六问六答：GBTC转换为现货ETF到底意味着什么？

The author's compilation is based on the fact that we think it is a question of when the US regulatory authorities approve the spot bitcoin, not whether it is. We are still focused on listing it as a spot bitcoin. Although the timetable is essentially uncertain, looking forward to the future, we have a discussion with chief law officer and the chief financial officer to answer some common questions of investors and other market participants about the process and influence of listing such products on the stock exchange, including the process of putting them on the shelves and the intention of investors as a transaction. Can you first give us an overview of the general operation mode? A: It is an investment product, and its shares can be increased and redeemed at the same time on a national stock exchange such as Nasdaq. The shares aimed at letting them be called net asset value or traded according to their underlying assets or holding value are usually called authorized participants. Market participants are mainly brokerage dealers, such as banks or trading companies with certain registered qualifications, when the trading price of their shares is higher than the net asset value. When the value is below the net asset value, it is usually the only market participant who can engage in such transactions. These creation and redemption transactions give opportunities to make profits through this arbitrage mechanism, which is an incentive to ensure that the value of its underlying assets is tracked closely, and it can also encourage non-brokers and investors to buy and sell stocks in the open market without creating or redeeming stock shares. The higher the volume of acquisition and transaction, the less dependence on the creation and redemption transactions. How does it work now? A: An investment trust company owns more than the total amount of bitcoin currently in circulation. As of March, each share is supported by bitcoin tokens that don't own anything except bitcoin and don't use leverage or use derivatives such as bitcoin futures contracts. They are kept in a secure offline storage. The daily management of supervision includes management of custody relationship and communication with regulatory agencies, tax reports and financial statements. As well as other requirements for publicly traded investment instruments, shares have always been issued through the private placement process. According to the Securities Law of, this process does not need to be registered. Therefore, such shares are initially open only to qualified investors and must comply with the holding period stipulated in Article, and the shares are also non-redeemable. In order to provide liquidity, public quotations were obtained in the market in the middle of the year. From then on, any investor who can enter the open market can buy and sell freely traded shares, so that they can increase their investment in Bitcoin in their investment accounts. However, since Article stipulates that newly-created stocks must go through the holding period, if the trading price of stocks is higher than the net asset value, more stocks cannot be created to immediately add them to the market and readjust their prices according to the net asset value. On the contrary, because there is no redemption plan, if the trading price of stocks is lower than the net asset value, they cannot be redeemed to remove them from the market and readjust their prices according to the net asset value, so they cannot rely on the inherent arbitrage mechanism described above. The innovation of the product structure is that it has an arbitrage mechanism, which can constantly add or redeem shares to solve the premium and discount. What is important is that the stocks in the model are expected to track the price of Bitcoin more closely, which means that any premium or discount of the stock price is expected to disappear. As of June, the asset management scale is US$ 100 million, and its trading discount is US$ 100 million, which means that if the current discount disappears and becomes available, it will pass. Arbitrage mechanism releases about $100 million in value for investors. Q: What will happen if proper regulatory approval is given to allow spot bitcoin to enter the US market? A: The creation of shares will be based on the registration statement on the form in accordance with the Securities Law of, and the redemption of registered shares is expected to be exempted according to the regulations previously granted for products with similar characteristics. This will provide the necessary approval for simultaneous creation and redemption so as to provide arbitrage opportunities when there is any premium or discount between the share price and the net asset value. So that the value of its basic asset, bitcoin, can be tracked more closely. Once approved, the rule application will be upgraded to be ready for operation. After obtaining the appropriate regulatory approval, it will be put on the shelves to ask what investors must do if they approve the spot bitcoin and allow it to be listed. Investors don't have to take any action. When investors look at their stocks after listing, they will only see that they are listed, not that the quotation will be guaranteed. Leaving the same stock code and the same investors will continue to be able to buy and sell stocks at the open market price. When upgrading, what tax impacts should I know? When listing will not constitute taxable events? When will it be allowed to land? Is there a timetable? Unfortunately, there is no timetable, although the Circuit Court made a favorable ruling in the lawsuit against in June, thus revoking the decision to reject the application for listing on the shelves. This is an unprecedented situation. The timetable is essentially uncertain. The team is committed to constructive cooperation, which will be upgraded to and will continue to share updates in time when more information is obtained. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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