authorised participant

Authorised participants arbitrage any price gap between the ETF share price and the underlying BTC value.授权参与者对 ETF 份额价格与底层 BTC 价值之间的任何价差进行套利。

Only authorised participants can create or redeem ETF shares directly with the fund, keeping market prices close to NAV.只有授权参与者才能直接与基金创建或赎回 ETF 份额，从而使市场价格接近净资产价值（NAV）。