AOFEX Insight: Bitcoin-linked ETF Officially Gets Listed

ThefirstbitcoinETFfinallygetslistedintheUnitedStatesafter8yearsofa?longjourneysince2013.TheU.S.SECapprovedthefirstbitcoin-linkedETFafterits5commissionmembers’discussion.

It'sunderstoodiftheSECdoesnotreject,delayoraskmorequestions,thebitcoin-linkedETFproposalwilltakeeffectautomatically.DuringOctober15-18,norejection,delayormorequestionswere?heard.At9:30am,October19,ProShares’sCEOMichaelSapirrangthebellattheNYSE.Itisamilestoneinthehistoryofbitcoin,whichseesthepublic?listingofbitcoin-linkedETFbyProSharestradingunderTickerSymbolBITO.After4tradingdayssinceOctober20,1.2billiondollarsflowintothebitcoin-linkedETFandthebitcoinpricehitsanewrecord.

ItislearnedthatthefeeontheETFis0.95%,whichisonly?halfofthefeeonGBTC,whichis2%.Atthesametime,GrayscaleInvestmentsplansonfilinganapplicationtoconverttheworld’sbiggestbitcoinfundintoaspotETF,accordingtoapersonwithknowledgeofthematter.Bitcoin?trust?isnotthedesiredoneforGrayscale?fromtheverybeginning.InJanuary2017,GrayscalefiledanapplicationofbitcoinspotETFlistingtoSEC,butwithdrewitinOctobersinceSECthinksthebitcoinmarketisextremelyrisky.NowitseemsthatGrayscale?nevergivesupthebitcoinETF.

AOFEX成立日本分站:據官方消息，AOFEX于9月16日正式成立日本分站，標志著AOFEX將在日本全面開展業務，進一步深拓亞洲市場。為回饋用戶的支持，AOFEX于當日17:00（GMT+8）開啟送200,000 USDT福利活動。

AOFEX日本站的成立，是“AOFEX全球戰略計劃”落地的又一里程碑，AOFEX將不斷完善日本當地發展策略，開啟KOL、社區、媒體等多元化合作。同時也將繼續推進全球戰略，在全球范圍內建設分站，開展符合各地區用戶習慣的個性化服務，讓數字金融普惠大眾。[2021/9/16 23:29:40]

WhatisanETF?

ETF(exchange-tradedfund)meansanexchange-tradedopenindexfund.Itisatraditionalfinancialmarketconcept,listedonexchanges,openwithvariablefundshares,suchasBUZZETF,ARKETF,VanguardETF,andSPYETF.

ETFvsmutualfund

ListingonexchangesComparedtotraditionalmutualfunds,listingonexchangesisfeaturedbystandardizedproducts?amonginvestors,all-daytradingcapability,andliquidityenhancement.

InstanttransparencyofshareholdingItallowsallinvestorstolearnaboutthefundshareholdingintheday,helpsplaytheroleofarbitrage,andguaranteesthatETFanditsunderlyingassetsaretradedindependentlyandrelevantly.

TaxadvantagesThecapitalgainsfrom?ETFsarefarlessthanrelated?mutualfundsbecausetheinteriorfeaturesofcreationandredemptionmechanismsenable?ETFtotransferinandoutassetswithoutanytaxesamongallinvestors.

AOFEX即將上線MINA:據官方消息，AOFEX平臺即將上線MINA，Mina Protocol是由舊金山區塊鏈創業公司O(1) Labs開發一種輕量級區塊鏈協議。O(1) Labs 提出了一種新型的區塊鏈存儲和驗證機制，該機制限制并保持了Mina網絡數據的大小僅有22k，同時它可做到快速驗證區塊鏈狀態，這意味著用戶通過手機就能夠運行一個Mina全節點。具體上線時間請關注官方公告。

AOFEX數字貨幣金融衍生品交易所，旨在為用戶提供優質服務和資產安全保障。[2021/5/31 22:57:58]

InvestorswillnotbeaffectedbythebehaviorsofotherETFinvestors.ItisincrediblyimportantbecausenomatterwhereyouaretheonlyETFholderoroneofthe?millionsofshareholders,you?willnotbeaffectedduetootherinvestors’engagementorwithdrawal.Itvaries?considerablyfrommutualfundswherethefeesonassetsarechargedbythe?investorbase.

