以太坊，公司國庫和Vitalik Buterin：ETH的新時代？

維塔利克·布特林（Vitalik Buterin）在以太坊國庫中進行了權衡。他認為潛力，但警告槓桿風險。 ETH國庫是未來還是滴答tick炸的次數？

Ethereum, Corporate Treasuries, and Vitalik Buterin: A New Era for ETH?

以太坊，公司國庫和Vitalik Buterin：ETH的新時代？

Ethereum treasuries are making waves, and Vitalik Buterin's taking notice. He sees the potential, but also the pitfalls. Let's dive in.

以太坊的國庫在引起海浪，維塔利克·布特林（Vitalik Buterin）注意到。他看到了潛力，但也看到了陷阱。讓我們潛水。

Buterin's Take on ETH Treasuries

Buterin對Eth國庫的看法

Vitalik Buterin recently gave his nod to Ethereum treasury firms, acknowledging their role in expanding ETH's reach. In an interview on August 7, 2025, he highlighted how these firms offer diverse investment options, benefiting companies with varied capital structures. More options equals more good, according to VB.

維塔利克·布特林（Vitalik Buterin）最近向以太坊國庫公司致敬，承認他們在擴大ETH的影響力中的作用。在2025年8月7日的一次採訪中，他強調了這些公司如何提供各種投資選擇，從而使資本結構多樣化的公司受益。根據VB的說法，更多的選項等於更多。

The Rise of ETH Treasury Firms

ETH財政公司的興起

Ethereum treasury firms are holding serious amounts of ETH. Giants like BitMine Immersion Technologies and SharpLink Gaming collectively manage billions. The top five ETH treasury firms hold nearly $11.77 billion in ETH. That's a lot of digital cheese.

以太坊財政部公司正在持有大量的ETH。 Bitmine Immersion Technologies和Sharplink遊戲等巨人集體管理數十億美元。 ETH前五家ETH股份公司的ETH持有近117.7億美元。那是很多數字奶酪。

A Word of Caution: Leverage

注意：槓桿

Buterin isn't all sunshine and roses. He's waving a red flag about excessive leverage. He imagines a scenario where a price dip triggers a liquidation cascade, hurting ETH's rep. He doesn’t want ETH to go the way of Terra.

Buterin不是全部陽光和玫瑰。他揮舞著關於槓桿過多的危險信號。他想像一個場景，價格下跌會觸發清算級聯，傷害了ETH的代表。他不想讓Eth走Terra。

Lessons from Terra?

來自Terra的教訓？

Buterin believes Ethereum investors are more disciplined than those who backed projects like Terra. He thinks the Ethereum community is less prone to speculative excess. Basically, he's saying ETH folks are smarter. Ouch.

Buterin認為，以太坊投資者比支持Terra這樣的項目的投資者更具紀律性。他認為以太坊社區不太容易投機。基本上，他說Eth的人更聰明。哎喲。

ETH's Price Surge

ETH的價格上漲

The rise of ETH treasury firms has coincided with a price rebound. After hitting a low of $1,470 in April 2025, Ethereum has jumped over 163% to $3,870. Some analysts are even whispering about a new "DeFi Summer." Sounds like a party.

ETH財政部公司的興起與價格反彈相吻合。在2025年4月的低點達到1,470美元之後，以太坊躍升了163％以上，至3,870美元。一些分析師甚至對新的“ defi Summer”竊竊私語。聽起來像聚會。

Corporate Bitcoin Hoarders

公司比特幣ho積者

While we're talking treasuries, let's not forget Bitcoin. Corporate entities are stocking up on BTC, with the top five holding 771,551 BTC. MicroStrategy (now Strategy) leads the pack, holding nearly 81.4% of that total. Michael Saylor aims for 7% of Bitcoin's total supply. Talk about commitment.

當我們在談論國庫時，我們不要忘記比特幣。公司實體正在庫存BTC，前五名擁有771,551 BTC。 MicroStrategy（現在的策略）領導了該包，佔該總數的近81.4％。邁克爾·塞勒（Michael Saylor）目標是比特幣總供應量的7％。談論承諾。

Different Strategies

不同的策略

Companies are using different strategies to build their crypto stashes. Mining companies like MARA Holdings and Riot Platforms generate Bitcoin organically. Others, like Bitcoin Standard Treasury (BSTR), are more aggressive buyers. It's like a crypto treasure hunt with different maps.

公司正在使用不同的策略來建立其加密儲物庫。 Mara Holdings和Riot Platform等採礦公司有機地產生比特幣。其他人，例如比特幣標準財政部（BSTR），是更具侵略性的買家。這就像一個帶有不同地圖的加密尋寶。

Market Dynamics

市場動態

Corporate treasuries now hold over 791,662 BTC, valued at around $93 billion, representing nearly 4% of the circulating supply. This suggests Bitcoin is becoming a legitimate asset class in corporate finance. The big boys are taking notice.

現在，公司國債持有超過791,662 BTC，價值約為930億美元，佔循環供應量的近4％。這表明比特幣正在成為公司財務中的合法資產類別。大男孩正在註意。

Final Thoughts

最後的想法

Ethereum treasuries are a double-edged sword: potential growth versus leverage risk. Vitalik Buterin's cautious optimism highlights the need for responsible management. Will ETH treasuries lead to a DeFi renaissance, or a cautionary tale? Only time will tell. Either way, it's going to be a wild ride, so buckle up!

以太坊國庫是一把雙刃劍：潛在的增長與槓桿風險。 Vitalik Buterin的謹慎樂觀情緒強調了對負責任的管理的必要性。 ETH國庫會導致文藝復興時期或警示性的故事嗎？只有時間會證明。無論哪種方式，這都是瘋狂的旅程，所以搭扣！