比特幣、財政部公司和暴跌：發生了什麼？

由於比特幣經歷波動，比特幣財務公司面臨著艱難的市場。我們正處於加密貨幣冬天嗎？讓我們深入了解一下。

Bitcoin, treasury companies, and a market plunge—oh my! Recent market dynamics have put Bitcoin treasury companies (BTCTCs) in a precarious position, leading to significant investor losses. What's driving this downturn, and what does it mean for the future of crypto?

比特幣、財務公司和市場暴跌——天哪！最近的市場動態使比特幣財務公司（BTCTC）處於不穩定的境地，導致投資者遭受重大損失。是什麼推動了這種低迷，這對加密貨幣的未來意味著什麼？

BTCTCs Feeling the Heat

BTCTC 感受到熱度

A wave of crypto asset treasury companies emerged, aiming to replicate the success of MicroStrategy (MSTR). However, the plunge in Bitcoin's price, which peaked above $126,000 in early October 2025, has exposed vulnerabilities in these companies. Share prices were already tumbling even before Bitcoin's recent dip.

一波加密資產財務公司湧現，旨在復制 MicroStrategy (MSTR) 的成功。然而，比特幣價格在 2025 年 10 月上旬觸及 126,000 美元上方的暴跌，暴露了這些公司的漏洞。甚至在比特幣最近下跌之前，股價就已經暴跌。

Losses over the past three months range from 38% for Strategy to a staggering 94% for KindlyMD (NAKA). Ouch! It's safe to say things aren't looking too good for these firms.

過去三個月，Strategy 的損失高達 38%，KindlyMD (NAKA) 的損失高達驚人的 94%。哎喲!可以肯定地說，這些公司的情況看起來不太好。

Executive Defensiveness

高管防禦性

In times of trouble, some BTCTC executives have taken to social media to defend their business models. Simon Gerovich, CEO of Metaplanet (MTPLF), tried to justify a shift to preferred stock issuance, while KindlyMD CEO David Bailey found it necessary to deny claims that his company had "FTX vibes." When a CEO has to publicly state, "We're not FTX," you know things are dicey.

在困難時期，一些 BTCTC 高管會在社交媒體上捍衛自己的商業模式。 Metaplanet (MTPLF) 首席執行官 Simon Gerovich 試圖證明轉向優先股發行的合理性，而 KindlyMD 首席執行官 David Bailey 發現有必要否認其公司具有“FTX 氛圍”的說法。當首席執行官必須公開聲明“我們不是 FTX”時，你就知道事情很危險。

Ben Werkman, CIO of Strive (ASST), acknowledged the difficulties but reminded investors that MicroStrategy was once thought to be going to zero during the 2022 crypto winter. Those who stuck with it were handsomely rewarded. It's a good reminder that markets fluctuate, but it doesn't guarantee a similar comeback for all BTCTCs.

Strive (ASST) 的首席信息官 Ben Werkman 承認存在困難，但提醒投資者，MicroStrategy 曾被認為在 2022 年加密貨幣冬季將歸零。那些堅持下來的人得到了豐厚的回報。這是一個很好的提醒，市場會波動，但並不能保證所有 BTCTC 都會出現類似的反彈。

Corporate Bitcoin Holdings Still Strong

企業比特幣持有量依然強勁

Despite the challenges faced by BTCTCs, corporate interest in Bitcoin remains robust. A recent report showed that corporate Bitcoin holdings jumped 28% in Q3 2025, reaching $117 billion. Over 1.02 million BTC are now held by 172 public companies, with 48 new entrants joining the space. Michael Saylor's Strategy leads the pack with 640,250 BTC.

儘管 BTCTC 面臨挑戰，但企業對比特幣的興趣仍然強勁。最近的一份報告顯示，企業比特幣持有量在 2025 年第三季度增長了 28%，達到 1170 億美元。目前，172 家上市公司持有超過 102 萬比特幣，其中有 48 家新進入者加入該領域。 Michael Saylor 的策略以 640,250 BTC 領先。

Andrew Webley of The Smarter Web Company notes that Bitcoin is "doing just fine," only about 10% below its all-time high. However, he acknowledges that Bitcoin treasury companies are facing a tougher market.

The Smarter Web Company 的安德魯·韋伯利 (Andrew Webley) 指出，比特幣“表現得很好”，僅比歷史最高點低 10% 左右。然而，他承認比特幣財務公司面臨著更加嚴峻的市場。

Altcoins in the Mix

山寨幣的混合

While Bitcoin navigates its ups and downs, some altcoins are quietly gaining strength. Projects like Snorter (SNORT) and Bitcoin Hyper (HYPER) are showing strong investor interest despite the broader market decline. These projects aim to offer innovative solutions, such as faster Solana token trading and improved Bitcoin functionality.

當比特幣經歷起起伏伏時，一些山寨幣正在悄然崛起。儘管市場整體下跌，但 Snorter (SNORT) 和 Bitcoin Hyper (HYPER) 等項目仍表現出投資者的濃厚興趣。這些項目旨在提供創新的解決方案，例如更快的 Solana 代幣交易和改進的比特幣功能。

The Road Ahead

未來之路

The future of BTCTCs is uncertain, but corporate interest in Bitcoin suggests long-term potential. The market is entering a speculative phase, with new "whales" taking control. While challenges persist, innovation and adoption continue to drive the crypto market forward.

BTCTC 的未來尚不確定，但企業對比特幣的興趣表明了長期潛力。市場正在進入投機階段，新的“鯨魚”佔據了主導地位。儘管挑戰依然存在，但創新和採用繼續推動加密貨幣市場向前發展。

So, are we in a crypto winter? Maybe. But as any New Yorker knows, even the harshest winters eventually give way to spring. Keep your eyes peeled, your wits about you, and maybe a little bit of crypto on the side. After all, fortune favors the bold—or at least the ones who do their homework!

那麼，我們正處於加密貨幣冬天嗎？或許。但正如任何紐約人所知，即使是最嚴酷的冬天最終也會迎來春天。保持警惕，保持頭腦清醒，也許還有一點加密貨幣。畢竟，命運眷顧勇敢的人——或者至少是那些做好功課的人！