越來越多的上市公司宣布將比特幣（BTC）添加到其公司國庫中的計劃

購買狂歡是由策略（以前是MicroStrategy）普及的，其侵略性比特幣積累藍圖激發了一波模仿者。

A growing number of publicly listed companies are announcing plans to add Bitcoin (BTC) to their corporate treasuries, a trend that has begun to raise eyebrows.

越來越多的上市公司宣布計劃將比特幣（BTC）添加到其公司國庫中，這一趨勢已經開始引起人們的注意。

At least 22 entities included Bitcoin as a reserve asset in a 30-day period to June 11, according to BitcoinTreasuries.net.

據BitCoinReasuries.net稱，至少有22個實體將比特幣作為儲備資產。

The buying spree was popularized by Strategy (formerly MicroStrategy), whose aggressive Bitcoin accumulation blueprint has inspired a wave of imitators. While some companies are praised for their strategic vision, critics say others are entering the space with weak financials and are using Bitcoin as a lifeline rather than out of long-term belief.

購買狂歡是由策略（以前是MicroStrategy）普及的，其侵略性比特幣積累藍圖激發了一波模仿者。批評者說，儘管一些公司因其戰略願景而受到讚揚，但其他公司則以薄弱的財務進入該空間，並將比特幣用作生命線，而不是長期信念。

“What worries me are the copycats,” said Fakhul Miah, managing director at GoMining Institutional.

“令我擔心的是模仿者，” Gomining Institutional的董事總經理Fakhul Miah說。

Standard Chartered Bank warned in a June 3 research report that half of corporate treasuries risk going underwater if BTC falls below $90,000, while a 22% drop below average purchase prices could force selloffs and liquidations.

標準特許銀行在6月3日的一份研究報告中警告說，如果BTC低於90,000美元，則一半的公司國庫可能會在水下冒險，而低於平均水平的價格低於平均水平的價格可能會迫使拋售和清算。

Possible reversal on Bitcoin buying pressure

可能逆轉比特幣購買壓力

Strategy CEO Michael Saylor started accumulating Bitcoin in August 2020 and has used a range of fundraising methods to finance purchases, including stock offerings, convertible debt and secured loans. The company is the world’s largest corporate Bitcoin holder with 582,000 BTC in its wallets, as of June 11.

戰略首席執行官邁克爾·塞勒（Michael Saylor）於2020年8月開始積累比特幣，並使用了一系列籌款方法來為購買提供資金，包括股票產品，可轉換債務和有抵押貸款。截至6月11日，該公司是全球最大的公司比特幣持有人，其錢包中有582,000 BTC。

“At the time, [spot Bitcoin ETFs] didn’t exist. If you were a corporation without the infrastructure to self-custody Bitcoin, MicroStrategy gave you a shortcut. You could just buy their stock and get indirect Bitcoin exposure,” said Miah.

“當時，[現場比特幣ETF]不存在。如果您是一家沒有自我客戶比特幣基礎設施的公司，MicroStrategy為您提供了捷徑。您可以只購買他們的股票並獲得間接的比特幣曝光，” Miah說。

Bitcoin exchange-traded funds (ETFs) were approved in the U.S. in January 2024, debuting with over $4.5 billion in trading volume. Among the issuers is BlackRock, the world’s largest asset manager. Its iShares Bitcoin Trust recently became the fastest ETF in history to pass $70 billion in assets under management.

比特幣交易所貿易資金（ETF）於2024年1月在美國批准，以超過45億美元的交易量首次亮相。發行人中有世界最大的資產經理貝萊德。它的iShares比特幣信託最近成為歷史上最快的ETF，該公司通過管理的資產為700億美元。

In Q2 2025, a new phase of institutional adoption began. Rather than gaining indirect exposure through Strategy or ETFs, some companies are now positioning themselves as the proxy by adding Bitcoin to their corporate treasuries.

在2025年第2季度，開始了一個新的機構採用階段。一些公司現在沒有通過策略或ETF獲得間接的曝光率，而是通過向公司國庫中添加比特幣來將自己定位為代理人。

Corporate Bitcoin treasuries are fueling demand but introduce systemic risks. A sharp price drop could trigger cascading liquidations, while regulatory and market maturation may erode the premium for Bitcoin proxy stocks, said Geoff Kendrick, head of digital assets at Standard Chartered Bank, in a June 3 note to investors.

