Polkadot ETF每派1美元质押收益即亏4.52美元
Polkadot ETF realized $4.52 of loss per $1 in staking rewards
加密ETF投资者可关注：TDOT为支付质押收益被迫卖出DOT实现巨额亏损，揭示了质押类ETF在标的下跌时的结构性损耗，建议研究同类产品的派息机制与风险。
On Friday, the 21Shares Polkadot ETF (TDOT) reported that it realized $4.52 of loss per share by selling Polkadot (DOT) tokens to make each $1 per share of staking payouts last quarter.
周五，21Shares Polkadot ETF（TDOT）报告称，上一季度通过出售 Polkadot（DOT）代币以支付每股 1 美元的质押收益，每股实现了 4.52 美元的亏损。
The fund sold 98,505 DOT last quarter to generate $107,510 of cash payments to shareholders. Those sales finalized losses of $485,553 due to the dramatic decline of DOT.
该基金上一季度出售了 98,505 个 DOT，以产生 107,510 美元的现金支付给股东。由于 DOT 价格大幅下跌，这些销售最终造成了 485,553 美元的亏损。
Specifically, the price of DOT declined 34% during Q2 2026. For the 12 months ending June 30, 2026, DOT declined 76%.
具体而言，DOT 的价格在 2026 年第二季度下跌了 34%。截至 2026 年 6 月 30 日的 12 个月内，DOT 下跌了 76%。
TDOT shareholders do not actually receive staking rewards denominated in DOT. Instead, the fund must sell DOT to mimick and provide the corresponding staking rewards in USD for its shareholders.
TDOT 股东实际上并未收到以 DOT 计价的质押奖励。相反，该基金必须出售 DOT，以美元形式为其股东模拟并提供相应的质押奖励。
All things considered, the payout is embarrassing. Holding TDOT from April through June this year entitled shareholders $0.146980 per share of payouts, which certainly did not compensate for the fund’s 34% share price decline from $14.95 to $9.86.
总体来看，这一派息令人尴尬。今年 4 月至 6 月持有 TDOT 的股东每股获得 0.146980 美元的派息，这显然无法弥补该基金股价从 14.95 美元跌至 9.86 美元的 34% 跌幅。
All-time stock chart of 21shares Polkadot ETF (Nasdaq:TDOT). Source: TradingView
21shares Polkadot ETF（纳斯达克：TDOT）的历史股价图表。来源：TradingView
This is, of course, not any particular fault of 21Shares but rather the fault of DOT itself, which continues to fall out of favor with investors.
这当然并非 21Shares 的特别过错，而是 DOT 本身的问题，它继续失去投资者的青睐。
DOT was supposed to power parallelized execution capable of roughly 1 million transactions per second across up to 100 parachains, an ‘internet of blockchains’ with shared security, and seamless cross-chain interoperability.
DOT 本应支持并行执行，能够在多达 100 条平行链上实现每秒约 100 万笔交易，构建一个具有共享安全性和无缝跨链互操作性的“区块链互联网”。
In practice, total value locked across all parachains sits at less than $100 million, and DOT trades near 97% below its all-time high as investors find more utility elsewhere.
实际上，所有平行链上的总锁定价值不足 1 亿美元，DOT 的交易价格比历史最高点低近 97%，因为投资者在其他地方找到了更多实用性。
Paying out staking rewards crystallizes DOT losses
支付质押奖励使 DOT 亏损变现
TDOT records cash payouts as a distribution of staking income. Nothing in the filing hides the mechanism by which it realized losses, and shareholders cannot interpret the cause of this $485,553 loss as unrelated to generating staking payouts.
TDOT 将现金支付记录为质押收入的分配。文件中并未隐藏其实现亏损的机制，股东不能将这笔 485,553 美元亏损的原因解释为与产生质押派息无关。
Indeed, the trust unambiguously states, “Aggregate distributions of $107,510 or $0.146980 per share reduced the Trust’s DOT holdings through the sale of DOT to generate cash.”
事实上，该信托明确表示：“总计 107,510 美元或每股 0.146980 美元的分配通过出售 DOT 以产生现金，减少了信托的 DOT 持有量。”
That crystallized more than four dollars of permanent loss for every $1 it distributed.
