二十一個資本的出現：戰略性比特幣集團

2025年4月，宣布了二十一首資本的建立，這是一家專注於對比特幣的收購和管理的新公司。

The founders of new company Twenty One Capital have announced the firm with a focus on acquiring and managing Bitcoin (BTC). The company is starting with a portfolio of over 42,000 Bitcoin, equivalent to approximately US$3.6 billion, making it the third-largest institutional Bitcoin holder in the world.

New Company Two One Capital的創始人宣布了該公司，重點是收購和管理比特幣（BTC）。該公司的投資組合超過42,000比特幣，相當於大約36億美元，使其成為世界上第三大機構比特幣持有人。

According to a report by Benzinga, SoftBank is investing around US$900 million and will hold a minority interest in the company, which is being founded by a partnership between SoftBank, Tether Holdings SA, and Cantor Fitzgerald.

根據Benzinga的一份報告，軟銀投資約為9億美元，並將在公司中擁有少數股權，該公司是由軟銀，Tether Holdings SA和Cantor Fitzgerald之間的合作夥伴關係建立的。

The company plans to finance further Bitcoin purchases through the issuance of convertible bonds and private equity placements. An initial target is to issue a convertible bond worth US$385 million and a private PE placement of US$200 million.

該公司計劃通過發行可轉換債券和私募股權安置來為比特幣購買進一步購買。最初的目標是發行價值3.85億美元的可轉換債券，並簽發2億美元的私人體育債券。

The company will be led by Jack Mallers, a well-known figure in the Bitcoin payment infrastructure space.

該公司將由傑克·馬拉爾（Jack Mallers）領導，傑克·馬拉斯（Jack Mallers）是比特幣支付基礎設施領域的著名人物。

Also, Japan has been rolling over its policy of extremely low interest rates for decades to stimulate economic growth. However, this low interest rate policy has led investors to prefer transferring capital to higher-yielding markets, especially in the US, in a phenomenon known as the yen carry trade.

同樣，日本在數十年來一直在推翻其極低利率的政策，以刺激經濟增長。但是，這種低利率政策使投資者寧願將資本轉移到更高的市場，尤其是在美國，以一種稱為日元攜帶貿易的現象。

Investors borrow yen at low interest rates and invest in assets with higher returns, leading to a massive outflow of capital from Japan.

投資者以低利率借用日元，並投資於具有較高回報的資產，從而導致資本流出大量。

One risk of this trade is that an appreciation of the yen makes it more expensive to repay the loans, thereby reducing investors’ profits or even causing losses.

這項交易的一種風險是，對日元的欣賞使償還貸款的昂貴，從而減少了投資者的利潤甚至造成損失。

An example of this was seen in July 2024, when the yen appreciated by 12% against the US dollar within a short period of time, causing considerable turmoil in the financial markets.

一個例子是在2024年7月舉行的一個例子，當時日元在短時間內對美元升值12％，在金融市場中造成了相當大的動盪。

This is in contrast to the low interest rates in Japan, where the Bank of Japan (BOJ) kept rates at nearly zero throughout the year 2024.

這與日本銀行（BOJ）在2024年將利率保持在近乎零的日本相反。

As the report highlights, SoftBank is a Japanese multinational conglomerate renowned for its vast investments in technology companies despite being a private company. It often acts in alignment with Japan’s strategic interests.

正如該報告所強調的那樣，軟銀是一家日本跨國公司，儘管是一家私人公司，但以其在技術公司的巨大投資而聞名。它通常與日本的戰略利益保持一致。

With access to cheap capital, SoftBank invests globally in technologies like autonomous driving, robotics, and artificial intelligence to ultimately strengthen Japan’s position in the global economy.

借助廉價資本，軟銀在自動駕駛，機器人技術和人工智能等技術上進行全球投資，以最終增強日本在全球經濟中的地位。

The company’s involvement in Twenty One Capital can be viewed as a continuation of this strategy, enabling Japan to integrate into the digital asset space and benefit from global trends in the cryptocurrency market.

該公司參與二十一首資本可以被視為這種策略的延續，使日本能夠融入數字資產空間，並從加密貨幣市場的全球趨勢中受益。

The US benefits from the role of the US dollar as the global reserve currency. Through the Swift payment system, it controls global payment flows and can effectively implement economic sanctions. This control enables the US to assert its economic and political interests worldwide.

