Kraken支持Lombard比特币收益策略转向机构级备兑看涨
Kraken Institutional supports Lombard’s transition to institutional Bitcoin yield
Lombard has spent the past two years bringing Bitcoin onchain at scale, and LBTC is now moving its yield source from Bitcoin staking to an institutional covered-call strategy managed by Bitwise Asset Management, targeting 2.5% net APY in Bitcoin terms.
Lombard 过去两年一直在将比特币大规模引入链上，现在 LBTC 的收益来源正从比特币质押转向由 Bitwise Asset Management 管理的机构备兑看涨策略，目标是以比特币计价的 2.5% 净年化收益率。
Kraken is supporting that transition directly. Bitcoin backing the strategy is held in segregated, bankruptcy-remote accounts at qualified custodians including Kraken, under tri-party agreements that keep the Bitcoin within qualified custody throughout. Kraken also serves as one of the execution venues where Bitwise trades the options underlying the strategy.
Kraken 直接支持这一转变。支持该策略的比特币存放在包括 Kraken 在内的合格托管人的隔离、破产远程账户中，根据三方协议，比特币在整个过程中始终处于合格托管之下。Kraken 也是 Bitwise 交易该策略基础期权的执行场所之一。
Bitcoin as productive collateral
比特币作为生产性抵押品
Institutions are increasingly evaluating platforms not just on where they can trade, but on what their assets can do while held there. Bitcoin is at the center of that shift, moving from a passive store of value toward productive collateral, and institutions expect the infrastructure underneath it to reflect that: custody, execution, and yield working together, rather than split across separate providers and counterparties.
机构越来越多地评估平台不仅基于其交易地点，还基于其资产在持有期间能做什么。比特币正处于这一转变的中心，从被动的价值储存转向生产性抵押品，机构期望其底层基础设施反映这一点：托管、执行和收益协同工作，而不是分散在不同的提供商和交易对手之间。
Gurpreet Oberoi, Head of Kraken Institutional: “Bitcoin backing this strategy is held in segregated, bankruptcy-remote accounts at qualified custodians including Kraken. Tri-party agreements mean Bitcoin deployed in this strategy remains within qualified custody throughout, meeting the requirements of institutional allocators. Kraken also serves as one of the execution venues for the strategy’s options trading, reflecting our role across both custody and execution for institutional Bitcoin.”
Kraken 机构业务主管 Gurpreet Oberoi：“支持该策略的比特币存放在包括 Kraken 在内的合格托管人的隔离、破产远程账户中。三方协议意味着该策略中部署的比特币在整个过程中始终处于合格托管之下，满足机构配置者的要求。Kraken 也是该策略期权交易的执行场所之一，这反映了我们在机构比特币托管和执行方面的双重角色。”
Where Kraken Institutional is headed
Kraken 机构业务的未来方向
Supporting Lombard’s transition is one part of a broader direction. Across Kraken Institutional’s work with Bitwise on Bitcoin yield, Upshift on custom vaults, and Centrifuge on tokenized funds, the throughline is the same: custody as the entry point, with execution, financing, and yield built on top of it. Applying that to one of the largest Bitcoin assets in DeFi is a natural next step.
支持 Lombard 的转型是更广泛方向的一部分。在 Kraken 机构业务与 Bitwise 在比特币收益方面的合作、与 Upshift 在定制金库方面的合作以及与 Centrifuge 在代币化基金方面的合作中，主线是相同的：托管作为切入点，执行、融资和收益在此基础上构建。将其应用于 DeFi 中最大的比特币资产之一是一个自然的下一步。
Kraken sees this as an early step in a broader shift toward Bitcoin as productive collateral, and we’re excited to continue building the relationship with Lombard and expanding what we offer institutions.
Kraken 认为这是向比特币作为生产性抵押品更广泛转变的早期一步，我们很高兴继续与 Lombard 建立关系，并扩大我们为机构提供的服务。
Contact the Kraken Institutional Team
联系 Kraken 机构团队
Custody services are provided by Payward Financial, Inc. or Payward Europe Solutions, Ltd, as applicable. Payward Financial, Inc. d/b/a Kraken Financial is not an FDIC-insured bank and deposits are neither insured by nor subject to the protections of the FDIC. Payward Europe Solutions Limited, trading as Kraken, is regulated by the Central Bank of Ireland.
托管服务由Payward Financial, Inc.或Payward Europe Solutions, Ltd（视情况而定）提供。Payward Financial, Inc.（以Kraken Financial名义运营）并非FDIC承保的银行，存款不受FDIC保险或保护。Payward Europe Solutions Limited（以Kraken名义运营）受爱尔兰中央银行监管。
OTC services, including spot trading, derivatives, and lending, are offered by Payward Oceanic Ltd., a member of the Kraken Group. These products are available only to eligible clients and may not be offered in all jurisdictions. OTC transactions involve risk and may result in the loss of capital. This communication is for informational purposes only and does not constitute investment, legal, or tax advice.
场外交易服务，包括现货交易、衍生品和借贷，由Kraken集团成员Payward Oceanic Ltd.提供。这些产品仅向符合条件的客户提供，且可能不在所有司法管辖区提供。场外交易涉及风险，可能导致资本损失。本通讯仅供参考，不构成投资、法律或税务建议。
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文章《Kraken Institutional支持Lombard向机构比特币收益的转型》最初出现在Kraken博客上。
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