CRO打印机GO BRRRR：斑点比特币ETFS（CRO）发行了有争议的投票，以700亿个CRO令牌投票

前证券交易委员会主席加里·盖斯勒（Gary Gensler）在2024年1月批准了现场比特币ETF之后，著名

Former Chair of the U.S. Securities and Exchange Commission Gary Gensler has a stark warning for investors: just because a product is approved by a regulator does not mean it’s a good investment.

美国证券交易委员会前主席加里·盖斯勒（Gary Gensler）对投资者有明显的警告：仅仅因为产品已获得监管机构的批准并不意味着这是一项不错的投资。

Gensler, who famously approved the listing and trading of certain spot bitcoin (BTC) ETP shares in January, made the sobering statement.

Gensler在一月份批准了某些现货比特币（BTC）ETP股票的上市和交易，他发表了醒目的声明。

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” he said.

他说：“尽管我们今天批准了某些现货比特币ETP股票的上市和交易，但我们不批准或认可比特币。投资者应该对与比特币和与加密货币相关的比特币和产品相关的无数风险保持谨慎。”

Now, as the new batch of bitcoin futures ETFs hit the markets, it is a pertinent point. Gensler had many reservations about bitcoin, which he touched upon in the same statement.

现在，随着新的一批比特币期货ETF上市，这是相关的。 Gensler对比特币有许多保留，他在同一陈述中谈到了这一点。

“Though we’re merit neutral, I’d note that…bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.”

“尽管我们是值得的中立，但我注意到……比特币主要是投机性的，波动性的资产，也用于非法活动，包括勒索软件，洗钱，逃避逃避和恐怖分子融资。”

So, what would he say about an ETF that tracks CRO, the native token of the Cronos blockchain?

那么，他会对跟踪Cro的ETF（Cronos区块链的本地令牌）说些什么？

Cronos Token Printer Go BRRRR

cronos令牌打印机brrrr

Crypto.com, the founding firm and controlling entity behind the $9.5 billion blockchain (at fully diluted value), pushed through a controversial vote — against the wishes of its community — to credit the 70 billion CRO tokens that were taken out of circulation back in 2021. The total supply is now back up to its original 100 billion units, with the new tokens placed in a strategic reserve to be released periodically by Cronos Labs in the coming years.

Crypto.com是创始公司和控制实体背后的95亿美元区块链（以完全稀释的价值）背后的实体，推动了有争议的投票 - 违背其社区的意愿，以归功于2021年从流通中撤出的700亿个CRO代币。 年。

A token undergoing a 233+% inflation rate in a single day, especially one that broke a cardinal rule of crypto — that tokens taken out of circulation can never return — might seem like a tough sell. As is a token that is down 35.94% this year despite a high-profile partnership with Trump Media & Technology Group (NASDAQ:DJT) (“TMTG”) and its partner, Yorkville America, “to support and power a series of TMTG-branded ETFs comprising digital and non-digital assets, including a first of its kind ETF basket of cryptocurrencies incorporating CRO and other crypto assets,” according to a March 24 press release.

一个令牌在一天之内经历233+％的通货膨胀率，尤其是打破了Crypto的基本规则的代币（从流通中取出的代币可能会返回）似乎是一个艰难的卖出。尽管与特朗普媒体与技术集团（NASDAQ：DJT）（“ TMTG”）（“ TMTG”）及其合作伙伴约克维尔·美国人（Jorkville America）与特朗普媒体与技术集团（NASDAQ：DJT）建立了高度提高的合作伙伴关系，但今年的代币也下降了35.94％。根据3月24日的新闻稿。

The below chart demonstrates a brief price bump around the time of the announcement, but many of those gains were quickly given up.

下图显示了宣布这一消息时的短暂价格，但是其中许多收益很快就放弃了。

[Image: Rendering of Trump Tower in New York City. Image used for illustrative purposes only.]

