以太坊 ETF 获得美国批准，为第二大加密货币交易铺平道路

监管机构批准第一支直接投资全球第二大加密货币以太币的美国交易所交易基金

The US Securities and Exchange Commission has approved the first exchange-traded funds (ETFs) that will directly invest in Ether, according to filings and statements from asset managers on Monday.

根据资产管理公司周一提交的文件和声明，美国证券交易委员会已批准第一批直接投资以太坊的交易所交易基金（ETF）。

The SEC didn’t immediately return requests for comment.

美国证券交易委员会没有立即回复置评请求。

The development comes as the US regulatory climate appears to be softening for the digital-asset sector. Republican presidential nominee Donald Trump, currently leading in the polls, has also adopted a pro-crypto stance ahead of November’s election.

这一进展发生之际，美国对数字资产行业的监管环境似乎正在软化。目前在民意调查中领先的共和党总统候选人唐纳德·特朗普也在 11 月大选前采取了支持加密货币的立场。

“Our clients are increasingly interested in gaining exposure to digital assets through exchange-traded products (ETFs) which provide convenient access, liquidity and transparency,” Jay Jacobs, US head of thematic and active ETFs at BlackRock, said in a statement.

贝莱德美国主题和主动 ETF 主管杰伊·雅各布斯 (Jay Jacobs) 在一份声明中表示：“我们的客户越来越有兴趣通过交易所交易产品 (ETF) 获得数字资产，这些产品提供便捷的获取方式、流动性和透明度。”

The SEC in May surprisingly pivoted toward approval of spot-Ether ETFs after grudgingly allowing Bitcoin funds in the wake of a court reversal in 2023. Ether is the coin of the Ethereum blockchain, the most important network for crypto-based financial services.

在 2023 年法院推翻了比特币基金后，美国证券交易委员会 (SEC) 于 5 月出人意料地转向批准现货以太 ETF。以太是以太坊区块链的代币，而以太坊区块链是基于加密货币的金融服务最重要的网络。

Several issuers, including BlackRock and Fidelity, are partially or wholly waiving fees on Ether ETFs temporarily to woo assets.

包括贝莱德（BlackRock）和富达（Fidelity）在内的多家发行人暂时部分或全部免除以太坊 ETF 费用，以吸引资产。

The Bitcoin ETFs took Wall Street by storm and have attracted net inflows of about $17 billion since going live in January. Commentators now expect far more modest subscriptions for the Ether funds.

比特币 ETF 席卷了华尔街，自 1 月份上线以来已吸引了约 170 亿美元的净流入。评论家现在预计以太基金的认购量会小得多。

For instance, digital-asset market maker Wintermute Trading Ltd. said typical analyst projections translate into anticipated annualized inflows of about $4.8 billion to $6.4 billion for the Ether products in the first year.

例如，数字资产做市商 Wintermute Trading Ltd. 表示，分析师的典型预测是，以太坊产品第一年的年化流入额约为 48 亿至 64 亿美元。

“Our view is the actual demand may be lower, potentially ranging between $3.2 billion and $4 billion,” the company wrote in a report.

该公司在一份报告中写道：“我们的观点是，实际需求可能会更低，可能在 32 亿美元到 40 亿美元之间。”

The Bitcoin ETFs benefited from a controversial narrative that pitches the market-leading token as digital gold, a spin that Ether lacks. The Ether funds also won’t offer so-called staking rewards for blockchain maintenance, a return that can be harnessed by owning the token directly.

比特币 ETF 受益于一种有争议的说法，该说法将市场领先的代币定位为数字黄金，而以太币则缺乏这种说法。以太基金也不会为区块链维护提供所谓的质押奖励，这种回报可以通过直接拥有代币来获得。

While Bitcoin is viewed as a commodity, the SEC argues most other tokens are unregistered securities that should be subject to its oversight. Staking is a key issue because it raises questions about whether Ether should be treated as a security. SEC Chair Gary Gensler has been ambiguous on Ether’s classification.

虽然比特币被视为一种商品，但美国证券交易委员会认为，大多数其他代币都是未经注册的证券，应受到其监管。质押是一个关键问题，因为它引发了关于以太币是否应该被视为证券的问题。 SEC 主席加里·根斯勒 (Gary Gensler) 对以太币的分类一直含糊其辞。

Bitcoin rose 132% over the past year and hit a record high of almost $74,000 in March. Ether climbed 88% over the past 12 months. Both were little changed on Tuesday, trading at $67,530 and $3,475 respectively as of 11:45 a.m. in Singapore.

比特币在过去一年中上涨了 132%，并在 3 月份创下近 74,000 美元的历史新高。过去 12 个月，以太币上涨了 88%。周二，两者变化不大，截至新加坡上午 11:45，交易价格分别为 67,530 美元和 3,475 美元。

In late June, VanEck and 21Shares submitted filings for a product investing in Solana, the fifth-biggest cryptocurrency by market value, in another attempt by ETF issuers to ride demand for digital assets.

6 月下旬，VanEck 和 21Shares 提交了一项投资 Solana（按市值计算第五大加密货币）产品的文件，这是 ETF 发行人抓住数字资产需求的又一次尝试。