【国际】瑞士加密货币ETP将上线，是否利好比特币ETF？

2018 年 11 月 19 日 互联网金融

位于瑞士苏黎世的大型证券交易所瑞士证券交易所（SIX Swiss Exchange）日前批准了一个加密交易所交易产品（ETP）的上市，其股票代码为“HODL”。

与Coinbase Index和Bitwise Hold 10一样，Amum ETP追踪五种加密货币的价格，包括比特币（BTC）、Ripple（XRP）、Litecoin（LTC）、比特币现金（BCH）和以太坊（ETH）。Amun ETP的投资者将可以持有符合投资公司要求和标准的一篮子加密货币。

该公司解释说：

与股票或黄金等实际资产不同，指数没有自己的价格，但根据自己的具体计算方法显示一个数值，代表一组基础资产的价格。例如，标准普尔500指数是通过计算所有标准普尔500股票调整后的市值之和，然后将其除以指数除数来计算的，而该指数除数则是标准普尔制定的专有数据。

瑞士ETP会增加比特币ETF的批准概率吗？

答案是不会。 Amun ETP在概念上类似于交易所交易基金（ETF），因为它允许机构投资者和经认可的散户投资数字资产，而无需托管机构，也不用应对额外的监管障碍。

HODL ETP将在瑞士证券交易所上市交易，像普通上市股票一样流通，允许投资者出售和购买HODL ETP中的股票，以间接投资加密货币市场。

Amun的联合创始人兼首席执行官Hany Rashwan表示：

Amun ETP将给予只被允许投资证券或不想托管数字资产的机构投资者加密货币的投资敞口。它还将为目前由于当地监管障碍而无法访问加密交易所的散户投资者提供投资机会。

虽然瑞士大型证券交易所批准加密ETP是该行业的一个积极的里程碑，但美国市场上的ETP早就以Grayscale Investment比特币投资信托基金的形式存在了，并且当地市场的投资者也可以购买代表BTC价值的投资工具。

今年7月，美国证券交易委员会（SEC）否决了Winklevoss兄弟的比特币ETF提议。当时，美国证券交易委员会表示，加密货币交易市场还不够成熟。8月，ProShares和另外两家公司提交了8个以期货为支撑的比特币ETF申请，也全部遭到SEC否决。SEC表示，期货市场的规模不够大，无法提供BTC的基准价值。

政府执法辩护律师Jake Chervinsky说：

ProShares和其他ETF试图通过声誉极佳、受监管的CBOE和CME期货市场对比特币进行定价来解决这个问题。从理论上讲，这使得以衍生品支撑的ETF比使用不受管制的现货来支撑的ETF更有可能获得批准。但美国证券交易委员会认为，比特币期货市场并不具有‘很大的规模’。

怎样才能增加ETF的通过概率？

为了提高BTC ETF批准的可能性，申请公司必须为SEC提出的问题提供令人信服的解决方案，即加密货币交易市场和期货市场不足以确定BTC的实际价格。

一些人猜测，Bakkt期货市场的推出可能可以说服SEC批准基于期货市场的ETF，但Bakkt对加密行业的潜在影响仍然未知。

英文原文

This week, SIX Swiss Exchange, Switzerland’s principal stock exchange based in Zurich, approved the listing of a crypto exchange-traded product (ETP) with the ticker “HODL.”

Like the Coinbase Index and Bitwise Hold 10, Amum ETP represents the value of five cryptocurrencies that include Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum (ETH).

Investors in the Amun ETP will hold a basket of cryptocurrencies that meet the requirements and criteria set forth by the investment firm.

“Unlike actual assets such as stocks or gold, an index doesn’t have its own price, but displays a value representing the prices of underlying group of assets according to its own specific calculation methodology. For example, S&P 500 is calculated by taking the sum of the adjusted market capitalization of all S&P 500 stocks and then dividing it with an index divisor, which is a proprietary figure developed by Standard & Poor’s,” the company explained.

Could Swiss ETP Increase Bitcoin ETF Chance of Approval?

The short answer is no. The Amun ETP is conceptually similar to an exchange-traded fund (ETF) in the sense that it allows both institutional investors and accredited retail traders to invest in digital assets without the necessity of custodians and dealing with additional regulatory hurdles.

Traded on SIX Swiss Exchange, the HODL ETP will operate like how a normal publicly-listed stock would, allowing investors to sell and buy shares in the HODL ETP to indirectly invest in the cryptocurrency market.

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” Hany Rashwan, co-founder and chief executive of Amun, said.

While the approval of a crypto ETP by the main stock exchange of Switzerland is a positive milestone for the industry, an ETP already exists in the US market in the form of Grayscale Investment’s Bitcoin Investment Trust, and investors in the local market can purchase investment vehicles that represent the value of BTC.

In July, the US Securities and Exchange Commission (SEC) rejected the Bitcoin ETF proposal by the Winklevoss twins, who filed an application for an ETF that based the price of BTC on a regulated exchange called Gemini. At the time, the SEC clarified that the cryptocurrency exchange market is not mature enough to handle an ETF.

In August, eight ETFs were filed by ProShares and two other companies, basing the price of BTC on the futures market as a response to the SEC’s denial of the Winklevoss ETF. The eight ETFs were also rejected by the SEC, which firmly stated that the futures market is not of significant size to provide the base value of BTC.

“ProShares & the other ETFs tried to solve this problem by pricing bitcoin through the well-respected, regulated CBOE & CME futures markets. In theory, this gave derivative-backed ETFs a better chance of approval than commodity-backed ETFs, which use unregulated spot markets. The SEC wasn’t impressed, finding that the bitcoin futures markets aren’t ‘of significant size’ as required by the Winklevoss denial,” Kobre & Kim government enforcement defense attorney Jake Chervinsky said.

So What Needs to be Done to Increase ETF Approval Chance?

To increase the probability of a BTC ETF approval, companies that apply with the SEC must offer a compelling solution to the SEC’s issue that the cryptocurrency exchange market and the futures market are not sufficient to determine the real price of BTC.

Some speculate that the launch of Bakkt’s futures market could persuade the SEC to enable a futures market-based ETF, but the potential impact of Bakkt on the crypto sector still remains unknown.

作者：Joseph Young
编译：Apatheticco
稿源（译）：巴比特资讯