伯恩斯坦項目公司將花費3,300億美元購買比特幣的國庫

資產經理伯恩斯坦（Bernstein）預計，公司將在未來五年內花費3,300億美元為其財政部收購比特幣。

Asset manager Bernstein has projected that companies will spend $330 billion acquiring Bitcoin for their treasury in the next five years. In a research note from the investment firm, its analysts expect that MicroStrategy will lead the corporate treasury inflows into BTC and smaller companies will follow.

資產經理伯恩斯坦（Bernstein）預計，公司將在未來五年內花費3,300億美元為其財政部收購比特幣。在該投資公司的研究報告中，其分析師預計，微觀策略將帶領公司財政部流入BTC，而較小的公司將遵循。

According to the analysts, they expect that public companies will allocate around $205 billion to Bitcoin acquisition, with most of the interest coming from small, low-growth companies. In their view, these companies are more inclined to copy the MicroStrategy playbook because it offers them a path to growth.

根據分析師的說法，他們預計上市公司將為比特幣收購分配約2050億美元，其中大部分利息來自小型，低增長的公司。他們認為，這些公司更傾向於復制MicroStrategy Playbook，因為它為他們提供了增長途徑。

The analysts wrote:

分析師寫道：

“Small companies with low growth – high cash have better market fit with the MSTR Bitcoin playbook – there is no visible road ahead for value creation, and the success of the MSTR model offers them a rare growth path.”

“增長低的小型公司 - 高現金與MSTR比特幣劇本的市場更適合市場 - 未來可見的道路可以創造價值，而MSTR模型的成功為他們提供了罕見的成長道路。”

The analysts led by Gautam Chhugani noted that the US pro-crypto environment is instrumental to the increasing interest in corporate Bitcoin ownership. Presently, public companies own approximately 720,000 BTC, with MicroStrategy alone having over 555,450 BTC.

由Gautam Chhugani領導的分析師指出，美國親克賴特（Pro-Crypto）環境對企業比特幣所有權的興趣不斷提高。目前，上市公司擁有大約720,000 BTC，僅MicroStrategy擁有超過555,450 BTC。

However, the analysts added that not every company that tries to copy the playbook will succeed, noting that MicroStrategy has already achieved significant scale as a first mover that would be difficult to replicate.

但是，分析師補充說，並非每家試圖複製劇本的公司都會成功，並指出MicroStrategy已經取得了很大的規模，這是很難復制的第一個推動者。

Bernstein: MicroStrategy could still buy almost $125 billion BTC

伯恩斯坦：MicroStrategy仍然可以購買近1250億美元的BTC

Interestingly, the firm also expects that MicroStrategy alone would be responsible for an additional $124 billion in inflows into Bitcoin. The analysts point to the Michael Saylor-led company’s recent decision to increase its capital raise plan for the Bitcoin acquisition.

有趣的是，該公司還預計，僅微觀策略將造成比特幣額外的1,240億美元流入。分析師指出，邁克爾·塞勒（Michael Saylor）領導的公司最近決定增加其對比特幣收購的資本加薪計劃。

MicroStrategy recently increased its capital raise plan to $84 billion by the end of 2027 from the initial $42 billion target, which it announced in 2024. Surprisingly, several analysts on Wall Street welcomed its decision to upsize, describing it as ambitious but still strategic.

MicroStrategy最近，到2027年底將其資本籌集計劃從最初的420億美元目標增加到了840億美元，該目標於2024年宣布。令人驚訝的是，華爾街上的幾位分析師歡迎其提高規模的決定，並將其描述為雄心勃勃，但仍具有戰略性。

The company had already completed 32% of the initial $42 billion target in just six months, and Berstein believes the fast accumulation rate and capital raise are a sign of what is coming from MicroStrategy.

該公司在短短六個月內已經完成了最初420億美元目標的32％，而Berstein認為，快速積累率和資本提高是MicroStrategy所產生的標誌。

Small companies leading Bitcoin accumulation

小公司領導比特幣積累

While it is impossible to determine the accuracy of Berstein’s projection, the analysts’ opinion of smaller companies adopting Bitcoin for corporate treasury is on point. So far, most corporations that have held BTC are either crypto-related entities or small-cap companies looking to use the asset as a hedge against inflation.

儘管無法確定Berstein預測的準確性，但分析師對採用比特幣在公司財政部採用比特幣的較小公司的看法很恰當。到目前為止，大多數持有BTC的公司都是與加密相關的實體，要么是希望將資產用作抵抗通貨膨脹的對沖的小型公司。

The biggest public company with Bitcoin exposure is Tesla, which acquired Bitcoin in 2021 and later sold part of it. Other major companies, such as Jack Dorsey’s Block (formerly Square), also hold Bitcoin, but only as assets on their balance sheet.

具有比特幣曝光的最大上市公司是特斯拉，該公司於2021年收購了比特幣，後來賣出了部分。其他主要公司，例如傑克·多爾西（Jack Dorsey）的街區（以前是廣場），也容納比特幣，但僅作為資產負債表上的資產。

However, several small-cap companies, including Tokyo Exchange-listed Metaplanet, Semler Scientific, KULR Technologies, and many others, have adopted the MicroStrategy playbook and are gradually building up their stash. Others, such as GameStop and Rumble, have announced they will adopt the Bitcoin standard even though they have yet to start accumulating BTC.

但是，包括東京交易所上市的Metaplanet，Semler Scientific，Kulr Technologies等幾家小型公司已經採用了MicroStrategy Playbook，並逐漸建立了他們的藏匿處。其他人，例如GameStop和Rumble，宣布他們將採用比特幣標準，即使他們尚未開始積累BTC。

Nevertheless, there is a possibility that even the biggest companies in the world, such as Apple, Amazon, Meta, Microsoft, and Nvidia, could start investing in Bitcoin in the future, even if they do not adopt a corporate Bitcoin treasury.

然而，即使是蘋果，亞馬遜，元，微軟和NVIDIA等世界上最大的公司，即使他們不採用公司比特幣財政部，也可能會開始投資比特幣。

Some shareholders in these companies have already started pushing for them to allocate part of their cash reserve to Bitcoin. Meta and Amazon shareholders will vote on whether to include Bitcoin as a corporate treasury asset by May 21 and 28, respectively.

這些公司的一些股東已經開始推動他們將其一部分現金儲備分配給比特幣。 Meta和Amazon股東將在5月21日和28日之前將是否將比特幣作為公司財政資產投票。

A similar proposal before the Microsoft shareholders a few months ago failed despite Saylor appearing before the shareholders to advocate for the move. It is likely that the upcoming votes will also face the same outcome, especially as the board of the two tech giants has advised shareholders to vote against it.

儘管塞勒（Saylor）出現在股東面前倡導這一舉動，但幾個月前，微軟股東面前的類似提議失敗了。即將到來的投票可能也將面臨相同的結果，尤其是因為這兩個科技巨頭的董事會建議股東投票反對。

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