[图片：纽约市特朗普大厦的渲染。图像仅用于说明目的。]

An optimistic take might be that the partnership will generate more interest in Cronos and its native token. However, TMTG’s stock has lost 76.7% since its SPAC merger closed in December 2022. And its partnership with Yorkville America to launch an ETF later this year will be focused on non-digital assets.

乐观的态度可能是，伙伴关系将对Cronos及其本地代币产生更多的兴趣。但是，自2022年12月关闭的SPAC合并以来，TMTG的股票已损失76.7％。与约克维尔美国公司与美国ETF的合作伙伴关系将集中在非数字资产上。

This places an emphasis on the role of Harvest, which is the firm that will be applying for the Trump-branded crypto ETF. According to its website, Harvest specializes in fixed-income ETFs, and its largest ETF is the Harvest Total Return Bond ETF (TSX: BOND), which has $1.04 billion in AUM. For perspective, the new bitcoin futures ETFs from ProShares (NYSE:PROPS) and Invesco (NYSE:IVZ) have $1.2 billion and $1 billion, respectively.

这强调了收获的作用，该公司将申请特朗普品牌的加密货币ETF。根据其网站，Harvest专门研究固定收益ETF，其最大的ETF是收获总回报债券ETF（TSX：债券），其在AUM中为10.4亿美元。从角度来看，Proshares（NYSE：Props）和Invesco（NYSE：IVZ）的新比特币期货ETF分别为12亿美元和10亿美元。

186X More Expensive Than Alphabet

186x比字母贵

On May 6, 21Shares launched an ETP trading on Euronext Paris and Euronext Amsterdam offering exposure to the token for a fee of 2.5%. In the launch’s announcement, which made no mention of the controversial vote, Mandy Chiu, head of financial products development at 21Shares, said, “Cronos is uniquely positioned at the intersection of centralised access and decentralised innovation…By launching a Cronos ETP, we are offering investors easy, regulated exposure to a blockchain ecosystem that is driving real-world adoption and pioneering the future of Web3.”

5月6日，21shares在巴黎Euronext和Amsterdam上发起了ETP交易，以2.5％的费用向代币提供接触。 In the launch's announcement, which made no mention of the controversial vote, Mandy Chiu, head of financial products development at 21Shares, said, “Cronos is uniquely positioned at the intersection of centralised access and decentralised innovation…By launching a Cronos ETP, we are offering investors easy, regulated exposure to a blockchain ecosystem that is driving real-world adoption and pioneering the future of Web3.”

She did not mention that the blockchain only made $2.05 million in fees last year, according to Token Terminal. This would give it a price-to-sales ratio (P/S) of 1873. And that figure only uses CRO’s circulating market capitalization, not the fully diluted 100 billion figure. By comparison, a tech firm like Alphabet (NASDAQ:GOOGL) had a (P/S) of 7.1 at the end of 2024. And that number comes at a time when Magnificent 7 stocks, which includes Alphabet, were particularly frothy.

根据Token Terminal的数据，她没有提到该区块链去年仅缴纳了205万美元的费用。这将使它的价格与售比（p/s）为1873年。这一数字仅使用CRO循环的市值，而不是完全稀释的1000亿个数字。相比之下，像Alphabet（NASDAQ：GOOGL）这样的科技公司在2024年底的（P/s）为7.1。这一数字是在包括Alphabet在内的宏伟的7个股票特别泡沫时出现的。

When asked for comment about the controversial launch, Chiu responded via written comments:

当被问及有关有争议的发布的评论时，Chiu通过书面评论回答：

“We are closely monitoring the recent governance developments. Governance is a critical aspect of any blockchain ecosystem, and different networks take different approaches. We recognise that Cronos operates under a more centralised model, which

“我们正在密切监视最近的治理发展。治理是任何区块链生态系统的关键方面，不同的网络采用不同的方法。我们认识到，Cronos在更集中的模型下运作，该模型是