risk because it relies on somewhat predictable price movements rather than trust in a borrower.

儘管不可能以100％準確性來預測比特幣的價格變動，但基本交易是較低的風險，因為它依賴於某種可預測的價格變動，而不是對借款人的信任。

So, when an investor puts money into the new Coinbase yield fund, CAM uses those funds to initiate a basis trade. CAM earns a profit and shares it with investors as yield. Coinbase believes that avoiding “riskier high-interest Bitcoin loans” and focusing on a more predictable basis for trading will lower risk and appeal more to institutional investors.

因此，當投資者將資金投入新的Coinbase收益基金時，CAM使用這些資金來啟動基礎交易。 CAM賺取利潤，並將其與投資者分享為收益。 Coinbase認為，避免“風險更高的高利益比特幣貸款”並專注於更可預測的交易基礎，將降低風險，並吸引機構投資者。

If CBYF performs well, it may expand to more traditional lending or derivatives offerings. CYBF is attempting something that even the best crypto yield platforms have yet to try.

如果CBYF表現良好，它可能會擴展到更多傳統的貸款或衍生品產品。 CYBF正在嘗試一些即使是最好的加密平台尚未嘗試的東西。

Did you know? CBYF is one of many attempts to offer Bitcoin yield products. Other Bitcoin passive income attempts include Bitcoin lending and liquidity pools.

你可知道？ CBYF是提供比特幣產量產品的眾多嘗試之一。其他比特幣被動收入嘗試包括比特幣貸款和流動性池。

The risks of basis trading

基礎交易的風險

Basis trading has a lower risk than other crypto passive income options, but the process is far from risk-free.

基本交易的風險低於其他被動收入選擇權，但該過程遠非無風險。

Here are some common risks in basis trading:

以下是一些基本交易中的一些常見風險：

This isn’t to mention the regulatory and third-party platform risks.

這不用說監管和第三方平颱風險。

For one, the CBYF isn’t open to US traders. Regulatory entities like the Securities and Exchange Commission have stood against Bitcoin products before, including Coinbase’s own Borrow offering, which enabled users to receive loans against their Bitcoin. Coinbase shut Borrow down in May 2023. The entity launched a similar product later that year, but only for institutional investors.

首先，CBYF不向美國交易者開放。諸如證券交易委員會之類的監管實體之前已經反對比特幣產品，包括Coinbase自己的借款產品，這使用戶能夠針對其比特幣獲得貸款。 Coinbase於2023年5月關閉借貸。該實體於當年晚些時候推出了類似的產品，但僅針對機構投資者。

Instead, Coinbase is testing the CBYF internationally before bringing it into the United States.

取而代之的是，Coinbase將國際CBYF在將其帶入美國之前對CBYF進行測試。

Did you know? If Bitcoin’s price jumps too far (in either direction) while CAM holds a short position, the exchange must add collateral to avoid liquidation.

你可知道？如果比特幣的價格在CAM持有較短位置的同時（沿任一方向）上升得太遠，則交換必須增加抵押品以避免清算。

How is CBYF different from past Bitcoin yield attempts?

CBYF與過去的比特幣產量嘗試有何不同？

CBYF is built on the mistakes of previous Bitcoin yield attempts. One high-profile example was BlockFi, the now-defunct digital asset lending platform. BlockFi attempted a Bitcoin yield fund in 2019. BlockFi asked users to deposit Bitcoin into its platform, and would use that BTC for loans to institutions. Those loans would generate interest and BlockFi would pass that yield onto its users.

CBYF建立在以前的比特幣產量嘗試的錯誤之上。一個備受矚目的示例是Blockfi，這是現已倒閉的數字資產貸款平台。 Blockfi在2019年嘗試了一個比特幣收益基金。 Blockfi要求用戶將比特幣存入其平台，並將BTC用於機構的貸款。這些貸款將引起興趣，而Blockfi將會將其產生給用戶。

While this process worked for a time, state regulators came after BlockFi for selling unregistered securities. The SEC got involved and BlockFi had to settle by paying the SEC $50

儘管此過程持續了一段時間，但州監管機構是在Blockfi出售未註冊證券的情況下來的。 SEC參與其中，Blockfi必須通過支付SEC 50美元來解決