Coinbase，比特幣和國庫問題：一個新時代？

Coinbase在股票和機構利益的上升中探討了“長比特幣”戰略。這是公司比特幣國庫趨勢的曙光嗎？

Yo, crypto fam! Ever wonder what happens when Wall Street meets Bitcoin? Buckle up, because the intersection of Coinbase, Bitcoin, and corporate treasuries is getting wilder than a Times Square street performer.

喲，加密貨幣。有沒有想過當華爾街遇到比特幣時會發生什麼？扣緊，因為Coinbase，Bitcoin和Corporate Teareasuries的交集比時代廣場街的表演者變得越來越荒野。

Coinbase's Bitcoin Buildup: A Treasury in the Making?

Coinbase的比特幣建築：製造中的財政部？

Coinbase CEO Brian Armstrong dropped a bomb (a small one) on June 27th, revealing the exchange is steadily stacking sats weekly. Word on the street is this could be the start of a full-blown Bitcoin treasury strategy, echoing moves by firms like MicroStrategy. While Armstrong’s playing coy about the exact intentions, the timing has everyone’s Spidey senses tingling.

Coinbase首席執行官Brian Armstrong於6月27日放下了一枚炸彈（一隻小炸彈），透露該交流每週都在穩步堆疊。街上的消息是，這可能是一個成熟的比特幣國庫策略的開始，這與MicroStrategy這樣的公司呼應了動作。當阿姆斯特朗（Armstrong）對確切意圖的傻笑時，時機使每個人的腳步都感受到刺痛感。

It's a 180 from Coinbase's previous stance, where they deemed a major Bitcoin allocation too risky. But hey, times change, and so do balance sheets.

這是Coinbase以前的立場的180，他們認為主要的比特幣分配太冒險了。但是，嘿，時代改變了，平衡表也可以。

COIN to the Moon: A New ATH

月球硬幣：新的Ath

Adding fuel to the fire, COIN stock just hit a new all-time high, reaching levels not seen since November 2021. After-hours trading even pushed it higher. This surge aligns with the broader pro-crypto vibes in the U.S., where investors are hungry for digital assets and crypto-related equities.

為了增加燃料，硬幣股票剛剛達到了新的歷史最高水平，達到了自2021年11月以來就沒有看到的水平。下班後交易甚至將其提高了。這次激增與美國更廣泛的親克賴普托共鳴相吻合，在美國，投資者渴望與數字資產和與加密相關的股票。

Bitcoin Moving to Big Money

比特幣轉移到大錢

On-chain data suggests Bitcoin “weak hands” are selling their holdings to larger investors. Retail investors are reducing holdings, while wallets with 1,000 BTC or more are expanding exposure. Institutions are absorbing about seven times more BTC than retail investors are selling, raising the possibility of a true “supply squeeze” amid strong buying pressure.

鏈上的數據表明，比特幣“弱者”將其持股量出售給更大的投資者。散戶投資者正在減少持股，而1,000 BTC或更多的錢包正在擴大曝光率。機構吸收的BTC比散戶投資者的銷售高約七倍，這在強烈的購買壓力下增加了真正的“供應擠壓”的可能性。

The S&P 500 Effect: Legitimacy Boost

標準普爾500指數效果：合法性提升

Coinbase's inclusion in the S&P 500 back in May 2025 was a game-changer. Index funds now have to buy and hold COIN, creating a more stable ownership structure. It's like the ultimate stamp of approval, bringing in mainstream investors who previously steered clear of crypto's wild ride.

2025年5月，Coinbase將其納入標準普爾500指數是一個改變遊戲規則的人。指數基金現在必須購買和持有硬幣，從而創造出更穩定的所有權結構。這就像終極認可郵票一樣，引入了主流投資者，他們以前避開了加密貨幣的狂野騎行。

Stablecoin Shenanigans: A Revenue Goldmine

Stablecoin Shenanigans：收入Goldmine

Coinbase's cozy relationship with Circle (the USDC stablecoin folks) is another key piece of the puzzle. They rake in a hefty chunk of change from USDC reserve interest, creating a sweet recurring revenue stream. USDC’s transparency and regulatory compliance give it an edge in the increasingly scrutinized stablecoin market.

Coinbase與Circle（USDC Stablecoin的人們）的舒適關係是難題的另一個關鍵部分。他們從USDC儲備金的興趣中奪走了大量的變化，創造了一個甜蜜的經常性收入來源。 USDC的透明度和法規合規性使其在日益嚴格的Stablecoin市場中具有優勢。

Is It All Sunshine and Rainbows?

都是陽光和彩虹嗎？

Not so fast. Coinbase's high market cap comes with high expectations. Some analysts are warning that more companies embracing Bitcoin treasury strategies could create structural imbalances and increase volatility. Coinbase's Head of Research, David Duong, even warned that if these large corporate holders are forced to sell under market pressure, it could trigger ripple effects.

不那麼快。 Coinbase的高市值具有很高的期望。一些分析師警告說，越來越多的公司採用比特幣國庫策略會造成結構性失衡並增加波動。 Coinbase的研究主管David Duong甚至警告說，如果這些大型公司持有人被迫在市場壓力下出售，它可能會觸發連鎖反應。

Bitcoin Treasury Corp: Enter the Scene

比特幣國庫公司：進入現場

Adding another layer to the story, Bitcoin Treasury Corp. recently completed a brokered share offering and aims to provide institutional-grade services tied to the digital asset economy.

比特幣國庫公司（Bitcoin Corper.

Final Thoughts: Are We There Yet?

最終想法：我們在那裡嗎？

So, is Coinbase officially building a Bitcoin treasury? Is this the start of a broader corporate trend? The tea leaves are certainly pointing that way. But as always, in the world of crypto, anything can happen. One thing's for sure: it's gonna be one heck of a show to watch.

那麼，Coinbase是否正式建立比特幣國庫？這是更廣泛的公司趨勢的開始嗎？茶葉當然是這樣指出的。但是，與往常一樣，在加密世界中，任何事情都可能發生。可以肯定的是：這將是一個值得一看的表演。

Until next time, keep your eyes on the charts and your wits about you. And remember, even in the midst of financial revolution, a little humor never hurts. Peace out!

直到下一次，請關注圖表和智慧。還要記住，即使在金融革命中，有些幽默也永遠不會受到傷害。和平！