Whatisthefirstbitcoin-linkedETFintheU.S.?

Thebitcoin-linkedETFisacrypto-based?traditionalETF?andafinancialinvestmentproduct.Comparedtodirectinvestmentinbitcoinanditstrustfunds,thereisnoguaranteethatthebitcoin-linkedETFcanbringdesired?profitsforinvestorsbutprovidesalowerinvestmententry.

Thefirstbitcoin-linkedETFisProSharesBitcoinStrategyETF(BITO),whichisappliedtobecreatedbytheassetmanagementcompanyProShares.ProSharesonLinkedin?showsthatithasbeenattheforefrontoftheETFrevolutionsince2006.Withoneofthenation’slargestlineupsofETFs,thecompanyprovidesinnovativestrategicandtacticalETFsdesignedtomanageriskandenhancereturns.ApartfromvariouspositivetrackingindexETFs,italsoincludes?low-leveragereverseETFs.

AOFEX正式上線首期BTC云算力搶購:據官方消息，AOFEX與赤兔云算達成戰略合作，現正式上線專業云算力平臺，為用戶提供多算法、多幣種、不同規模的加密數字貨幣挖礦能力的一站式解決方案。現正式上線云算力平臺首期開啟BTC云算力體驗專場，于 2021 年 5 月 11 日 17:00（GMT+8）開啟搶購，本次上線產品為30天BTC云算力，總計2000T云算力，使用AQ與USDT即可參與，售完即止。

AOFEX數字貨幣金融衍生品交易所，旨在為用戶提供優質服務和資產安全保障。[2021/5/10 21:44:05]

ProSharesBitcoinStrategyETF?seekstoprovidecapitalappreciationprimarily?throughactivelymanagedexposuretobitcoinfuturescontracts.?TheFunddoesnotinvestdirectlyinbitcoin.Therefore,the“bitcoin-linkedETF”referstostandardized,cash-settledbitcoinfuturescontracts?tradedoncommodityexchangesregistered?withtheCommodityFuturesTradingCommission?(“CFTC”).Thevalueofbitcoinfuturesisdeterminedbyreference?totheCMECFBitcoinReferenceRate(“BBR”),?whichprovidesanindicationofthepriceofbitcoinacross?certaincashbitcoinexchanges.TheFundseekstoinvestin?cash-settled,front-monthbitcoinfutures.Front-month?bitcoinfuturescontractsarethosecontractswiththe?shortesttimetomaturity.

去中心化交易所DEX DAOfi完成600萬美元私募輪融資:由Web3 Journal創始人Andrew Lee發起、專注于DAO社區代幣的去中心化交易所DAOfi完成600萬美元的私募輪融資。根據該項目白皮書介紹，DAOfi是一個具有可擴展性的以DAO管理的去中心化交易所，主要的用戶場景是社區。同時，該項目將發行1億枚代幣，40%將出售，顧問持有7%、合伙人持有14%，另外還有20%用在生態基金以及19%由基金會持有。

此前消息，Andrew Lee于今年7月啟動一個名為Karma DAO的專業網絡社交組織，Karma DAO將以Telegram上的私人聊天組形式存在[2020/9/3]

Highlightsofthefirstbitcoin-linkedETFintheU.S.

TheFunddoesnottaketemporarydefensivepositions.The?Fundwillgenerallyholditsbitcoinfuturescontractsduring?periodsinwhichthevalueofbitcoinisflatordecliningas?wellasduringperiodsinwhichthevalueofbitcoinisrising.?Inordertomaintainexposuretobitcoinfuturescontracts,the?Fundmustsellitsfuturescontractsastheynearexpiration?andreplacethemwithnewfuturescontractswithalaterexpiration?date.Thisisoftenreferredtoas“rolling”afuturescontract.Futurescontractswithalongertermtoexpirationmay?bepricedhigherthanfuturescontractswithashortertermto?expiration,arelationshipcalled“contango.”Whenrolling?futurescontractsthatareincontango,theFundwillsellthe?expiringcontractatarelativelylowerpriceandbuyalonger-dated?contractatarelativelyhigherprice.Thatistosay,theFundwill“renew”contractspermanentlyratherthancloseoutthem.Conversely,futurescontractswithalongertermtoexpiration?maybepricedlowerthanfuturescontractswithashorter?termtoexpiration,arelationshipcalled“backwardation.”?

