投资比特币的最佳方式可能是简单的 ETF

多年来，投资者只能通过专门的加密货币交易所购买比特币（BTC -1.10%）。他们还可以投资与未来合约或比特币信托挂钩的交易所交易基金（ETF），但前者并不总是密切跟踪比特币的现货价格，而后者则收取高额费用。

For many years, the only way investors could directly buy Bitcoin (BTC -1.10%) was through dedicated cryptocurrency exchanges. They could also invest in exchange-traded funds (ETFs) that were tethered to future contracts or Bitcoin trusts, but the former didn’t always closely track Bitcoin’s spot price, while the latter charged high expense fees.

多年来，投资者直接购买比特币（BTC -1.10%）的唯一途径是通过专门的加密货币交易所。他们还可以投资与未来合约或比特币信托挂钩的交易所交易基金（ETF），但前者并不总是密切跟踪比特币的现货价格，而后者则收取高额费用。

That all changed this January when the U.S. Securities and Exchange Commission (SEC) approved 11 spot price Bitcoin ETFs, making it easier for retail and institutional investors to invest in the world’s top cryptocurrency. Today, the top five spot price Bitcoin ETFs have a combined $56.5 billion in assets under management (AUM).

今年 1 月，这一切都发生了变化，美国证券交易委员会 (SEC) 批准了 11 只现货比特币 ETF，让散户和机构投资者更容易投资全球顶级加密货币。如今，现货价格排名前五的比特币 ETF 管理资产 (AUM) 总计达 565 亿美元。

I’ve never directly owned Bitcoin, but I once held three Bitcoin future ETFs — ProShares Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF, and Valkyrie Bitcoin and Ether Strategy ETF — in my individual retirement account (IRA). But after the spot price ETFs were approved, I sold those ETFs and bought the Bitwise Bitcoin ETF (BITB -1.60%) instead. Here, I’ll explain why I bought that particular ETF, and why it still might be the best no-brainer way to invest in Bitcoin.

我从未直接拥有过比特币，但我曾经在我的个人退休账户（IRA）中持有三只比特币期货 ETF——ProShares 比特币策略 ETF、VanEck 比特币策略 ETF 和 Valkyrie 比特币和以太策略 ETF。但在现货价格 ETF 获得批准后，我卖掉了这些 ETF，转而购买了 Bitwise 比特币 ETF (BITB -1.60%)。在这里，我将解释为什么我购买了该特定 ETF，以及为什么它仍然可能是投资比特币的最佳简单方式。

What is the Bitwise Bitcoin ETF?

什么是 Bitwise 比特币 ETF？

With $2.16 billion in AUM, the Bitwise Bitcoin ETF is the world’s fifth-largest spot price ETF. However, its annual 0.20% sponsor fee makes it cheaper than its larger peers.

Bitwise 比特币 ETF 的资产管理规模达 21.6 亿美元，是全球第五大现货价格 ETF。然而，其每年 0.20% 的赞助费使其比规模较大的同行便宜。

As of June 14, 2024. Data source: Blockworks.

截至 2024 年 6 月 14 日。数据来源：Blockworks。

Grayscale is still the largest player because it converted its original Bitcoin trust, which was launched back in 2013, into a spot price ETF. But its 1.5% fee — which Grayscale Investments Chief Executive Officer Michael Sonnenshein says is justified by the “the size, the liquidity, and the track record” of the fund — makes it a lot less attractive than the newer players.

Grayscale 仍然是最大的参与者，因为它将 2013 年推出的原始比特币信托基金转换为现货价格 ETF。但其 1.5% 的费用——Grayscale Investments 首席执行官 Michael Sonnenshein 表示，该基金的“规模、流动性和往绩记录”是合理的——使其吸引力远低于新参与者。

Moreover, Grayscale — along with iShares, Ark, and Bitwise — still relies on Coinbase as its Bitcoin custodian instead of holding its own keys. The only leading ETF that holds its own Bitcoins is Fidelity’s Wise Origin Bitcoin Fund.

此外，Grayscale 以及 iShares、Ark 和 Bitwise 仍然依赖 Coinbase 作为其比特币托管机构，而不是拥有自己的密钥。唯一持有自己比特币的领先 ETF 是富达 (Fidelity) 的 Wise Origin 比特币基金。

All five of the top ETFs actually outperformed Bitcoin during the past four months. The two cheapest funds — Ark and Bitwise — also outperformed their pricier peers. So for now, there doesn’t seem to be much of a reason to pay up for the pricier spot price ETFs when their performance trails behind the cheaper ones.

在过去的四个月里，所有五只顶级 ETF 的表现实际上都优于比特币。两只最便宜的基金——Ark 和 Bitwise——的表现也优于价格较高的同行。因此，目前看来，当价格较高的现货 ETF 的表现落后于较便宜的 ETF 时，似乎没有太多理由去购买它们。

Data source: YCharts.

数据来源：YCharts。

Why you should buy Bitwise’s ETF to expose your portfolio to Bitcoin

为什么你应该购买 Bitwise 的 ETF 来让你的投资组合接触比特币

For some investors, it might seem smarter to simply buy Bitcoin on Coinbase, which charges individual trading fees, instead of paying recurring fees for Bitwise’s low-cost ETF. But if you’re like me and want to keep all your investments organized in a single brokerage account, then it makes sense to add some shares of this ETF to your portfolio.

对于一些投资者来说，在 Coinbase 上购买比特币似乎更明智，因为 Coinbase 收取个人交易费用，而不是为 Bitwise 的低成本 ETF 支付经常性费用。但如果您像我一样，希望将所有投资都组织在一个经纪账户中，那么将该 ETF 的一些股票添加到您的投资组合中是有意义的。

I keep my Bitwise Bitcoin ETF shares in an IRA, but I can add only $6,500 to the account every year and can’t cash out without incurring penalties before I’m nearly 60 years old. Those restrictions prevent me from pouring too much cash into the ETF or cashing out too early, and they encourage me to use dollar-cost averaging to offset Bitcoin’s wild price swings.

我将 Bitwise 比特币 ETF 股票存入 IRA，但每年只能向账户存入 6,500 美元，并且在年近 60 岁之前无法兑现，否则会受到处罚。这些限制阻止我向 ETF 投入过多现金或过早兑现，并且鼓励我使用美元成本平均法来抵消比特币的剧烈价格波动。

Therefore, if you’re bullish on Bitcoin and want to gain some exposure to its potential growth through your brokerage account, I believe the Bitwise Bitcoin ETF is still a no-brainer buy and a better overall investment than its pricier peers.

因此，如果您看好比特币，并希望通过您的经纪账户获得其潜在增长的一些机会，我相信 Bitwise 比特币 ETF 仍然是一个明智的购买选择，并且比价格较高的同行更好的整体投资。