美國受益於美元作為全球儲備貨幣的作用。通過Swift支付系統，它可以控制全球付款流動，並可以有效地實施經濟制裁。這種控制使美國能夠在全球範圍內主張其經濟和政治利益。

However, this dominance also raises concerns among other countries that want to reduce their dependence on the US dollar and the Swift system. The establishment of companies like Twenty One Capital can be seen as a step toward a more diversified global financial infrastructure that is less controlled by the US.

但是，這種主導地位也引起了其他國家，他們希望減少對美元和迅速制度的依賴。建立像二十一資本之類的公司可以看作是邁向更多元化的全球金融基礎設施的一步。

The report from DeepChain further mentions that Tether Holdings SA, the issuer of the stablecoin USDT, holds significant amounts of US government bonds to ensure the stability of its tokens.

Deepchain的報告進一步提到，Stablecoin USDT的發行人Tether Holdings SA持有大量的美國政府債券，以確保其代幣的穩定性。

In 2024, US government bonds in Tether’s portfolio amounted to approximately US$94 billion, making Tether the seventh largest holder of US government bonds worldwide.

2024年，Tether的投資組合中的美國政府債券約為940億美元，使Tether成為全球美國政府債券的第七大持有人。

According to the report, Tether provides USDT, a stablecoin pegged to the US dollar, which enables the trading of digital assets outside the traditional banking system. This is particularly attractive for countries seeking to reduce their dependence on the US dollar and the Swift system.

根據該報告，Tether提供了USDT，這是一種與美元掛鉤的Stablecoin，這使傳統銀行系統之外的數字資產交易。這對於尋求減少對美元和迅速系統的依賴的國家特別有吸引力。

The report concludes that Japan is also struggling with an economic dilemma as it keeps piling up massive amounts of debt to stimulate the economy.

該報告得出的結論是，日本還在努力陷入經濟困境，因為它不斷增加大量債務以刺激經濟。

In addition, Japan holds significant amounts of US government bonds – around $1.125 trillion in February 25. Selling these bonds could strain relations with the US and have economic consequences.

此外，日本擁有大量的美國政府債券 - 2月25日約有1.125萬億美元。出售這些債券可能會使與美國的關係構成損害並產生經濟後果。

In this context, investing in Bitcoin via Twenty One Capital offers Japan an opportunity to strengthen its economic sovereignty while benefiting from the advantages of digital assets.

在這種情況下，通過二十一個資本對比特幣進行投資為日本提供了加強其經濟主權的機會，同時從數字資產的優勢中受益。

Bitcoin is increasingly seen as the digital equivalent of gold – a limited, decentralized, and globally accepted store of value. For Japan, investing in Bitcoin offers the opportunity to hold assets outside the sphere of influence of traditional financial systems.

比特幣越來越被視為數字等效的黃金 - 有限，分散且全球可接受的價值存儲。對於日本而言，投資比特幣提供了機會，可以在傳統金融系統的影響力領域以外持有資產。

Through its partnership with Tether and SoftBank, Japan can invest in Bitcoin via Twenty One Capital without being directly dependent on the US dollar. This allows for diversification of national reserves and strengthens economic independence.

通過與Tether和Softbank的合作，日本可以通過二十一個資本對比特幣進行投資，而無需直接依賴美元。這允許多樣化國家儲備並加強經濟獨立性。

The initial investment of 42,000 Bitcoin by Twenty One Capital represents a significant market movement.

42,000比特幣的初始投資二十一個資本代表了一個重大的市場發展。

According to the report, this amount is equivalent to about a quarter of the Bitcoin reserves currently held by the US.

根據該報告，該金額相當於美國目前持有的比特幣儲量的四分之一。

Such an entry by a major player is likely to influence the price in the short term, but also reduce liquidity in the long term and further exacerbate the scarcity of Bitcoin.

主要參與者的這種條目可能會在短期內影響價格，但從長遠來看也可以減少流動性，並進一步加劇比特幣的稀缺性。

In addition, this investment signals to other institutional investors the growing interest in Bitcoin as a strategic asset, which could lead to

此外，這項投資向其他機構投資者發出了對比特幣作為戰略資產日益增長的興趣，這可能導致