AOFEX與九鼎區塊鏈實驗室（JLAB）正式達成品牌合作:據官方消息，AOFEX交易所與九鼎區塊鏈實驗室（JLAB）正式達成品牌合作，雙方將在數字金融衍生品創新、OT生態建設等方面通力合作。

AOFEX是領先數字貨幣金融衍生品交易所，已獲美國MSB牌照及新加坡MAS豁免許可，24小時為百萬用戶提供優質服務和資產安全保障，即將上線A網通證OT。

九鼎區塊鏈實驗室（JLAB）專注于區塊鏈領域投資及資產管理，直接投資數字貨幣規模超5000萬USDT，管理數字貨幣量化基金規模超2000BTC，成功投資本體、MyToken等50余項目。[2020/5/30]

TheFundseekstofullyinvestintheseportfoliosatanytimetoprovideexposuretobitcoinfutures?

TheFunddoesnotinvestin,orseekdirectexposureto,the?current“spot”orcashpriceofbitcoin.TheFundisclassifiedasnon-diversified,whichmeansithas?theabilitytoinvestarelativelyhighpercentageofitsassets?infinancialinstrumentswithasinglecounterpartyorafew?counterparties.??

Thebitcoin-linkedfuturescontractsonCMEmaysignificantlydifferfrombitcoinspotsininvestmentstrategyrisk,marketandvolatility,liquidityrisk,bitcoinfuturesrisk,bitcoinfuturescapacityrisk,costoffuturesinvestmentrisk,bitcoinrisk,cashandmoneymarketinstruments?risk,subsidiaryinvestmentrisk,borrowingrisk,counterpartyrisk,non-diversification?risk,marketpricevariance?risk,authorizedparticipant?risk,cashpurchase?andredemptionrisk,earlyclosing/delayedclosing/tradingsuspensionrisk,activemanagementrisk,newfundrisk,taxriskandvaluationrisk.?

DifferencesbetweenGBTCandbitcoin-linkedETF

ETFallowsmarketmakerstorandomlycreateandredeemshares,whileGBTCdoesnotallow?andthefundsharescanonlybemonetizedonsecondarymarkets.?

GBTCsetsa6-monthlockingperiod,withahighpremium,whileETFhasbetterliquidityandisfreeofpremiumorreduction.?

GBTCtradingfeesareveryhigh,includingbrokerfees,annualmanagementfeesandpremium.Thebitcoin-linkedETFhaslowerfees.Forexample,fortheBITOonly0.95%ofmanagementfeesarecharged,whilethefirstNorthAmericabitcoinETF——BTCC,listedinCanada,hasalowermanagementfeeof75%.?

GBTCisonlyavailableforqualifiedinvestorswith50,000dollarsatleast.Thebitcoin-linkedETFhas?fewrestrictionsoninvestors’?qualifications?andamounts.?

Insummary,withovertenyearsofinsanedevelopment,thecryptocurrencymarketgraduallygoesbacktobeing?rational.Recently,thecryptocurrencymarketisexperiencinga?hugerevolutionandtransformation.ThecryptomarketplaceincludingBitcoinhasattractedtheeyesof?traditionalfinancialmarkets,andismoving?towardsstandardsandcompliance.

Workingoncryptocurrencydevelopmentforyears,AOFEXkeepsupdatesontheindustry,providescompleteinvestmentchannelsandprofoundinformation,securefinancialservices,helpsthemfindandgraspindustrialopportunities.AOFEXaccompaniesyouonyourinvestmentjourney.

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