企業比特幣國庫正在加劇需求，但會引入系統性風險。 6月3日在6月3日對投資者的票據中，標準特許銀行的數字資產負責人傑夫·肯德里克（Geoff Kendrick）表示，價格下跌可能會觸發級聯清算，而監管和市場成熟可能會侵蝕比特幣代理股票的保費。

Most of these Bitcoin treasuries are trading at net asset value (NAV) multiples greater than one, meaning their market capitalization exceeds the value of the Bitcoin they hold. The British bank’s analyst said this discrepancy exists because regulatory constraints in some jurisdictions prevent direct crypto investments or ETFs, making Bitcoin-holding companies a workaround for institutional investors.

這些比特幣國庫中的大多數都以大於1的淨資產價值（NAV）倍數進行交易，這意味著它們的市值超過了其持有的比特幣的價值。英國銀行的分析師表示，這種差異之所以存在，是因為某些司法管轄區的監管限制阻止了直接的加密投資或ETF，從而使比特幣持有的公司成為機構投資者的解決方法。

Kendrick warned that this dynamic may not last. As the global regulatory landscape evolves and Bitcoin ETFs become more widely available, demand for proxy exposure will likely diminish. When that happens, companies trading at inflated NAV multiples could see their valuations pressured downward, especially if their core business doesn’ node support such premiums.

肯德里克警告說，這種動態可能不會持續。隨著全球監管景觀的發展，比特幣ETF變得越來越廣泛，對代理風險的需求可能會減少。發生這種情況時，在膨脹的NAV倍數上交易的公司可能會看到其估值向下壓力，尤其是如果他們的核心業務不支持此類溢價。

Bitcoin treasury companies are not Strategy

比特幣國庫公司不是戰略

Strategy still holds 71% of Bitcoin in public treasuries, a position built over years through a mix of equity and debt. Many recent entrants have taken on aggressive leverage to buy in at much higher price levels.

戰略仍然佔據了公共國庫中比特幣的71％，這是通過股權和債務組合來建立的幾年中的職位。許多最近的參賽者採取了積極的槓桿作用，以更高的價格購買。

This concentration of holdings, combined with debt-funded positions, means any sharp move lower in BTC could trigger forced liquidations.

這種持有的集中度，結合債務資助的頭寸，意味著BTC中的任何急劇移動都可能觸發強制清算。

Not all Bitcoin treasury entrants are as battle-tested as Strategy. Unlike these newer players, Strategy outlasted the 2022 crypto crash, when Bitcoin dropped more than 50% — to $15,500 from around $31,000 — without being forced to sell.

並非所有比特幣國庫參賽者都像戰略一樣進行戰鬥測試。與這些較新的玩家不同，策略超過了2022年的加密貨幣，當時比特幣從31,000美元左右下降了50％以上（至15,500美元），而不會被迫出售。

At the time, Strategy’s average Bitcoin purchase price was around $31,000, and it endured significant unrealized losses.

當時，策略的平均比特幣購買價格約為31,000美元，並且遭受了重大未實現的損失。

The ability for the new generation of Bitcoin treasury companies to withstand a similar correction remains to be seen, and more alternatives are opening up.

新一代比特幣國庫公司承受類似更正的能力還有待觀察，更多的替代方案正在開放。

Miah said that institutional interest in Bitcoin is no longer limited to ETFs and indirect exposures, as mining is becoming more attractive.

Miah說，隨著採礦變得越來越有吸引力，對比特幣的機構興趣不再限於ETF和間接暴露。

“Mining produces virgin Bitcoin — coins with no transaction history. That’s extremely valuable to institutions and sovereign entities because it’s clean, traceable and regulator-friendly. No worries about tainted coins linked to illicit activity,” he said.

他說：“採礦業生產原始的比特幣 - 沒有交易歷史記錄的硬幣。這對於機構和主權實體非常有價值，因為它乾淨，可追溯和調節器友好。不用擔心與非法活動有關的污染硬幣。”

For some institutions, mining can offer a reliable alternative to adding Bitcoin to their balance sheets. However, Bitcoin mining is notoriously competitive, and its rewards — paid in Bitcoin — are halved every four years through a process called halving.

對於某些機構，採礦可以為在資產負債表中添加比特幣的可靠替代方案。但是，眾所周知，比特幣採礦具有競爭力，其獎勵（用比特幣支付）每四年通過稱為“減半”一半。

The last halving took place in 2024, and the next is expected in 2028, when the block reward will drop to 1.625 BTC every 10 minutes.

最後一個減半發生在2024年，預計將在2028年進行，當時票據獎勵每10分鐘降至每10分鐘1.625 BTC。

Bitcoin’s mission

比特幣的任務