Coinbase為機構投資者推出新的比特幣（BTC）收益基金

Coinbase Bitcoin收益基金於5月1日開放非美國機構投資者，旨在提供4％至8％的年度淨回報

Coinbase Asset Management is launching a new fund for non-U.S. institutional investors to receive a yield on their bitcoin (BTC) holdings, beginning May 1, according to a press release.

根據新聞稿，Coinbase Asset Management正在為非美國機構投資者啟動一項新基金，以從5月1日開始，以獲得其比特幣（BTC）持有的收益率。

The Coinbase Bitcoin Yield Fund will aim to deliver an annualized net return of 4% to 8%, with yield initially being generated through basis trading, according to the press release. Over time, the fund plans to integrate lending and options strategies into its approach to broaden potential yield opportunities.

根據新聞稿，Coinbase Bitcoin收益基金的目標是每年淨回報率為4％至8％，最初是通過基本交易產生的。隨著時間的流逝，該基金計劃將貸款和期權策略整合到其擴大潛在產量機會的方法中。

The so-called bitcoin basis trade involves capitalizing on the spread between futures and spot markets. It became popular at the tail end of 2024 as hedge funds notched a record high of $14.2 billion in BTC short positions, whilst simultaneously buying spot bitcoin ETF shares.

所謂的比特幣基礎貿易涉及利用期貨和現貨市場之間的差異。它在2024年末末期變得很流行，因為對沖基金在BTC短職位上獲得了創紀錄的142億美元的創紀錄，同時購買了現貨比特幣ETF股票。

This strategy produces yields that vary depending on the spread between both markets, but isn't immune to risk. For instance, if an entity was short $1 billion on a BTC futures product and the price of BTC was to wildly surge, that entity would need to keep adding margin to avoid liquidation.

該策略產生的收益率取決於兩個市場之間的差異，但不能免於風險。例如，如果一個實體在BTC期貨產品上的短短10億美元，而BTC的價格急劇增加，那麼該實體將需要繼續增加利潤率以避免清算。

Also, as the trade becomes more crowded, the spread and subsequent yield could become very thin. This has already led to a number of hedge funds exiting the trade early this year, with the short figure on Chicago Mercantile Exchange now standing at $8.4 billion, down from $14.2 billion four months prior.

同樣，隨著貿易變得越來越擁擠，傳播和隨後的產量可能會變得非常薄。這已經導致了今年年初退出交易的許多對沖基金，而芝加哥商業交易所的簡短數字目前為84億美元，低於前四個月的142億美元。

Coinbase’s new product stirs memories of former crypto lender BlockFi's yield platform, which opened in 2019 but ultimately failed alongside crashing prices in 2022.

Coinbase的新產品激發了對前加密貸款人Blockfi的收益平台的回憶，該平台於2019年開業，但最終與2022年的崩潰價格失敗了。

BlockFi’s fund, however, differed from Coinbase’s latest product in that it generated its yield through lending, rather than a lower-risk basis trade.

但是，Blockfi的基金與Coinbase的最新產品不同，因為它通過貸款而不是低風險的貿易產生了收益率。