CRO打印機GO BRRRR：斑點比特幣ETFS（CRO）發行了有爭議的投票，以700億個CRO令牌投票

前證券交易委員會主席加里·蓋斯勒（Gary Gensler）在2024年1月批准了現場比特幣ETF之後，著名

Former Chair of the U.S. Securities and Exchange Commission Gary Gensler has a stark warning for investors: just because a product is approved by a regulator does not mean it’s a good investment.

美國證券交易委員會前主席加里·蓋斯勒（Gary Gensler）對投資者有明顯的警告：僅僅因為產品已獲得監管機構的批准並不意味著這是一項不錯的投資。

Gensler, who famously approved the listing and trading of certain spot bitcoin (BTC) ETP shares in January, made the sobering statement.

Gensler在一月份批准了某些現貨比特幣（BTC）ETP股票的上市和交易，他發表了醒目的聲明。

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” he said.

他說：“儘管我們今天批准了某些現貨比特幣ETP股票的上市和交易，但我們不批准或認可比特幣。投資者應該對與比特幣和與加密貨幣相關的比特幣和產品相關的無數風險保持謹慎。”

Now, as the new batch of bitcoin futures ETFs hit the markets, it is a pertinent point. Gensler had many reservations about bitcoin, which he touched upon in the same statement.

現在，隨著新的一批比特幣期貨ETF上市，這是相關的。 Gensler對比特幣有許多保留，他在同一陳述中談到了這一點。

“Though we’re merit neutral, I’d note that…bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.”

“儘管我們是值得的中立，但我注意到……比特幣主要是投機性的，波動性的資產，也用於非法活動，包括勒索軟件，洗錢，逃避逃避和恐怖分子融資。”

So, what would he say about an ETF that tracks CRO, the native token of the Cronos blockchain?

那麼，他會對跟踪Cro的ETF（Cronos區塊鏈的本地令牌）說些什麼？

Cronos Token Printer Go BRRRR

cronos令牌打印機brrrr

Crypto.com, the founding firm and controlling entity behind the $9.5 billion blockchain (at fully diluted value), pushed through a controversial vote — against the wishes of its community — to credit the 70 billion CRO tokens that were taken out of circulation back in 2021. The total supply is now back up to its original 100 billion units, with the new tokens placed in a strategic reserve to be released periodically by Cronos Labs in the coming years.

Crypto.com是創始公司和控制實體背後的95億美元區塊鏈（以完全稀釋的價值）背後的實體，推動了有爭議的投票 - 違背其社區的意願，以歸功於2021年從流通中撤出的700億個CRO代幣。 年。

A token undergoing a 233+% inflation rate in a single day, especially one that broke a cardinal rule of crypto — that tokens taken out of circulation can never return — might seem like a tough sell. As is a token that is down 35.94% this year despite a high-profile partnership with Trump Media & Technology Group (NASDAQ:DJT) (“TMTG”) and its partner, Yorkville America, “to support and power a series of TMTG-branded ETFs comprising digital and non-digital assets, including a first of its kind ETF basket of cryptocurrencies incorporating CRO and other crypto assets,” according to a March 24 press release.

一個令牌在一天之內經歷233+％的通貨膨脹率，尤其是打破了Crypto的基本規則的代幣（從流通中取出的代幣可能會返回）似乎是一個艱難的賣出。儘管與特朗普媒體與技術集團（NASDAQ：DJT）（“ TMTG”）（“ TMTG”）及其合作夥伴約克維爾·美國人（Jorkville America）與特朗普媒體與技術集團（NASDAQ：DJT）建立了高度提高的合作夥伴關係，但今年的代幣也下降了35.94％。根據3月24日的新聞稿。

The below chart demonstrates a brief price bump around the time of the announcement, but many of those gains were quickly given up.

下圖顯示了宣布這一消息時的短暫價格，但是其中許多收益很快就放棄了。

[Image: Rendering of Trump Tower in New York City. Image used for illustrative purposes only.]

