持有比特幣的上市公司可能坐在強大的市場催化劑上

由Greg Cipolaro。更新於2021年4月14日上午1:13 PDT。

Public companies' bitcoin-holding may be able to unlock a powerful market catalyst: untapped issuance capacity that could meaningfully raise bitcoin's (BTC) price, according to new research from NYDIG.

NYDIG的新研究顯示，上市公司的比特幣持有量可能能夠解鎖強大的市場催化劑：未開發的發行能力，可以有意義地提高比特幣（BTC）的價格。

In a report this week, Greg Cipolaro, the firm's global head of research, notes the "dry powder" in the form of share issuance potential among bitcoin treasury companies. If these companies take advantage of their elevated equity valuations to raise new funds and buy more bitcoin, it could trigger a significant upward move in the market.

該公司全球研究負責人格雷格·奇普拉羅（Greg Cipolaro）在本週的一份報告中指出，比特幣國庫公司中股份發行潛力的“乾粉”。如果這些公司利用其提高的股票估值來籌集新的資金併購買更多比特幣，則可能會引發市場上的重大向上移動。

Applying a 10x "money multiplier"—a historical rule of thumb describing how capital inflows have typically influenced bitcoin's market cap—he projects a potential $42,000 per-coin price increase, or a roughly 44% jump from current levels.

應用10倍的“貨幣乘數”（描述資本流入通常如何影響比特幣的市值）的經驗歷史規則，他預測潛在的每人價格為42,000美元的價格上漲42,000美元，或從目前的水平上升約44％。

This market dynamic has gained new urgency following the launch of Twenty One, a bitcoin accumulation vehicle backed by Tether, Bitfinex and Cantor Fitzgerald. Unlike other firms that have folded bitcoin into broader business models, Twenty One exists to acquire and hold bitcoin, and has already been seeded with a substantial BTC position. Its SPAC partner, Cantor Equity Partners, has outperformed the S&P 500 by over 347% since the deal was announced.

在推出二十一輛後，這種市場動態已經獲得了新的緊迫性，這是由繫帶，Bitfinex和Cantor Fitzgerald支持的比特幣積累車。與其他將比特幣折疊成更廣泛的業務模型的公司不同，有21家可以獲取和持有比特幣，並且已經以BTC的大量位置被種植。自宣布該交易以來，其SPAC合作夥伴Cantor Equity Partners的表現已超過347％。

Across the sector, 69 public companies hold around $69.6 billion worth of bitcoin. Cipolaro's analysis suggests that their current stock premiums over net asset value could fund even more purchases—effectively creating a feedback loop, where equity issuance fuels BTC buying, which drives up the value of both the bitcoin and the issuer's shares.

在整個領域，有69家上市公司持有價值約696億美元的比特幣。 Cipolaro的分析表明，他們當前的股票保費超過淨資產價值，可以為更多的購買提供資金 - 有效地創建了反饋循環，在此股權發行燃料BTC購買中，這可以提高比特幣和發行人的股份的價值。

"The implication is clear," Cipolaro concludes. "This 'dry powder' in the form of issuance capacity could have a significant upward effect on bitcoin's price. Whether or not this new capital is used for further bitcoin buying remains to be seen, but the implication is clear."

“這意味著明顯，” Cipolaro總結道。 “這種以發行能力形式的'乾粉'可能會對比特幣的價格產生重大的上升影響。是否將這種新資本用於進一步的比特幣購買仍然有待觀察，但這意味著很明顯。”

If anything, the growing interest from institutions and the performance of bitcoin-forward stocks suggest that capital markets are shifting their approach to bitcoin exposure—through balance sheets rather than just ETF flows.

如果有的話，機構的興趣日益增長以及比特幣 - 股票的績效表明，通過資產負債表而不是ETF流量，資本市場正在轉移其對比特幣暴露的方法。