投資以太幣 ETF 可能只是時間問題，而不是是否有問題

儘管缺少許多投資者希望從中獲利的質押功能，但這八隻現貨以太幣交易所交易基金在周二基本上成功推出。

The eight spot ether exchange-traded funds had a largely successful launch on Tuesday, despite the missing staking feature that many investors had hoped to profit from.

儘管缺少許多投資者希望從中獲利的質押功能，但這八隻現貨以太幣交易所交易基金在周二基本上成功推出。

Eight newly approved spot ether (ETH) exchange-traded funds got off to a busy start following their debut this week, despite lacking a key feature of Ethereum's native token: staking income.

儘管缺乏以太坊原生代幣的一個關鍵特徵：質押收入，但八隻新批准的現貨以太坊 (ETH) 交易所交易基金在本週首次亮相後，開始忙碌起來。

While the Grayscale Ethereum Trust (ETHE), which has existed in non-ETF form for years but just converted into an ETF, has seen about $811 million of outflows, new products from the likes of BlackRock saw almost $800 million deposited in the first two days. Issuers say they're pleased.

雖然灰度以太坊信託(ETHE) 已以非ETF 形式存在多年，但剛剛轉換為ETF，已流出約8.11 億美元，但貝萊德等公司的新產品在前兩年存入了近8 億美元。發行人表示他們很高興。

This early success wasn't a given, especially after several issuers announced that they would not stake ether for yield, which they had initially planned to do in earlier filings. This was likely due to the U.S. Securities and Exchange Commission telling them to remove the feature as staking could potentially violate federal securities laws as it constitutes unregistered securities offerings, a point the SEC had previously argued in other cases.

這種早期的成功並不是必然的，特別是在幾家發行人宣布他們不會用以太幣換取收益之後，他們最初計劃在早期的文件中這樣做。這可能是由於美國證券交易委員會要求他們刪除該功能，因為質押可能違反聯邦證券法，因為它構成未註冊的證券發行，美國證券交易委員會先前在其他案件中曾指出過這一點。

With a new administration taking office in January, things could change quickly and issuers remain hopeful that the feature could eventually become part of the products.

隨著新政府在一月份上任，情況可能會迅速發生變化，發行人仍然希望該功能最終能夠成為產品的一部分。

That being said, it is not currently "an active discussion," Rob Mitchnick, head of digital assets for BlackRock, said in an interview with CoinDesk. He added that the SEC made its view on that clear.

貝萊德數位資產主管 Rob Mitchnick 在接受 CoinDesk 採訪時表示，話雖如此，目前這還不是「積極的討論」。他補充說，美國證券交易委員會已經明確表達了自己的觀點。

BlackRock, the world's largest asset manager, did not initially apply to be able to stake in their application but others, including Fidelity and Franklin Templeton, did.

全球最大的資產管理公司貝萊德最初並未申請入股，但包括富達和富蘭克林鄧普頓在內的其他公司卻提出了入股申請。

"I certainly would hope that as an industry, we're going to be able to help to educate and provide perspective on how it is that we can bring staking capabilities to investors in these products," said Cynthia Lo Bessette, head of digital asset management at Fidelity. "Staking is a critical component of the Ethereum ecosystem as it is the activity that secures the ecosystem and so, therefore, it's an important part of the investment experience and being able to invest in your ether."

數位資產主管辛西婭·洛·貝塞特 (Cynthia Lo Bessette) 表示：「我當然希望，作為一個行業，我們能夠幫助教育並提供有關我們如何為這些產品的投資者帶來質押功能的觀點。」富達的管理層。 “質押是以太坊生態系統的重要組成部分，因為它是保護生態系統的活動，因此，它是投資體驗和投資以太幣的重要組成部分。”

Former President Donald Trump seems to have won over the hearts of many leaders in the crypto industry and is their favored choice in this year's election given his recent endorsement of the space.

前總統唐納德·川普似乎贏得了加密貨幣行業許多領導人的心，鑑於他最近對該領域的認可，他是他們在今年選舉中的首選。

"I believe staking within spot ether ETFs is a matter of when, not if," said Nate Geraci, president of the ETF Store. "That said, there is no question that politics are intertwined with the timing of the 'when.'"

