比特幣，MSTR，Naka：導航加密紀念的狂野騎行

查看比特幣國庫策略，重點是微觀（MSTR）和Nakamoto（Naka），以及這種不斷發展的景觀中的挑戰和機遇。

The Bitcoin treasury strategy has seen its share of ups and downs. Once a Wall Street darling, companies like MicroStrategy (MSTR) and Nakamoto (NAKA) are now facing scrutiny as the market re-evaluates the sustainability of these strategies.

比特幣國庫策略已經看到了起伏的份額。曾經是華爾街的寵兒，隨著市場重新評估這些策略的可持續性，像Microstrategy（MSTR）和Nakamoto（Naka）這樣的公司現在正面臨審查。

The Rise and Fall of the Treasury Play

財政部的興衰

Remember when everyone thought they could arbitrage the financial markets? Issue shares, buy Bitcoin, repeat. Companies like $MSTR, Metaplanet, and $NAKA saw their stock prices skyrocket, fueled by the promise of easy profits. Wall Street was paying more than a dollar for a dollar's worth of Bitcoin. But as the saying goes, what goes up must come down. Now, the hangover has arrived.

還記得每個人都認為他們可以仲裁金融市場嗎？發行股票，購買比特幣，重複。 $ MSTR，Metaplanet和Naka等公司的股價飆升，這是由於輕鬆利潤的承諾所推動。華爾街為一美元的比特幣支付了一美元以上。但是俗話說，上升的事情必須下降。現在，宿醉到了。

The stock prices of these Bitcoin treasury companies are getting hammered. The graphs of $MSTR, Metaplanet, $NAKA all look eerily similar: a pump-and-dump scheme straight out of the shitcoin playbook. Ouch.

這些比特幣國庫公司的股票價格正在錘擊。 $ MSTR，Metaplanet，$ Naka的圖表看起來非常相似：從Shitcoin Playbook中直接出現了泵送和降低計劃。哎喲。

NAKA's Nosedive: A Cautionary Tale

納卡（Naka）的鼻子：一個警示的故事

Poor Nakamoto ($NAKA). After a massive pump, the stock price collapsed. The end of the S3 PIPE shares restriction period didn't help, leading to a 50% drop in a single day. As Adam Livingston put it, "add mass, you lose altitude." Ouch again.

可憐的中村（$ naka）。巨大的泵後，股價崩潰了。 S3管道的結束共享限制期無濟於事，導致一天下降了50％。正如亞當·利文斯頓（Adam Livingston）所說的那樣：“加質量，您會失去高度”。再次哎呀。

And just when you thought things couldn't get any worse, $NAKA is changing their ticker to $NADA. Talk about adding insult to injury.

而且，當您認為情況不會變得更糟時，$ Naka將其股票者更改為$ nada。談論增加受傷的侮辱。

MSTR: Still Standing, But Wobbling?

MSTR：仍然站著，但是搖擺嗎？

Even the mighty MicroStrategy ($MSTR), led by Bitcoin evangelist Michael Saylor, is feeling the pressure. Despite gobbling up coins by the hundreds, the mNAV (market value of net assets) is compressing, hitting yearly lows. The stock premium, the source of all treasury company magic, is disappearing. Are these companies just becoming expensive, glorified ETFs?

即使是由比特幣傳教士邁克爾·賽勒（Michael Saylor）領導的強大的微型造影（$ MSTR）也感到壓力。儘管數百人吞噬了硬幣，但MNAV（淨資產的市場價值）仍在壓縮，每年低點。股票保費是所有財政部魔術公司的來源，正在消失。這些公司是否變得昂貴，光榮的ETF？

The Evolving Treasury Narrative

不斷發展的財政部敘述

David Bailey, CEO of Nakamoto, notes that the narrative around digital asset treasuries is becoming increasingly complex. The original Bitcoin treasury narrative was simple: Bitcoin is the most secure, decentralized, and inflation-resistant asset to hold. But now, companies are diversifying into other cryptocurrencies, diluting the core message and potentially increasing risk.

Nakamoto首席執行官David Bailey指出，圍繞數字資產國庫的敘述變得越來越複雜。原始的比特幣國庫敘事很簡單：比特幣是持有的最安全，分散和抗通脹的資產。但是現在，公司正在將其多樣化為其他加密貨幣，稀釋核心信息並可能增加風險。

Bailey argues that the entire sector is being tested. Companies that execute their strategy well will thrive, while those that don't will be "consumed by someone who can do it better." Venture capital firm Breed warns that many of these firms could face a "death spiral" if they continue to trade close to their net asset value (NAV).

貝利認為正在測試整個行業。執行策略的公司將蓬勃發展，而那些不會“被能夠做得更好的人吞噬的公司”。風險投資公司警告說，如果這些公司繼續貿易接近其淨資產價值（NAV），許多公司可能會面臨“死亡螺旋”。

Bitcoin's Unfazed Resilience

比特幣的彈性彈性

Amidst all this drama, Bitcoin itself remains relatively unfazed. It continues to trade around the $115,000 level, with analysts like Matt Crosby suggesting it's "poised for breakout." Metaplanet's planned $1.25 billion Bitcoin purchase could provide the catalyst for that breakout, potentially pushing the price towards key resistance levels.

在所有這些戲劇中，比特幣本身仍然相對毫不動搖。它繼續在115,000美元的水平上進行交易，像馬特·克羅斯比（Matt Crosby）這樣的分析師建議它“有望突破”。 Metaplanet計劃的12.5億美元購買比特幣可以為該突破提供催化劑，從而將價格推向關鍵阻力水平。

The Future of Crypto Treasuries: Adapt or Die

加密紀念的未來：適應或死亡

The delusion that was Bitcoin treasury strategy has ended. Now, these companies need to prove real value-add with the corporate-wrapped coins they hold so dearly. Or perhaps we can go back to de-financializing the economy – you know, that annoying, original reason for Bitcoin.

比特幣國庫策略的妄想已經結束。現在，這些公司需要證明他們如此珍貴的公司包裹的硬幣具有真正的增值。或者，也許我們可以回到經濟範圍內降低財務化 - 您知道，比特幣的那個煩人，原始的原因。

So, what's the takeaway? The Bitcoin treasury strategy is a wild ride. Some will crash and burn, while others will adapt and thrive. Only time will tell who comes out on top. But one thing's for sure: it's never a dull moment in the world of crypto. Keep your seatbelts fastened, folks!

那麼，收穫是什麼？比特幣國庫策略是一次瘋狂的旅程。有些會崩潰並燃燒，而另一些人會適應和壯成長。只有時間才能說明誰出現在首位。但是可以肯定的是：這在加密世界中從來都不是一個沉悶的時刻。伙計們，保持安全帶固定！