[圖片：紐約市特朗普大廈的渲染。圖像僅用於說明目的。 ]

An optimistic take might be that the partnership will generate more interest in Cronos and its native token. However, TMTG’s stock has lost 76.7% since its SPAC merger closed in December 2022. And its partnership with Yorkville America to launch an ETF later this year will be focused on non-digital assets.

樂觀的態度可能是，夥伴關係將對Cronos及其本地代幣產生更多的興趣。但是，自2022年12月關閉的SPAC合併以來，TMTG的股票已損失76.7％。與約克維爾美國公司與美國ETF的合作夥伴關係將集中在非數字資產上。

This places an emphasis on the role of Harvest, which is the firm that will be applying for the Trump-branded crypto ETF. According to its website, Harvest specializes in fixed-income ETFs, and its largest ETF is the Harvest Total Return Bond ETF (TSX: BOND), which has $1.04 billion in AUM. For perspective, the new bitcoin futures ETFs from ProShares (NYSE:PROPS) and Invesco (NYSE:IVZ) have $1.2 billion and $1 billion, respectively.

這強調了收穫的作用，該公司將申請特朗普品牌的加密貨幣ETF。根據其網站，Harvest專門研究固定收益ETF，其最大的ETF是收穫總回報債券ETF（TSX：債券），其在AUM中為10.4億美元。從角度來看，Proshares（NYSE：Props）和Invesco（NYSE：IVZ）的新比特幣期貨ETF分別為12億美元和10億美元。

186X More Expensive Than Alphabet

186x比字母貴

On May 6, 21Shares launched an ETP trading on Euronext Paris and Euronext Amsterdam offering exposure to the token for a fee of 2.5%. In the launch’s announcement, which made no mention of the controversial vote, Mandy Chiu, head of financial products development at 21Shares, said, “Cronos is uniquely positioned at the intersection of centralised access and decentralised innovation…By launching a Cronos ETP, we are offering investors easy, regulated exposure to a blockchain ecosystem that is driving real-world adoption and pioneering the future of Web3.”

5月6日，21shares在巴黎Euronext和Amsterdam上發起了ETP交易，以2.5％的費用向代幣提供接觸。 In the launch's announcement, which made no mention of the controversial vote, Mandy Chiu, head of financial products development at 21Shares, said, “Cronos is uniquely positioned at the intersection of centralised access and decentralised innovation…By launching a Cronos ETP, we are offering investors easy, regulated exposure to a blockchain ecosystem that is driving real-world adoption and pioneering the future of Web3.”

She did not mention that the blockchain only made $2.05 million in fees last year, according to Token Terminal. This would give it a price-to-sales ratio (P/S) of 1873. And that figure only uses CRO’s circulating market capitalization, not the fully diluted 100 billion figure. By comparison, a tech firm like Alphabet (NASDAQ:GOOGL) had a (P/S) of 7.1 at the end of 2024. And that number comes at a time when Magnificent 7 stocks, which includes Alphabet, were particularly frothy.

根據Token Terminal的數據，她沒有提到該區塊鏈去年僅繳納了205萬美元的費用。這將使它的價格與售比（p/s）為1873年。這一數字僅使用CRO循環的市值，而不是完全稀釋的1000億個數字。相比之下，像Alphabet（NASDAQ：GOOGL）這樣的科技公司在2024年底的（P/s）為7.1。這一數字是在包括Alphabet在內的宏偉的7個股票特別泡沫時出現的。

When asked for comment about the controversial launch, Chiu responded via written comments:

當被問及有關有爭議的發布的評論時，Chiu通過書面評論回答：

“We are closely monitoring the recent governance developments. Governance is a critical aspect of any blockchain ecosystem, and different networks take different approaches. We recognise that Cronos operates under a more centralised model, which

“我們正在密切監視最近的治理髮展。治理是任何區塊鏈生態系統的關鍵方面，不同的網絡採用不同的方法。我們認識到，Cronos在更集中的模型下運作，該模型是