ETF Store 總裁 Nate Geraci 表示：“我認為，在現貨以太 ETF 中進行質押只是時間問題，而不是是否會發生的問題。” “話雖如此，毫無疑問，政治與‘何時’的時機交織在一起。”

He added: "Indications are that a Trump administration would be much more crypto-friendly, which could certainly accelerate the timeline of when staking might be allowed. Otherwise, ETF issuers could be left waiting on a comprehensive crypto regulatory framework to be put in place, which would likely take significantly longer."

他補充說：「有跡象表明，川普政府將對加密貨幣更加友好，這肯定會加快允許質押的時間表。否則，ETF 發行人可能會等待全面的加密貨幣監管框架到位。 ，這可能需要更長的時間。

For Franklin Templeton, who, like Fidelity, was keen on making staking a part of the ETFs, starting without that feature seemed natural and made the overall process of getting the product approved easier.

富蘭克林鄧普頓（Franklin Templeton）和富達（Fidelity）一樣熱衷於將質押作為ETF 的一部分，對於富蘭克林鄧普頓（Franklin Templeton）來說，在沒有該功能的情況下開始似乎很自然，並且使產品獲得批准的整個過程變得更加容易。

"The easier path or path of least resistance was clearly to do it as an unstaked version," said Christopher Jense, director of digital asset research for Franklin Templeton's Digital Asset Investment Strategies Group. "It just works better, it's simpler, it's easier, and the execution risk was lower, so I think it's very natural that that's where we started."

富蘭克林鄧普頓數位資產投資策略集團數位資產研究總監克里斯托弗·詹斯 (Christopher Jense) 表示：“更簡單的路徑或阻力最小的路徑顯然是採用無質押版本。” “它效果更好，更簡單，更容易，而且執行風險更低，所以我認為這就是我們開始的地方，這是很自然的。”

If staking will be part of the ETFs in the future, it doesn't seem to be up to the asset managers, but is a question of whether the regulatory landscape in the future will be open to it.

如果未來質押成為ETF的一部分，這似乎不是資產管理公司的決定，而是未來監管環境是否對其開放的問題。

"I think it's very tied into the regulatory clarity that we think will happen over time of whether that will or won't happen," said David Mann, head of ETF product & capital markets for Franklin. "This is the framework we're dealing with today and if it evolves, we'll be ready to evolve with it."

富蘭克林 ETF 產品和資本市場主管 David Mann 表示：“我認為這與監管的明確性密切相關，我們認為隨著時間的推移，這種情況是否會發生。” “這就是我們今天正在處理的框架，如果它不斷發展，我們將準備好隨之發展。”

The eight spot ether ETFs began trading on the New York Stock Exchange Arca on Tuesday. They follow the approval of the first spot bitcoin ETFs in 2021, which were also met with enthusiasm from investors.

這八隻現貨以太 ETF 於週二開始在紐約證券交易所 Arca 交易。繼 2021 年第一批現貨比特幣 ETF 獲得批准後，該ETF也受到了投資者的熱情。

The Grayscale Ethereum Trust, which was converted to an ETF on Tuesday, began trading under the ticker symbol ETHE. The other seven products, which are all new ETFs, are trading under the following tickers:

灰階以太坊信託於週二轉換為 ETF，開始以股票代號 ETHE 進行交易。其他七種產品均為新 ETF，交易代碼如下：

* ether (ETH)

* 以太幣（ETH）

* ether (ETH)

* 以太幣（ETH）

* ether (ETH)

* 以太幣（ETH）

* ether (ETH)

* 以太幣（ETH）

* ether (ETH)

* 以太幣（ETH）

* ether (ETH)

* 以太幣（ETH）

* ether (ETH)

* 以太幣（ETH）

The ether ETFs, which are designed to track the price of the second-largest cryptocurrency, were approved by the U.S. Securities and Exchange Commission (SEC) last week. The approval came after years of waiting by the crypto industry, which had been pushing for the SEC to approve an ETF that would provide investors with an easy way to gain exposure to ether.

旨在追蹤第二大加密貨幣價格的以太幣 ETF 上週獲得了美國證券交易委員會 (SEC) 的批准。此次批准是在加密貨幣行業等待多年之後獲得的，該行業一直在推動 SEC 批准一款 ETF，該 ETF 將為投資者提供一種簡單的方式來獲得以太坊投資。

The approval of the

的批准