灰度比特币和以太坊迷你信托份额分配机制解释

彭博 ETF 高级分析师 James Seyffart 解释了最近推出的灰度产品的操作原理。

Grayscale’s announcement of lower fees for its Ethereum Trust spinoff to create an Ethereum Mini Trust ETF has certainly piqued the interest of crypto enthusiasts. However, the operational aspects of this new transition might leave many apprehensive. Here's how the Grayscale Mini Trusts will work, according to James Seyffart.

Grayscale 宣布降低其以太坊信托分拆费用以创建以太坊迷你信托 ETF，这无疑激起了加密货币爱好者的兴趣。然而，这一新转变的操作方面可能会让许多人感到担忧。詹姆斯·塞法特 (James Seyffart) 表示，灰度迷你信托的运作方式如下。

A Senior Bloomberg ETF Analyst explained the operational principles of the new Grayscale product. He noted that the Grayscale Bitcoin Trust and BTC Mini Trust ETF will operate identically. In essence, if you currently own 1,000 shares of ETHE, you will be credited with 1,000 shares of mini ETH. While this originates from a share perspective, the value is notably distinct.

彭博 ETF 高级分析师解释了新灰度产品的操作原理。他指出，灰度比特币信托基金和 BTC 迷你信托 ETF 的运作方式相同。本质上，如果您当前拥有 1,000 股 ETHE，您将获得 1,000 股迷你 ETH。虽然这是从股票角度出发的，但其价值却截然不同。

An individual holding $1,000 worth of ETHE or GBTC will have $900 remaining in the original fund and $100 allocated to the newly created mini ETFs following the spinoffs.

持有价值 1,000 美元的 ETHE 或 GBTC 的个人将在原始基金中剩余 900 美元，并在分拆后将 100 美元分配给新创建的迷你 ETF。

Previously designated as July 18, the record date for the first issue and distribution of the new Grayscale Ethereum Mini Trust shares has been shifted to July 23, while the spinoff for GBTC to BTC Trust will still occur on July 31, as announced earlier.

此前指定为 7 月 18 日，新灰度以太坊迷你信托股票首次发行和分配的记录日期已转移至 7 月 23 日，而 GBTC 分拆为 BTC Trust 仍将如先前宣布的那样在 7 月 31 日进行。

Grayscale BTC And ETH Mini Trusts Share Distribution

灰度 BTC 和 ETH 迷你信托份额分布

To be eligible for the share distribution, Seyffart noted that one must be the registered owner of those shares on the record date. He highlighted the dip in ETHE trading price on Thursday, which was attributed to the record date. Following the spin-off in approximately two weeks, Seyffart anticipates GBTC will exhibit a comparable pattern.

Seyffart 指出，要获得股票分配资格，必须是登记日这些股票的登记所有者。他强调了周四 ETHE 交易价格的下跌，这归因于记录日期。大约两周后分拆后，Seyffart 预计 GBTC 将呈现类似的模式。

According to the ETF Analyst, ETHE currently trades at $29. "In theory, the $ETH shares would be deposited into your brokerage accounts at a significantly lower price per share. This is because you would receive the same number of shares in the new fund, but their value would be only 1/10th of your original position." Approximately $2 to $3 per share?

据 ETF 分析师称，ETHE 目前的交易价格为 29 美元。 “理论上，$ETH 股票将以明显较低的每股价格存入您的经纪账户。这是因为您将收到新基金中相同数量的股票，但其价值仅为您的 1/10。原来的位置。”每股大约2至3美元？

He maintains that the same principle applies to GBTC, which currently trades at $59. Based on the current market price, the BTC Trust is expected to trade between $5 and $6 per share.

他认为同样的原则也适用于 GBTC，目前 GBTC 的交易价格为 59 美元。根据当前市场价格，BTC Trust 预计每股交易价格在 5 至 6 美元之间。

The Grayscale Bitcoin Mini Trust and the Ethereum Mini Trust have a fixed sponsor charge of 0.15%. Currently, these two products are the most affordable crypto ETFs available.

灰度比特币迷你信托和以太坊迷你信托的固定赞助费为 0.15%。目前，这两种产品是最实惠的加密货币 ETF。