比特幣，股票和債券：在25年駕駛不斷變化的投資沙子

探索比特幣的崛起是如何重塑傳統投資策略的，公司利用比特幣作為儲備資產和標記股票的出現。

Bitcoin, Stocks, and Bonds: Navigating the Shifting Sands of Investment in '25

比特幣，股票和債券：在25年駕駛不斷變化的投資沙子

In 2025, the financial landscape is witnessing a fascinating convergence of traditional and digital assets. Companies are increasingly integrating Bitcoin into their financial strategies, leading to interesting dynamics in the stock and bond markets. Let's dive into what's happening.

2025年，金融景觀目睹了傳統和數字資產的引人入勝的融合。公司越來越多地將比特幣整合到其財務戰略中，從而導致股票和債券市場的有趣動態。讓我們深入了解正在發生的事情。

Bitcoin as a Corporate Reserve Asset

比特幣作為公司儲備資產

A significant trend is the adoption of Bitcoin as a reserve asset by companies. As fund manager Lyn Alden highlights, this is driven by two primary factors: limitations on investment funds and the advantages of long-term bonds.

一個重大趨勢是公司採用比特幣作為儲備資產。正如基金經理林恩·奧爾登（Lyn Alden）的重點，這是兩個主要因素驅動的：投資基金的限制和長期債券的優勢。

Investment Restrictions and Bitcoin Exposure

投資限制和比特幣暴露

Many investment funds face restrictions that prevent them from directly investing in Bitcoin or crypto-related ETFs. This has led them to seek alternative routes, such as investing in stocks of Bitcoin-holding companies like Strategy (formerly MicroStrategy). The performance of MSTR, which has significantly outperformed Bitcoin and the broader equity market, underscores this trend.

許多投資基金面臨限制，使他們無法直接投資比特幣或加密相關的ETF。這使他們尋求替代路線，例如投資戰略（以前是MicroStrategy）等比特幣持有公司的股票。 MSTR的表現極大地勝過比特幣和更廣泛的股票市場，強調了這一趨勢。

Alden herself chose MSTR back in 2020 because her exchange platform didn't support direct Bitcoin purchases. This highlights the flexibility such stocks offer to funds with investment constraints.

奧爾登（Alden）本人在2020年之所以選擇MSTR，是因為她的交換平台不支持直接購買比特幣。這突出了這些股票為具有投資限制的資金提供的靈活性。

Long-Term Bonds and Safer Leverage

長期債券和更安全的槓桿作用

Companies are also leveraging long-term bonds to hold Bitcoin positions more securely. Unlike hedge funds that rely on margin borrowing, companies can issue multi-year bonds, allowing them to weather market volatility without forced liquidations. This creates a safer form of leverage, enabling them to capitalize on Bitcoin’s price swings more effectively.

公司還利用長期債券更安全地持有比特幣頭寸。與依靠保證金借貸的對沖基金不同，公司可以發行多年債券，使他們能夠在沒有強制清算的情況下天氣波動。這會產生一種更安全的槓桿形式，使他們能夠更有效地利用比特幣的價格波動。

The Rise of Digital Asset Treasury Stocks (DATs)

數字資產庫存股票的興起（DATS）

The growing interest in companies with strategic crypto reserves, or Digital Asset Treasury stocks (DATs), is bridging traditional finance and digital assets. These stocks provide investors with exposure to Bitcoin through familiar instruments, potentially generating higher returns than the underlying digital assets themselves.

對具有戰略加密儲備金或數字資產財政部股票（DATS）的公司的興趣日益增長，這是彌合傳統的金融和數字資產。這些股票通過熟悉的工具為投資者提供了比特幣的接觸，與基礎數字資產本身相比，可能會產生更高的回報。

Investor Nachi notes that with Coinbase's inclusion in the S&P 500, traditional finance portfolio managers are increasingly looking to add digital assets. This suggests that the DAT trend is still in its early stages.

投資者納奇（Nachi）指出，隨著Coinbase在標準普爾500指數中的包含，傳統的金融投資組合經理越來越希望增加數字資產。這表明DAT趨勢仍處於早期階段。

Tokenized Stock Trading: A New Frontier

令牌股票交易：一個新的邊界

Robinhood's launch of tokenized stock trading on its Ethereum-compatible layer-2 platform, Robinhood Chain, marks a major step in integrating traditional financial assets with decentralized finance (DeFi). This initiative allows users to self-custody tokenized stocks and trade them using DeFi applications, potentially reshaping market liquidity dynamics.

Robinhood在其以太坊兼容的第2層平台Robinhood Chain上推出了代幣化的股票交易，標誌著將傳統金融資產與分散融資（DEFI）集成的主要步驟。該計劃允許用戶自定義令牌股票並使用Defi應用程序進行交易，從而可能重塑市場流動性動態。

Galaxy Digital emphasizes that Robinhood’s tokenization plan puts pressure on Wall Street exchanges. If incumbent exchanges can’t adapt, they risk being left behind as mere custodians of a less functional version of the same assets.

Galaxy Digital強調，Robinhood的令牌化計劃對華爾街的交流施加了壓力。如果現任交易所無法適應，那麼他們有可能僅僅是同一資產功能較低的版本的保管人而被拋在後面。

Potential Benefits and Challenges

潛在的好處和挑戰

Tokenized stocks offer 24/7 trading capabilities and increased market accessibility. They also open up new possibilities, such as using tokenized stocks as collateral in DeFi protocols or automating dividends.

令牌化股票提供24/7的交易能力並提高市場可及性。他們還開闢了新的可能性，例如使用令牌化的股票作為Fefi協議中的抵押品或自動化股息。

However, the 24-hour trading model introduces potential volatility risks for retail investors. Regulatory uncertainty also remains a challenge, particularly in the United States.

但是，24小時交易模型為散戶投資者帶來了潛在的波動風險。監管不確定性也是一個挑戰，尤其是在美國。

A Word on Whale Wallets and Market Security

關於鯨魚錢包和市場安全的一句話

On a slightly different note, recent activity in old Bitcoin whale wallets has raised eyebrows. On-chain analysis suggests that the sudden movement of these wallets, holding billions in BTC, may be linked to a hack. A test transaction on the Bitcoin Cash network before the big move raises questions about potential security breaches.

從略有不同的角度來看，舊比特幣鯨錢包中最近的活動引起了眉毛。鏈上分析表明，這些錢包在BTC中持有數十億美元的突然移動可能與黑客有關。在大舉舉措之前，在比特幣現金網絡上進行的測試交易引發了有關潛在安全漏洞的問題。

Final Thoughts

最後的想法

The convergence of Bitcoin, stocks, and bonds is creating a dynamic and evolving investment landscape. From companies using Bitcoin as a reserve asset to the emergence of tokenized stocks, the opportunities and challenges are abundant. So, buckle up and enjoy the ride as we navigate this brave new world of finance. Who knows, maybe your next investment portfolio will be a blend of stocks, bonds, and a little bit of Bitcoin magic!

比特幣，股票和債券的融合正在創造動態和不斷發展的投資格局。從使用比特幣作為儲備資產的公司到出現令牌股票的出現，機會和挑戰很豐富。因此，當我們瀏覽這個勇敢的新金融世界時，搭扣並享受旅程。誰知道，也許您的下一個投資組合將融合股票，債券和一些比特幣魔術！