Coinbase推出了针对机构投资者的比特币收益基金（CBYF）

本辅助比特币收益基金初学者指南将涵盖您需要了解的有关该基金的知识，包括其运作方式，产生收益

Coinbase, one of the world’s largest cryptocurrency exchanges, launched its Coinbase Bitcoin Yield Fund (CBYF) on May 1, 2025. The fund allows institutional investors to earn yields on their Bitcoin (BTC) investments without moving their holdings out of secure custody.

Coinbase是世界上最大的加密货币交易所之一，于2025年5月1日成立了其Coinbase Bitcoin收益基金（CBYF）。该基金允许机构投资者在不将其持股移出安全托管的情况下，对其比特币（BTC）投资赚取收益率。

This Coinbase Bitcoin Yield Fund beginner guide will cover what you need to know about the fund, including how it works, generates yield, risks and stands out from previous Bitcoin yield attempts.

该共依币比特币收益基金初学者指南将涵盖您需要了解的有关该基金的知识，包括其工作原理，产生收益，风险，风险和以前的比特币收益率尝试。

If you’ve ever wondered how to earn yield on Bitcoin with Coinbase, this guide provides answers.

如果您想知道如何使用Coinbase在比特币上赚取收益，则本指南提供了答案。

Coinbase Bitcoin yield fund explained

Coinbase比特币产量基金解释了

The CBYF, which is managed by Coinbase Asset Management (CAM), offers a monthly subscription service for investors to buy or sell positions within the fund. However, all buy or sell requests require a five-business-day advance notice.

由Coinbase Asset Management（CAM）管理的CBYF为投资者提供每月订阅服务，以在基金中购买或出售职位。但是，所有购买或出售请求都需要提前五次提前通知。

Backed by various investors like digital asset manager Aspen Digital, the fund aims to offer a 4% to 8% annual return on investment. Notably, it will never convert Bitcoin into any altcoin or stablecoin.

在数字资产经理Aspen Digital等各种投资者的支持下，该基金旨在提供4％至8％的年度投资回报率。值得注意的是，它永远不会将比特币转换为任何Altcoin或Stablecoin。

Unlike traditional funds that move assets around to trade, CBYF operates primarily through Coinbase’s institutional-grade, cold storage custody systems. This approach ensures security in several ways:

与将资产转移到贸易的传统资金不同，CBYF主要通过Coinbase的机构级冷藏托管系统运营。这种方法可确保以多种方式确保安全：

Did you know? Coinbase Custody, CBYF’s custody solution, maintains SOC 1 type 2 and SOC 2 type 2 compliance, making it one of the most secure crypto storage solutions.

你可知道？ COINBASE监护权（CBYF的监护解决方案）维持SOC 1类型2和SOC 2 2型合规性，使其成为最安全的加密储物解决方案之一。

How does Coinbase Bitcoin yield work?

共插基比特币产量如何工作？

Bitcoin doesn’t generate yield in the traditional sense. While many of its decentralized finance (DeFi)-focused competitors like Ethereum present multiple, built-in opportunities for yield generation through staking, using Bitcoin staking platforms requires extensive knowledge of layer-2 blockchain ecosystems.

比特币在传统意义上不会产生产量。尽管以太坊（Ethereum）等许多专注于以太坊（Ethereum）的竞争者的许多分散财务（DEFI）带来了多个通过放入来产生产量的内置机会，但使用比特币放电平台需要广泛了解第2层区块链生态系统。

While the everyday trader can always earn on Bitcoin through buying and holding it, yield farming via staking is a more consistent profit method for earning. Staking crypto is similar to keeping money in a traditional savings account with a bank. The bank uses your money for loans to other customers and you earn a share of the interest on those loans.

虽然日常交易者总是可以通过购买和持有比特币赚钱，但通过积累而产生的耕作是收入更加一致的利润方法。 Staking Crypto类似于将资金保存在银行的传统储蓄帐户中。该银行将您的资金用于向其他客户贷款，您可以在这些贷款上获得一部分利息。

As a more approachable attempt to offer Bitcoin yield, CAM focuses on cash-and-carry arbitrage, a form of basis trading. Basis trading is a profit strategy in which investors take advantage of Bitcoin’s spread, or the price difference between the Bitcoin spot market and the futures market. Spot traders are buying Bitcoin in the moment, while futures traders enter a contract that says they’ll buy or sell Bitcoin for a certain price on a specific date.