这使其每分配 1 美元就实现了超过 4 美元的永久性亏损。
By comparison, four peer crypto staking funds disclosed a realized loss in Q2, yet none lost more than $0.89 per $1 distributed. Respectively, Invesco’s Galaxy Solana fund realized $0.89 of loss, the same sponsor’s Solana fund disclosed $0.74 of loss, its Sui fund finalized $0.31, and BlackRock’s staked ether fund reported $0.25.
相比之下，四只同类加密质押基金在第二季度披露了已实现亏损，但没有任何一只每分配 1 美元亏损超过 0.89 美元。具体而言，Invesco 的 Galaxy Solana 基金实现了 0.89 美元的亏损，同一赞助商的 Solana 基金披露了 0.74 美元的亏损，其 Sui 基金最终亏损 0.31 美元，而 BlackRock 的质押以太坊基金报告了 0.25 美元的亏损。
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Realizing losses as Polkadot continues to crash
随着Polkadot持续暴跌，实现亏损
Shareholders, not these sponsors, bear those losses. The entities behind these funds make money running their products, regardless of the price of crypto.
承担这些损失的是股东，而非这些赞助商。无论加密货币价格如何，这些基金背后的实体通过运营其产品获利。
Specifically, TDOT names 21Shares US LLC as the fund’s sponsor, wholly owned by 21co Holdings Limited. Crypto prime broker FalconX finished buying that parent in November 2025. CEO Russell Barlow and President Duncan Moir signed the quarterly report on August 14.
具体而言，TDOT指定21Shares US LLC为基金赞助商，该公司由21co Holdings Limited全资拥有。加密货币主要经纪商FalconX于2025年11月完成了对该母公司的收购。首席执行官Russell Barlow和总裁Duncan Moir于8月14日签署了季度报告。
The trust’s original backer was the Web 3.0 Technologies Foundation, the Swiss entity behind Polkadot. It seeded the fund in January 2025 with DOT worth about $53 million, or roughly $88 per share. Shares closed Q2 at $9.86 per share.
该信托的最初支持者是Polkadot背后的瑞士实体Web 3.0 Technologies Foundation。该基金会于2025年1月以价值约5300万美元的DOT为该基金注资，约合每股88美元。第二季度末，股价收于每股9.86美元。
Dear @Polkadot team,
亲爱的@Polkadot团队，
The community has been patient, but it's time to take stronger action. $DOT has been underperforming for a long time, and many investors' funds are stuck.
社区一直很有耐心，但现在是时候采取更强有力的行动了。$DOT长期表现不佳，许多投资者的资金被套牢。
Please speed up development, improve communication, and focus on bringing more value to the Polkadot… pic.twitter.com/11PJmIFNTK
请加快开发进度，改善沟通，并专注于为Polkadot带来更多价值……pic.twitter.com/11PJmIFNTK
— Mohsin Ali (@Mohsin_71) August 2, 2026
—— Mohsin Ali (@Mohsin_71) 2026年8月2日
Sadly, selling DOT to generate cash for staking reward payouts was not even the quarter’s most expensive liquidation. Instead, outright redemptions from investors who wanted out of the fund forced the trust to realize another $1.76 million of loss during the quarter.
遗憾的是，出售DOT以产生现金用于支付质押奖励，甚至不是本季度最昂贵的清算。相反，希望退出基金的投资者直接赎回，迫使该信托在本季度又实现了176万美元的亏损。
Moreover, selling DOT to pay its own ‘sponsor fee’ cost $253,417. Total realized losses for the quarter totaled $2.5 million.
此外，出售DOT以支付其自身的“赞助费”花费了253,417美元。本季度已实现亏损总额达250万美元。
The first distribution, $0.090846 per share, carried a May 14 record date and paid the next day. The second, $0.056134 per share, followed with a June 29 record date, a shrinking payout on a shrinking asset.
第一次分配为每股0.090846美元，登记日为5月14日，次日支付。第二次分配为每股0.056134美元，登记日为6月29日，随着资产缩水，派息也在减少。
Both landed inside a quarter in which DOT fell 34%. The coin slid from $1.25 on March 31 to $0.82 on June 30.
这两次分配均发生在DOT下跌34%的季度内。该币种从3月31日的1.25美元跌至6月30日的0.82美元。
Competition is thinning rather than growing. Grayscale withdrew its own Polkadot ETF registration on August 7, and crypto ETF net asset values are down across the board since early 2025.
竞争正在减少而非增加。Grayscale于8月7日撤回了其Polkadot ETF注册申请，自2025年初以来，加密货币ETF的净资产价值全面下跌。
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