加密，比特幣和公司ho積：一種可持續的戰略？

企業比特幣是在鍋中還是金融的未來？我們深入研究這種趨勢的可持續性，所涉及的風險以及潛在的替代方案。

Crypto, Bitcoin, and Corporate Hoarding: A Sustainable Strategy?

加密，比特幣和公司ho積：一種可持續的戰略？

Corporate hoarding of Bitcoin is all the rage, but is it a sustainable strategy? With more companies adding Bitcoin to their treasuries, concerns are rising about the long-term viability of this trend. Let's unpack the key issues.

比特幣的企業ho積是風暴，但這是一種可持續的戰略嗎？隨著越來越多的公司在國庫中增加了比特幣，人們對這種趨勢的長期生存能力引起了人們的關注。讓我們解開關鍵問題。

The Rise of Bitcoin Treasuries

比特幣國庫的興起

The first half of 2025 saw a surge of corporate entities embracing Bitcoin as a treasury asset. According to recent data, 51 corporate entities have added Bitcoin to their treasuries. Additionally, 21 publicly traded companies have announced their adoption of Bitcoin as a treasury asset. This increased interest is viewed positively by the crypto community, but some experts warn that this growth might not be sustainable. Is everyone jumping on the bandwagon a little too late?

2025年上半年，有一個將比特幣作為國庫資產的公司實體激增。根據最近的數據，有51個公司實體在其國庫中增加了比特幣。此外，有21家公開交易的公司宣布採用比特幣作為國庫資產。加密貨幣社區積極看待這種興趣，但一些專家警告說，這種增長可能是不可持續的。每個人都在為時已晚嗎？

Unsustainable Practices? Expert Opinions

不可持續的做法？專家意見

James Check, a Glassnode analyst, raised concerns about companies adopting Bitcoin too quickly. He suggests that many are using BTC as a financial engineering strategy rather than a hedge against inflation. Check points out, "Nobody wants the 50th treasury company." His worry is that startups are entering the Bitcoin treasury space primarily for short-term gains.

GlassNode分析師James Check提出了對公司採用比特幣過快的擔憂。他建議許多人將BTC用作金融工程策略，而不是反對通貨膨脹的對沖。檢查指出：“沒有人想要第50財政部公司。”他擔心的是，初創公司主要是為了短期增長而進入比特幣國庫空間。

Matthew Sigel of VanEck echoed these concerns, noting that Bitcoin treasury companies often raise capital through large at-the-market programs to buy BTC, which he describes as capital erosion rather than formation. Emil Sandstedt of Bitcoin Magazine goes further, suggesting that some of these companies are operating like Ponzi schemes.

Vaneck的Matthew Sigel呼應了這些擔憂，並指出比特幣財政部經常通過大型在市場上購買BTC的計劃籌集資金，他將其描述為資本侵蝕而不是形成。比特幣雜誌的埃米爾·桑德斯特（Emil Sandstedt）進一步發展，表明其中一些公司像龐氏騙局一樣運作。

Key Reasons for Concern

關注的關鍵原因

Experts highlight several reasons why the current Bitcoin treasury model may be unsustainable:

專家強調了當前比特幣國庫模型可能不可持續的幾個原因：

• Lack of Revenue Generating Models: Many new Bitcoin treasury firms lack a core business outside of holding BTC. Their reliance on speculative BTC growth makes them vulnerable to market downturns.
• Overconcentration of Risk: Allocating the majority of treasury assets to Bitcoin exposes companies to extreme volatility.
• Regulations and Liquidity Risks: Increasing crypto regulations could lead to liquidity freezes, reporting burdens, and forced divestments.

The MicroStrategy Playbook

Microstrategy劇本

Many companies are attempting to replicate MicroStrategy's success, but without the same level of conviction or capital reserves. This focus on hype could ultimately lead to their downfall, potentially impacting the broader BTC market cap.

許多公司試圖複製Microstrategy的成功，但沒有相同的信念或資本儲備。對炒作的關注最終可能導致它們的倒台，並可能影響更廣泛的BTC市值。

Alternatives to Bitcoin Treasuries

比特幣國庫的替代品

Given the risks associated with Bitcoin treasuries, investors might consider alternative strategies to navigate the market:

鑑於與比特幣國庫相關的風險，投資者可能會考慮替代市場的替代策略：

• Token6900: A speculative meme coin with a fixed cap, designed for short-term gains and community engagement.
• Snorter: An automated trading system for Solana-based meme coins, offering fast swaps and robust protection.
• SUBBD: A utility-centric project powering a content creation platform, providing a long-term hedge with diverse revenue streams.

US BTC-Spot ETF Inflows Offer Support Amid Trade Uncertainty

在貿易不確定性的情況下，美國BTC點ETF流入提供支持

Despite trade uncertainties, US BTC-spot ETF flow trends remain pivotal. Last week, ETF issuers reported net inflows of $769.5 million despite outflows of $342.2 million on July 1. An upbeat US Jobs Report eased fears of a US recession, boosting demand for BTC-spot ETFs. Net inflows of $601.8 million on July 3 sent BTC to a session high of $110,583.

儘管貿易不確定性，但美國BTC-SPOT ETF流動趨勢仍然保持關鍵。上週，ETF發行人報告說，儘管7月1日流出了3.422億美元，但淨流入淨額為7.695億美元。一份樂觀的美國就業報告緩解了對美國衰退的擔憂，從而增加了對BTC SPOT ETF的需求。 7月3日，淨流入為6.68億美元，將BTC送到了110,583美元的會議高點。

The Bottom Line

底線

The rise of Bitcoin treasury companies is causing some to pump the brakes. As fears mount about a potential bubble burst, exploring alternative crypto investments might be a prudent move. While most focus on short-term, meme-driven gains, the strong communities forming around these projects could sustain momentum in the long run. Just remember, always do your own research and never invest more than you can afford to lose. After all, in the wild world of crypto, it's always good to have a little fun, right?

比特幣國庫公司的興起正在導致一些剎車。由於擔心潛在的泡沫破裂，探索其他加密投資可能是一個審慎的舉動。儘管大多數人專注於短期，模因驅動的收益，但從長遠來看，圍繞這些項目形成的強大社區可以維持動力。請記住，始終做自己的研究，從不投資超出您負擔得起的損失。畢竟，在加密世界的野生世界中，玩得開心總是很好，對嗎？