Coinbase为机构投资者推出新的比特币（BTC）收益基金

Coinbase Bitcoin收益基金于5月1日开放非美国机构投资者，旨在提供4％至8％的年度净回报

Coinbase Asset Management is launching a new fund for non-U.S. institutional investors to receive a yield on their bitcoin (BTC) holdings, beginning May 1, according to a press release.

根据新闻稿，Coinbase Asset Management正在为非美国机构投资者启动一项新基金，以从5月1日开始，以获得其比特币（BTC）持有的收益率。

The Coinbase Bitcoin Yield Fund will aim to deliver an annualized net return of 4% to 8%, with yield initially being generated through basis trading, according to the press release. Over time, the fund plans to integrate lending and options strategies into its approach to broaden potential yield opportunities.

根据新闻稿，Coinbase Bitcoin收益基金的目标是每年净回报率为4％至8％，最初是通过基本交易产生的。随着时间的流逝，该基金计划将贷款和期权策略整合到其扩大潜在产量机会的方法中。

The so-called bitcoin basis trade involves capitalizing on the spread between futures and spot markets. It became popular at the tail end of 2024 as hedge funds notched a record high of $14.2 billion in BTC short positions, whilst simultaneously buying spot bitcoin ETF shares.

所谓的比特币基础贸易涉及利用期货和现货市场之间的差异。它在2024年末末期变得很流行，因为对冲基金在BTC短职位上获得了创纪录的142亿美元的创纪录，同时购买了现货比特币ETF股票。

This strategy produces yields that vary depending on the spread between both markets, but isn't immune to risk. For instance, if an entity was short $1 billion on a BTC futures product and the price of BTC was to wildly surge, that entity would need to keep adding margin to avoid liquidation.

该策略产生的收益率取决于两个市场之间的差异，但不能免于风险。例如，如果一个实体在BTC期货产品上的短短10亿美元，而BTC的价格急剧增加，那么该实体将需要继续增加利润率以避免清算。

Also, as the trade becomes more crowded, the spread and subsequent yield could become very thin. This has already led to a number of hedge funds exiting the trade early this year, with the short figure on Chicago Mercantile Exchange now standing at $8.4 billion, down from $14.2 billion four months prior.

同样，随着贸易变得越来越拥挤，传播和随后的产量可能会变得非常薄。这已经导致了今年年初退出交易的许多对冲基金，而芝加哥商业交易所的简短数字目前为84亿美元，低于前四个月的142亿美元。

Coinbase’s new product stirs memories of former crypto lender BlockFi's yield platform, which opened in 2019 but ultimately failed alongside crashing prices in 2022.

Coinbase的新产品激发了对前加密贷款人Blockfi的收益平台的回忆，该平台于2019年开业，但最终与2022年的崩溃价格失败了。

BlockFi’s fund, however, differed from Coinbase’s latest product in that it generated its yield through lending, rather than a lower-risk basis trade.

但是，Blockfi的基金与Coinbase的最新产品不同，因为它通过贷款而不是低风险的贸易产生了收益率。