贝莱德文件提案，以实现现代创建和赎回其等族以太坊信托ETF（ETHA）

美国投资公司BlackRock已向美国证券交易委员会提出了一项提案，该提案将允许其实物创建和赎回其Ishares Ethereum Trust ETF（ETHA）。

American investment firm BlackRock (NYSE:BLK) has filed a proposal with the US Securities and Exchange Commission (SEC) that will allow the in-kind creation and redemption of its iShares Ethereum Trust ETF (ETHA).

美国投资公司BlackRock（NYSE：BLK）已向美国证券交易委员会（SEC）提出了一项提案，该提案将允许其实物创建和赎回其ISHARES ETHERERUM TRUST ETF（ETHA）。

This development comes three months after the asset manager made a similar application for its Bitcoin spot ETF.

这一发展是在资产经理为其比特币现场ETF的类似申请的三个月之后。

What Happened: On May 9, Block disclosed in an S-1 amendment the proposed change to the ETHA fund that would permit an in-kind creation and redemption process for the ETF.

发生的事情是：5月9日，在S-1修正案中披露的Block提议的更改将允许ETF实物创造和赎回过程。

Cryptocurrency ETFs generally operate a cash creation and redemption process. Authorized participants exchange cash for shares of an ETF at the point of creation and these shares are returned for the equivalent of their cash value at the point of redemption.

加密货币ETF通常经营现金创造和赎回过程。授权参与者在创建时交换了ETF股票的现金，并将这些股份退还为相当于其现金价值的现金。

But in an in-kind system, shares are exchanged for the underlying cryptocurrency between investors and the ETF issuers. This allows ETF issuers to increase their cryptocurrency holdings without any cash outflow or to decrease their holdings without selling shares in the open market.

但是，在实物系统中，股票被交换为投资者与ETF发行人之间的潜在加密货币。这使ETF发行人可以在没有任何现金流出的情况下增加其加密货币持有量，或者在不出售公开市场的股票的情况下减少其持股。

According to Wolfe Research analyst James Seyffart, BlackRock’s application is the first to push for in-kind creation/redemption in Ethereum ETFs after the asset manager filed a similar one for the iShares Bitcoin Trust ETF (NYSE:BTC) in January 2024.

根据沃尔夫研究分析师詹姆斯·塞法特（James Seyffart）的说法，贝莱德的申请是在资产经理在2024年1月为Ishares Bitcoin Trust ETF（NYSE：BTC）提交了类似的，在资产经理为Ishares Bitcoin Trust ETF（NYSE：BTC）提交了类似的Ethereum ETF之后，首次推动实物创造/赎回。

There is a final deadline around November 10, 2025, at which the SEC is expected to respond to this proposed change on BlackRock’s ETHA.

在2025年11月10日左右的最后截止日期是最后的截止日期，预计SEC将对贝莱德埃萨（Etha）的拟议变更做出回应。

Why It’s Important: In its S-1 amendment for an in-kind creation/redemption system, BlackRock lists multiple risks, which can be described as the conventional risks all investors should know before directly or indirectly engaging with the crypto market.

为什么重要的是：在其实物创建/救赎系统的S-1修正案中，贝莱德列出了多种风险，这可以描述为所有投资者在直接或间接与加密货币市场互动之前都应知道的常规风险。

Seyffart points out that there is a whole paragraph on the risk of Quantum computing.

Seyffart指出，关于量子计算的风险有整个段落。

“It is disclosing that substantial advancements in Quantum computing technology over the next few years might present opportunities to attack the cryptographic algorithms used to secure digital assets like Bitcoin (BTC) or Ethereum (ETH), ultimately compromising the assets’ security.”

“揭示，未来几年的量子计算技术方面的实质进步可能会带来攻击用于确保比特币（BTC）或以太坊（ETH）等数字资产的加密算法的机会，最终损害了资产的安全性。”

He adds that although there are steps by certain network members to create a cryptographic algorithm that would be immune to Quantum computing developments, there is little evidence to show that such Quantum-proof systems can be completely built or even implemented without causing network forks.”

他补充说，尽管某些网络成员有一些步骤来创建一种对量子计算开发免疫的加密算法，但几乎没有证据表明可以完全构建或什至实施此类量子系统而不会引起网络叉。”

However, Seyffart adds that there is no need to worry as these are part of the basic digital asset risks, which BlackRock is mandated to disclose. Other dangers mentioned in the amendment proposal include exchange collapse, e.g., FTX, governance policy, and volatility.

但是，Seyffart补充说，无需担心，因为这些是基本数字资产风险的一部分，贝莱德被要求披露。修订提案中提到的其他危险包括交换崩溃，例如，FTX，治理政策和波动性。

What Next: At press time, Ethereum traded at $2,347, up 28.38% over the past week. The world’s second-largest cryptocurrency is up 48.38% on a 30-day period as the broader crypto sector continues to recover from 2022’s market crash.

下一步：在发稿时，以太坊的交易价格为2,347美元，在过去一周中增长了28.38％。由于更广泛的加密货币行业从2022年的市场崩溃中继续恢复，全球第二大加密货币在30天的时间内增长了48.38％。