比特幣國庫公司本周盛行。但是mnav

加密股票在周五遭受了紅色的一天，尤其是比特幣

Crypto stocks suffered a red day on Friday, especially bitcoin (BTC) treasury firms like MicroStrategy (NASDAQ:MSTR) as the picture looks even worse when zooming out: changing hands at $376 early Friday afternoon, MSTR shares are more than 30% below their all-time high hit late in 2024 even as bitcoin has pumped to a new record this week.

加密貨幣股票在周五遭受了紅色的日子，尤其是比特幣（BTC）財政部公司，例如MicroStategy（Nasdaq：MSTR），因為縮小時的情況看起來更糟糕：週五下午以376美元的價格換手，MSTR股票的MSTR股票在2024年以後的Bitcoin the Bit Coin the Bit Coin to The Week the Week to new Week toe new Week the toe to Blow 30％以下。

The price action comes amid a continuing debate taking place on social media about the sustainability of Michael Saylor’s (and those copycatting him) bitcoin-vacuuming playbook.

在社交媒體上持續辯論邁克爾·塞勒（Michael Saylor）（以及那些複製他的比特幣 - 比特幣 - 維卡普（Bitcoin-Vacuuming）劇本的劇本的可持續性，價格行動就進行了。

“Bitcoin treasury companies are all the rage this week. MSTR, Metaplanet, Twenty One, Nakamoto. I think they’re toxic leverage is the worst thing which has ever happened to bitcoin and what bitcoin stands for,” said modestly well-followed bitcoin twitter poster lowstrife.

“比特幣國庫公司本週都流行了。MSTR，Metaplanet，Twy One，Nakamoto。我認為它們是有毒的槓桿作用是有史以來最糟糕的比特幣及其比特幣代表的最糟糕的事情。”

The issue, according to lowstrife, is that the financial engineering that Strategy and other BTC treasury firms are employing to accumulate more bitcoin essentially rests on mNAV — a metric that compares a company’s valuation to its net asset value (in these cases, their bitcoin treasuries).

據Lowstrife認為，問題是，該戰略和其他BTC財政部公司正在採用的金融工程本質上基本上取決於MNAV，該指標將公司的估值與其淨資產價值進行了比較（在這些情況下，其比特幣庫庫）。

As long as their mNAV remains above 1.0, a given company can keep raising capital and buying more bitcoin, because investors are showing interest in paying a premium for exposure to the stock relative to the firm’s bitcoin holdings.

只要他們的MNAV保持在1.0以上，一家公司就可以繼續籌集資金併購買更多的比特幣，因為投資者表現出對相對於該公司比特幣持有的股票的溢價的興趣。

If mNAV dips below that level, however, it means the value of the company is even lower than the value of its holdings. This can create problems for a firm’s ability to raise capital and, say, pay dividends on some of the convertible notes or preferred stock it may have issued.

但是，如果MNAV降至該水平以下，則意味著公司的價值甚至低於其持股價值。這可能會給公司籌集資金的能力而造成問題，例如，對其可能發行的一些可轉換票據或優先股支付股息。

Something similar happened to Grayscale’s bitcoin trust, GBTC, prior to its conversion into an ETF. A closed-end fund, GBTC during the bull market of 2020 and 2021 traded at an ever-growing premium to its net asset value as institutional investors sought quick exposure to bitcoin.

Grayscale的比特幣信任GBTC在轉換為ETF之前發生了類似的事情。一家封閉式基金，在2020年和2021年的牛市中，GBTC以不斷增長的溢價，其淨資產價值交易，因為機構投資者尋求快速接觸比特幣。

When prices turned south, however, that premium morphed into an abysmal discount, which contributed to a chain of blowups beginning with highly-leverage Three Arrows Capital and eventually spreading to FTX. The resultant selling pressure took bitcoin from a record high of $69,000 all the way down to $15,000 in just one year.

然而，當價格向南變成南方時，這種高級變成了糟糕的折扣，這導致了一系列以高度槓桿化的三箭資本開始，並最終擴散到FTX。由此產生的銷售壓力使比特幣從創紀錄的69,000美元的創紀錄的高點到一年內降至15,000美元。

"Just like GBTC back in the day, the entire game now — the whole thing — is figuring out how much more BTC these access vehicles will scoop up, and when they will blow up and spit it all back out again," said Nic Carter, partner at Castle Island Ventures, in response to lowstrife's thread.

“就像GBTC回到當天一樣，整個遊戲 - 整個事情 - 都在弄清楚這些訪問車輛將挖出多少BTC，當它們會炸毀並再次吐出時，” Castle Island Ventures的合夥人尼克·卡特（Nic Nic Carter）響應Lowstrife的線程。

The thread also triggered replies from MSTR bulls, among them Adam Back, Bitcoin OG and CEO of Blockstream.

該線程還觸發了Mstr Bulls的答复，其中包括Adam Back，Bitcoin OG和BlockStream的首席執行官。

"If mNAV < 1.0 they can sell BTC and buy back MSTR and increase BTC/share that way, which is in share-holder interests. Or people see that coming and don't let it go there. Either way this is fine," Back stated.

“如果MNAV <1.0他們可以出售BTC並回購MSTR，並以這種方式增加BTC/股份，這是有股份的利益。或者人們看到它來了，不要讓它放在那裡。無論哪種方式，這都很好，” Back說。