比特幣國庫策略正在恢復殭屍公司

越來越多的上市公司陷入困境 - 技術上的溶劑，但戰略性停滯。增長蒸發了。

A growing number of public companies are stuck in limbo—technically solvent, but strategically stalled. Growth has evaporated. Stock prices have languished. Reinvestment opportunities are unclear or underwhelming. These companies aren’t broken—they’re just drifting.

越來越多的上市公司陷入困境 - 技術上的溶劑，但戰略性停滯。增長蒸發了。股票價格陷入了困境。重新投資的機會不清楚或勢不可擋。這些公司並沒有破壞，他們只是在漂移。

They’ve become what markets call zombie companies: firms that generate enough to survive, but not enough to excite. And in today’s capital environment, stagnation is no longer neutral—it’s dangerous.

它們已成為市場所說的殭屍公司：產生足夠生存但不足以激發的公司。在當今的資本環境中，停滯不再是中立的，這很危險。

This is where a Bitcoin treasury strategy comes in.

這是比特幣國庫策略的出現的地方。

What Is a Bitcoin Treasury Strategy—and What Problem Does It Solve?

什麼是比特幣國庫策略？它解決了什麼問題？

At its core, a Bitcoin treasury strategy means converting a portion of idle corporate cash into Bitcoin and treating it as a long-term treasury reserve asset. It’s not a product pivot or a marketing stunt. It’s a capital strategy.

比特幣國庫策略以其核心意味著將一部分閒置的公司現金轉換為比特幣，並將其視為長期財政儲備資產。這不是產品樞軸或營銷特技。這是一種資本策略。

The problem it solves is simple but deadly:

它解決的問題很簡單，但致命：

A Bitcoin treasury strategy is designed to reverse that trend—by reframing cash as conviction.

比特幣國庫策略旨在扭轉這種趨勢，以將現金定義為信念。

Two Distinct Approaches to a Bitcoin Treasury Strategy

比特幣國庫策略的兩種不同的方法

There’s no one-size-fits-all approach to building a Bitcoin treasury. Instead, companies tend to pursue one of two broad strategic paths:

沒有一種適合所有尺寸的方法來建造比特幣財政部。相反，公司傾向於採取兩種廣泛的戰略途徑之一：

1. Defensive AllocationCompanies like Tesla and Block have allocated a portion of their reserves to Bitcoin as a hedge against fiat debasement. It’s a form of monetary insulation—protecting cash from erosion while signaling awareness of inflation’s long-term effects. These companies aren’t changing their business models, but they are acknowledging that holding cash in today’s environment means silently bleeding purchasing power. This strategy helps improve the hurdle rate, enhances reserve productivity, and sends a forward-looking message to investors.

1。 Tesla和Block等防禦性分配程序已將其一部分儲量分配給了比特幣，以作為反對菲亞特貶低的對沖。這是一種貨幣絕緣的形式 - 從侵蝕中保護現金，同時發出對通貨膨脹長期影響的意識。這些公司沒有改變其業務模式，但他們承認在當今的環境中持有現金意味著默默地流血購買力。該策略有助於提高障礙率，提高儲備生產率，並向投資者發送前瞻性信息。

2. Offensive Accumulation and SecuritizationStrategy (formerly MicroStrategy), Semler Scientific, and Metaplanet have adopted a more aggressive model. Rather than passively holding Bitcoin, they’ve turned their balance sheets into capital engines—securitizing their Bitcoin holdings through equity and debt issuance to fuel further accumulation. Their goal is to maximize BTC per share, enhance BTC yield, and create shareholder value through financial engineering that compounds exposure. These companies are rewriting the treasury playbook, showing that Bitcoin isn’t just a store of value—it can be a strategic accelerant.

2。進攻積累和證券化策略（以前為MicroStrategy），Semler Scientific和Metaplanet採用了更具侵略性的模型。他們沒有被動地持有比特幣，而是將資產負債表變成了資本發動機 - 通過公平和債務發行以促進進一步的積累來確定其比特幣持有。他們的目標是通過加劇敞口的金融工程來最大化BTC每股BTC，提高BTC收益率並創造股東價值。這些公司正在重寫《財政部》劇本，這表明比特幣不僅是價值的商店，而且可以是一種戰略加速。

Why Bitcoin—and Not Gold, Equities, or Cash?

為什麼比特幣 - 不和黃金，股票或現金？

Bitcoin isn’t just another asset. It’s engineered monetary policy.

比特幣不僅僅是另一種資產。它是工程的貨幣政策。

> Fixed supply: Bitcoin’s 21 million cap creates built-in scarcity, unlike fiat or equity dilution.

