比特幣，國庫和估值：導航加密貨幣的變化沙子

比特幣國庫公司面臨估值。 MNAV出了；可持續的增長和強大的財務模型正在進行中。加密貨幣景觀正在發展！

The world of Bitcoin treasury companies is undergoing a seismic shift. The old metric, mNAV, is losing its grip, forcing a move toward more sustainable valuation models. Buckle up, because things are about to get interesting.

比特幣國庫公司的世界正在發生地震轉變。舊的指標MNAV正在失去抓地力，迫使人們朝著更可持續的估值模型邁進。係好，因為事情將變得有趣。

The mNAV Meltdown: Why It's No Longer Cutting It

MNAV崩潰：為什麼不再削減它

Remember mNAV, the Market Value of Net Assets? It was once the golden child of Bitcoin valuation. But by September 2025, it’s largely considered obsolete. This isn't just some academic debate; it's a matter of survival for Bitcoin treasury companies. The problem? mNAV is too closely tied to Bitcoin's volatile spot price. As one expert noted, relying solely on Bitcoin holdings for valuation is no longer sufficient.

還記得MNAV，淨資產的市場價值嗎？它曾經是比特幣估值的黃金孩子。但是到2025年9月，它在很大程度上被認為是過時的。這不僅僅是學術辯論。對於比特幣國庫公司來說，這是生存的問題。問題？ MNAV與比特幣的波動現貨價格緊密相關。正如一位專家所指出的那樣，僅依靠比特幣持有量進行估值就不再足夠了。

Think of it like this: imagine a ship tethered to a buoy in a storm. The buoy (Bitcoin's price) is all over the place, yanking the ship (the company) around. That's mNAV in a nutshell. And when that buoy dips too low, companies find themselves in a “death spiral,” struggling to raise capital and potentially facing liquidation.

這樣想：想像一艘船在暴風雨中綁在浮標上。浮標（比特幣的價格）到處都是，將船（公司）拉動。簡而言之，那是mnav。而且，當浮標降低時，公司發現自己處於“死亡螺旋”狀態，努力籌集資金並可能面臨清算。

The Rise of Sustainable Valuation: What Works Now?

可持續估值的興起：現在有效？

So, what's the alternative? The name of the game is now “Bitcoin per share growth” or “Bitcoin yield.” Companies that can consistently increase their Bitcoin exposure for shareholders, regardless of market swings, are the ones poised to thrive. A robust operating business, independent revenue streams, and disciplined capital structures are also key.

那麼，還有什麼選擇？遊戲的名稱現在是“每股比特幣增長”或“比特幣產量”。那些可以持續增加其比特幣敞口的公司，無論市場波動如何，都有準備壯成長的公司。強大的運營業務，獨立的收入來源和紀律嚴明的資本結構也是關鍵。

Strategy Inc. (formerly MicroStrategy), once the poster child for the mNAV approach, is feeling the pressure. They may need to emphasize their software business to justify their valuation. Companies need to demonstrate tangible value creation beyond just hoarding Bitcoin. It’s time to show some actual business acumen.

曾經是MNAV方法的海報兒童（以前是MicroStrategy）的戰略公司（以前是MicroStrategy）正在感覺到壓力。他們可能需要強調自己的軟件業務以證明其估值合理。公司需要展示有形的價值創造，而不僅僅是ho積比特幣。是時候展示一些實際的業務敏銳度了。

Beyond Bitcoin: A Broader Industry Reassessment

超越比特幣：更廣泛的行業重新評估

This isn't just about Bitcoin treasury companies; it's a symptom of a larger shift in the crypto market. The days of pure speculation are fading. Investors are demanding tangible utility, sustainable business models, and robust financial management. Regulators are also taking notice, scrutinizing the sector more closely.

這不僅僅是比特幣國庫公司；這是加密市場發生更大轉變的症狀。純粹猜測的日子正在消失。投資者要求有形的公用事業，可持續的商業模式和強大的財務管理。監管機構還注意到，更加仔細地審查了該部門。

The Future: Adaptation, Innovation, and Consolidation

未來：改編，創新和合併

The road ahead won't be easy. Companies clinging to the old ways will face increasing investor skepticism. Expect to see strategic pivots, with some companies divesting assets, restructuring debt, or even merging to survive.

前面的道路並不容易。堅持舊方式的公司將面臨越來越多的投資者懷疑。期望看到戰略樞紐，一些公司剝離資產，重組債務，甚至合併以生存。

In the long run, this “forced maturation” will lead to a more resilient and fundamentally sound Bitcoin treasury sector. Innovation in financial structures, strong leadership, and a strategic approach to capital allocation will be the keys to success.

從長遠來看，這種“強迫成熟”將導致更具彈性和從根本上聲音的比特幣財政部。金融結構，強大的領導能力以及對資本分配的戰略方法的創新將是成功的關鍵。

What Should Investors Watch For?

投資者應該注意什麼？

Pay attention to "Bitcoin yield" and the ability to consistently grow Bitcoin per diluted share. Scrutinize financial statements for comprehensive net asset value calculations that account for all liabilities. Assess management's strategic execution and their ability to innovate.

請注意“比特幣產量”以及每股稀釋份額始終如一地生長比特幣的能力。仔細檢查財務報表，以計入所有負債的全面淨資產價值計算。評估管理層的戰略執行及其創新能力。

Final Thoughts

最後的想法

The era of easy money in Bitcoin treasury companies is over. The market is demanding more than just Bitcoin holdings. It wants substance, strategy, and sustainable growth. So, keep an eye on those companies that are adapting, innovating, and building real businesses. And remember, in the ever-evolving world of crypto, only the most adaptable will survive... and maybe even thrive!

比特幣財政公司的Easy Money時代已經結束。市場的要求不僅僅是比特幣持有。它想要實質，戰略和可持續增長。因此，請密切關注那些正在適應，創新和建立真實業務的公司。請記住，在不斷發展的加密世界中，只有最適應性的人才能生存……甚至蓬勃發展！