比特幣，MNAV和國庫公司：像紐約客一樣瀏覽加密貨幣景觀

探索比特幣國庫公司，MNAV估值及其對加密市場的影響的不斷發展的動態。 Strive的收購Semler Sparks估值辯論。

Alright, folks, let's talk Bitcoin, mNAV, and treasury firms—a trio that's been stirring up the crypto scene faster than a New York minute. With Strive Asset Management's recent acquisition of Semler Scientific, things are getting interesting, and maybe a little complicated.

好吧，伙計們，讓我們談談比特幣，MNAV和財政部的公司 - 這是一個比紐約分鐘快的三重奏。隨著Artive Asset Management最近對Semler Scientific的收購，事情變得越來越有趣，也許有些複雜。

The mNAV Metric: Is It Really Telling the Whole Story?

MNAV指標：真的在講整個故事嗎？

So, what's this mNAV everyone's buzzing about? It's basically the market cap of a crypto treasury firm divided by the amount of crypto it holds. Sounds simple, right? Not so fast. NYDIG's Greg Cipolaro isn't buying it, calling it "misleading" at best. Why? Because it ignores the actual businesses these firms operate, which can add serious value.

那麼，這個每個人都在嗡嗡作響的MNAV是什麼？基本上，這是一家加密貨幣公司的市值除以其擁有的加密貨幣。聽起來很簡單，對嗎？不那麼快。 NYDIG的Greg Cipolaro不購買它，稱其為“誤導”。為什麼？因為它忽略了這些公司經營的實際業務，這可以增加嚴重的價值。

Imagine judging a pizzeria solely on how much cheese it has, without considering the quality of the sauce, the crust, or the overall dining experience. That's kinda what mNAV does. It's like looking at one slice of the pie and thinking you know the whole thing.

想像一下，只根據醬油的奶酪含量，不考慮醬汁的質量，地殼或整體用餐體驗。這有點像MNAV所做的。這就像看一塊餡餅，以為您知道整個事情。

Bitcoin's Bumpy Ride and Saylor's Unwavering Faith

比特幣的顛簸和塞勒的堅定信念

Bitcoin's been on a bit of a rollercoaster lately, testing the $109,000 mark as market liquidity takes a breather. That Fed rate cut didn't exactly help, triggering a sell-off that had BTC dipping below $110,000. But fear not! Michael Saylor, Strategy CEO and Bitcoin maximalist, is still waving the flag, urging everyone to "Always ₿e Stacking." His faith is admirable, even if the charts are flashing double top formations and hinting at a potential drop to $100,000.

比特幣最近有些過山車，測試了109,000美元的大關，因為市場流動性喘不過氣來。削減稅收率無濟於事，觸發了BTC下降到110,000美元以下的拋售。但是不要害怕！戰略首席執行官兼比特幣最大化主義者邁克爾·塞勒（Michael Saylor）仍在揮舞著旗幟，敦促所有人“總是堆疊”。即使圖表閃爍了雙層層面並暗示潛在的下降到100,000美元，他的信念是令人欽佩的。

Saylor's like that die-hard New Yorker who keeps rooting for the Mets, even when they're down by ten runs in the ninth. You gotta respect the dedication.

Saylor就像那個頑固的紐約人，他不斷為大都會隊加油，即使他們在第九名中跌了十。您必須尊重奉獻精神。

Treasury Firms: More Than Just Speculative Wrappers?

財政公司：不僅僅是投機包裝紙嗎？

Ryan Watkins from Syncracy Capital throws another log on the fire. He argues that these crypto treasury firms could evolve into real economic engines for blockchains. They're not just hoarding tokens; they could be financing, governing, and building within these networks.

Syncracy Capital的Ryan Watkins在火上又登錄了另一個登錄。他認為，這些加密貨幣公司可以發展成為區塊鏈的真實經濟引擎。他們不只是ho積令牌；他們可以在這些網絡中為融資，管理和建設。

Think of them as the Medici family of the crypto world, using their wealth to foster innovation and growth. It's a bold vision, and one that could reshape the future of blockchain.

將它們視為加密貨幣世界中的美第奇家族，利用他們的財富來促進創新和增長。這是一個大膽的願景，可以重塑區塊鏈的未來。

The Future: Consolidation, Innovation, and Maybe a Little Recklessness

未來：合併，創新，也許有些魯ck

Watkins anticipates some treasury firms will fade away, especially those focusing on financial engineering rather than substance. We might see consolidation, exotic financing, and maybe even some reckless moves as competition heats up. The survivors? They'll be the ones who combine smart capital allocation with real operating skills, turning their treasuries into yield-generating machines.

沃特金斯（Watkins）預計，一些財政部公司將消失，尤其是那些專注於金融工程而不是實質性的財政部。我們可能會看到合併，異國情調的融資，甚至可能隨著競爭的升溫而魯ck的舉動。倖存者？他們將成為將智能資本分配與實際運營技巧相結合，將其國庫轉變為產生產生的機器的人。

It’s like the early days of Wall Street, where only the sharpest and most adaptable survived the cutthroat competition. Expect fireworks.

就像華爾街的早期一樣，只有最尖銳，最適合最適合的人才能在殘酷的比賽中倖存下來。期待煙花。

My Two Satoshis

我的兩個satoshis

Personally, I think the mNAV metric needs a serious makeover. It's a flawed tool in a complex landscape. And while Bitcoin's price action might be making some investors sweat, the long-term potential of treasury firms is undeniable. They could become the Berkshire Hathaways of the blockchain world, but only if they play their cards right. The Strive/Semler deal highlights both the opportunities and the challenges ahead.

就個人而言，我認為MNAV指標需要進行認真的改頭換面。這是一個複雜景觀中的有缺陷的工具。儘管比特幣的價格行動可能會使一些投資者流汗，但不可否認的是國庫公司的長期潛力。他們可能會成為區塊鏈世界的伯克希爾·哈納維（Berkshire Hathaways），但前提是他們正確地打牌。奮鬥/塞姆勒交易既強調了未來的機遇和挑戰。

So, what's the takeaway? Keep a close eye on these treasury firms, do your homework beyond the mNAV, and maybe grab some popcorn. This is gonna be one heck of a show.

那麼，收穫是什麼？密切關注這些財政部公司，在MNAV之外做功課，並可能抓住一些爆米花。這將是一場演出的一個。

Until next time, keep your private keys safe and your expectations high. And remember, in the world of crypto, anything is possible—even a Mets World Series win.

直到下一次，請確保私鑰安全並高度期望。請記住，在加密貨幣世界中，一切皆有可能，即使是大都會世界大賽的勝利。