Bitwise 大举押注山寨币 ETF，开启加密货币基金新前沿

Bitwise 申请了 11 只新的加密 ETF（不包括比特币和以太坊），这标志着其大胆扩张到山寨币市场以及机构加密投资策略的转变。

Bitwise Pushes the Envelope with Ambitious Altcoin ETF Filings

Bitwise 雄心勃勃地提交山寨币 ETF 文件，挑战极限

In a move that’s sending ripples through the digital asset world, Bitwise has submitted an impressive eleven applications to the SEC for single-token crypto Exchange Traded Funds (ETFs). This aggressive push marks a significant moment, as these proposed funds strategically exclude Bitcoin and Ethereum, focusing instead on a curated selection of altcoins. The initiative aims to provide regulated, traditional brokerage access to assets like Aave, Uniswap, Zcash, Bittensor, Sui, and Near, allowing investors to gain direct exposure without navigating crypto exchanges.

Bitwise 已向 SEC 提交了 11 份单代币加密货币交易所交易基金 (ETF) 申请，此举在数字资产领域引起了轩然大波。这一积极的推动标志着一个重要时刻，因为这些拟议的基金战略性地排除了比特币和以太坊，而是专注于精选的山寨币。该计划旨在为 Aave、Uniswap、Zcash、Bittensor、Sui 和 Near 等资产提供受监管的传统经纪服务，让投资者无需浏览加密货币交易所即可获得直接投资。

A New Breed of Crypto ETF: Strategy Over Spot

加密货币 ETF 的新品种：现货策略

Bitwise isn't proposing traditional spot ETFs for these altcoins. Instead, each fund will operate as a 'Strategy ETF' within a rules-based framework. This innovative structure allows for flexibility, investing up to 60% of capital directly in the underlying token, with the remaining 40% allocated to related exchange-traded products and potentially derivatives. This approach is designed to navigate current regulatory constraints while enabling a scalable model that can be replicated across various digital assets.

Bitwise 并不建议为这些山寨币建立传统的现货 ETF。相反，每只基金将在基于规则的框架内作为“策略 ETF”运作。这种创新结构具有灵活性，将高达 60% 的资本直接投资于基础代币，其余 40% 分配给相关的交易所交易产品和潜在的衍生品。这种方法旨在克服当前的监管限制，同时实现可在各种数字资产之间复制的可扩展模型。

Expanding the Crypto Investment Landscape

扩大加密货币投资格局

This latest filing adds to Bitwise's already diverse crypto product suite, which includes spot ETFs for Bitcoin, Ethereum, Solana, and XRP, alongside crypto-equity funds and futures-based products. The new altcoin ETFs introduce a different risk profile, offering concentrated exposure and a direct link to specific niches within the crypto space, such as decentralized finance (DeFi) and artificial intelligence (AI). This move follows a broader trend of asset managers like Grayscale, VanEck, and 21Shares exploring individual altcoin and thematic ETFs, but Bitwise's scale and repeatable model set a new precedent.

这份最新文件补充了 Bitwise 已经多样化的加密产品套件，其中包括比特币、以太坊、Solana 和 XRP 的现货 ETF，以及加密股票基金和基于期货的产品。新的山寨币 ETF 引入了不同的风险状况，提供集中的风险敞口，并与加密货币领域的特定利基市场直接联系，例如去中心化金融 (DeFi) 和人工智能 (AI)。此举遵循了 Grayscale、VanEck 和 21Shares 等资产管理公司探索单个山寨币和主题 ETF 的更广泛趋势，但 Bitwise 的规模和可重复模型开创了新的先例。

Institutional Demand and the Altcoin ETF Puzzle

机构需求和山寨币 ETF 之谜

While the enthusiasm for new crypto ETFs is palpable, recent performance data for existing altcoin ETFs paints a nuanced picture. Despite substantial inflows into XRP and Solana ETFs, their respective token prices have remained relatively muted. Analysts suggest the market might be becoming crowded, with a potential shakeout on the horizon. However, the recent surge in Bitcoin ETF inflows, led by BlackRock, indicates a strong resurgence of institutional interest. As one analyst noted, "2026 is going to be the year of the crypto ETF. A whole new market has just opened up to crypto." The success of Bitwise's new venture will largely depend on how the SEC responds and whether these structured products can truly unlock significant demand for altcoins.

虽然人们对新加密货币 ETF 的热情显而易见，但现有山寨币 ETF 的最新表现数据描绘了一幅微妙的图景。尽管大量资金流入 XRP 和 Solana ETF，但它们各自的代币价格仍然相对平静。分析师表示，市场可能会变得拥挤，并可能出现震荡。然而，近期以贝莱德为首的比特币 ETF 资金流入激增，表明机构兴趣强劲复苏。正如一位分析师指出的那样，“2026 年将是加密货币 ETF 的一年。一个全新的市场刚刚向加密货币开放。” Bitwise 新公司的成功将在很大程度上取决于美国证券交易委员会的反应以及这些结构性产品是否能够真正释放对山寨币的巨大需求。

A Glimpse of the Future

未来一瞥

The landscape for crypto investment products is evolving rapidly. With firms like Trump Media also signaling plans for digital asset funds in 2026, it's clear that regulated access to cryptocurrencies is moving beyond just Bitcoin and Ethereum. Bitwise's bold move is a testament to the growing maturity of the crypto market and the increasing appetite for diversified, regulated investment opportunities. It’s an exciting time to watch this space unfold!

加密投资产品的格局正在迅速发展。随着像 Trump Media 这样的公司也发出 2026 年数字资产基金计划，很明显，对加密货币的监管正在超越比特币和以太坊。 Bitwise 的大胆举措证明了加密货币市场的日益成熟以及对多元化、受监管的投资机会日益增长的兴趣。这是观看这个空间展开的激动人心的时刻！