>固定供應：比特幣的2100萬個帽子會產生內置的稀缺性，這與菲亞特或股權稀釋不同。

> 24/7 liquidity.: Global, permissionless markets give companies access to real-time value.

> 24/7流動性：全球，無許可的市場使公司獲得實時價值。

> Verifiability and portability: It’s digital capital that can’t be seized, censored, or inflated.

>可驗證性和可移植性：是數字資本無法扣押，審查或膨脹。

> Asymmetric upside: Bitcoin has consistently outperformed every major asset class over multi-year cycles.

>不對稱上行：比特幣始終優於多年周期的每個主要資產類別。

More importantly, Bitcoin is narrative fuel. It communicates conviction, discipline, and macro-awareness—all of which modern investors are starving for.

更重要的是，比特幣是敘事燃料。它傳達了信念，紀律和宏觀意識 - 現代投資者都餓死了。

The Components of a Successful Bitcoin Treasury Strategy

成功的比特幣國庫策略的組成部分

A Bitcoin treasury strategy isn’t just about buying Bitcoin. It’s about embedding it into capital structure and governance. That requires rigor.

比特幣國庫策略不僅僅是購買比特幣。這是關於將其嵌入資本結構和治理中。這需要嚴格。

> Treasury governance: Establish internal guardrails on allocation, rebalancing, and reporting.

>國庫治理：建立有關分配，重新平衡和報告的內部護欄。

> Secure custody: Choose institutional-grade solutions, with redundancy, auditability, and oversight.

>安全監護權：選擇具有冗餘，可調性和監督的機構解決方案。

> Capital deployment strategy: Some companies use cash. Others leverage equity, debt, or ATM programs.

>資本部署策略：一些公司使用現金。其他人則利用股權，債務或ATM計劃。

> Market communication: The value of Bitcoin on your balance sheet rises with clarity, transparency, and frequency of investor communication.

>市場通信：比特幣在資產負債表上的價值以清晰，透明度和投資者溝通頻率上升。

Companies like Strategy (formerly MicroStrategy), Semler Scientific, and Metaplanet didn’t just buy Bitcoin. They built Bitcoin treasury frameworks—with real policies, investor alignment, and governance maturity.

像戰略（以前為MicroStrategy），Semler Scientific和Metaplanet這樣的公司不僅購買了比特幣。他們建立了比特幣國庫框架，並具有真正的政策，投資者的一致性和治理成熟度。

How Bitcoin Reframes the Shareholder Relationship

比特幣如何重塑股東關係

The Bitcoin treasury model isn’t just a liquidity play. It’s a credibility signal.

比特幣國庫模型不僅是流動性遊戲。這是一個信譽信號。

> Narrative magnet: Bitcoin attracts attention—not just from retail investors, but from global institutions searching for proxy exposure.

>敘事磁鐵：比特幣引起了人們的關注 - 不僅僅是散戶投資者，而是來自尋求代理風險的全球機構。

> Alignment lever: High-conviction shareholders reward companies that act decisively and transparently.

>對齊槓桿：高信股東獎勵果斷和透明行動的公司。

> Shareholder base upgrade: Bitcoin introduces long-term, ideologically aligned holders who are less reactive to short-term earnings noise.

>股東基礎升級：比特幣引入了長期，意識形態上一致的持有者，他們對短期收入噪聲的反應較小。

Bitcoin gives stale stories new energy. And in capital markets, momentum is everything.

比特幣提供了新的故事。在資本市場中，動力就是一切。

Execution: What It Takes to Make This Strategy Work

執行：使該策略起作用需要什麼

Bitcoin is not a set-it-and-forget-it strategy. It requires:

比特幣不是設置和驗證的策略。它需要：

> Executive conviction: Most successful strategies are driven by founders, activist chairs, or tightly aligned boards—not committees.

>執行定罪：大多數成功的策略都是由創始人，激進主義者或緊密一致的董事會驅動的，而不是委員會。

> Discipline over hype: Volatility is part of the game. But the strategy must be built to endure it.

>宣傳紀律：波動率是遊戲的一部分。但是必須制定策略以忍受它。

> Clarity and timing: The best entries are paired with proactive shareholder education and public clarity—not reactive announcements.

>清晰度和時機：最佳條目與積極主動的股東教育和公眾澄清配對，而不是反應性公告。

The most common failure mode? Buying Bitcoin high, with no treasury framework in place, then being forced to sell low when pressure mounts. That’s not a Bitcoin

最常見的故障模式？購買比特幣高，沒有國庫框架，然後被迫在壓力上銷售低點。那不是比特幣