作为提供比特币收益率的更平易近人的尝试，CAM专注于现金和携带套利，这是一种基础交易形式。基本交易是一种利润策略，投资者利用比特币的价差或比特币现货市场与期货市场之间的价格差异。现货交易者目前正在购买比特币，而期货交易者则签订了一份合同，该合同表示他们将在特定日期以一定的价格购买或出售比特币。

Here’s an example:

这是一个例子：

While it’s impossible to predict Bitcoin’s price movement with 100% accuracy, basis trading is lower risk because it relies on somewhat predictable price movements rather than trust in a borrower.

尽管不可能以100％准确性来预测比特币的价格变动，但基本交易是较低的风险，因为它依赖于某种可预测的价格变动，而不是对借款人的信任。

So, when an investor puts money into the new Coinbase yield fund, CAM uses those funds to initiate a basis trade. CAM earns a profit and shares it with investors as yield. Coinbase believes that avoiding “riskier high-interest Bitcoin loans” and focusing on a more predictable basis for trading will lower risk and appeal more to institutional investors.

因此，当投资者将资金投入新的Coinbase收益基金时，CAM使用这些资金来启动基础贸易。 CAM赚取利润，并将其与投资者分享为收益。 Coinbase认为，避免“风险更高的高利益比特币贷款”并专注于更可预测的交易基础，将降低风险，并吸引机构投资者。

If CBYF performs well, it may expand to more traditional lending or derivatives offerings. CYBF is attempting something that even the best crypto yield platforms have yet to try.

如果CBYF表现良好，它可能会扩展到更多传统的贷款或衍生品产品。 CYBF正在尝试一些即使是最好的加密平台尚未尝试的东西。

Did you know? CBYF is one of many attempts to offer Bitcoin yield products. Other Bitcoin passive income attempts include Bitcoin lending and liquidity pools.

你可知道？ CBYF是提供比特币产量产品的众多尝试之一。其他比特币被动收入尝试包括比特币贷款和流动性池。

The risks of basis trading

基础交易的风险

Basis trading has a lower risk than other crypto passive income options, but the process is far from risk-free.

基本交易的风险低于其他被动收入选择权，但该过程远非无风险。

Here are some common risks in basis trading:

以下是一些基本交易中的一些常见风险：

This isn’t to mention the regulatory and third-party platform risks.

这不用说监管和第三方平台风险。

For one, the CBYF isn’t open to US traders. Regulatory entities like the Securities and Exchange Commission have stood against Bitcoin products before, including Coinbase’s own Borrow offering, which enabled users to receive loans against their Bitcoin. Coinbase shut Borrow down in May 2023. The entity launched a similar product later that year, but only for institutional investors.

首先，CBYF不向美国交易者开放。诸如证券交易委员会之类的监管实体之前已经反对比特币产品，包括Coinbase自己的借款产品，这使用户能够针对其比特币获得贷款。 Coinbase于2023年5月关闭借贷。该实体于当年晚些时候推出了类似的产品，但仅针对机构投资者。

Instead, Coinbase is testing the CBYF internationally before bringing it into the United States.

取而代之的是，Coinbase将国际CBYF在将其带入美国之前对CBYF进行测试。

Did you know? If Bitcoin’s price jumps too far (in either direction) while CAM holds a short position, the exchange must add collateral to avoid liquidation.

你可知道？如果比特币的价格在CAM持有较短位置的同时（沿任一方向）上升得太远，则交换必须增加抵押品以避免清算。

How is CBYF different from past Bitcoin yield attempts?

CBYF与过去的比特币产量尝试有何不同？

CBYF is built on the mistakes of previous Bitcoin yield attempts. One high-profile example was BlockFi, the now-defunct digital asset lending platform. BlockFi attempted a Bitcoin yield fund in 2019. BlockFi asked users to deposit Bitcoin into its platform, and would use that BTC for loans to institutions. Those loans would generate interest and BlockFi would pass that yield onto its users.

CBYF建立在以前的比特币产量尝试的错误之上。一个备受瞩目的示例是Blockfi，这是现已倒闭的数字资产贷款平台。 Blockfi在2019年尝试了一个比特币收益基金。Blockfi要求用户将比特币存入其平台，并将BTC用于机构的贷款。这些贷款将引起兴趣，而Blockfi将会将其产生给其用户。

While this process worked for a time, state regulators came after BlockFi for selling unregistered securities. The SEC got involved and BlockFi had to settle by paying the SEC $50

尽管此过程持续了一段时间，但州监管机构是在Blockfi出售未注册证券的情况下来的。 SEC参与其中，Blockfi必须通过支付SEC 50美元来解决