從戰略比特幣的公司活動的第2天開始關鍵要點

戰略比特幣公司活動的第2天為比特幣（BTC）的機構敘事帶來了新的動力

Day 2 of Strategy’s Bitcoin for Corporations event brought fresh momentum to Bitcoin’s (BTC) institutional narrative, with new announcements from Strive Asset Management and Strategy aiming to expand adoption in boardrooms and balance sheets.

戰略比特幣公司活動的第2天為比特幣（BTC）的機構敘述帶來了新的動力，旨在擴大在董事會和資產負債表中採用的努力資產管理和戰略的新公告。

Strive Unveils BTC Treasury Company and Tax-Efficient Swap

努力揭露BTC財政公司和稅收提高掉期

Strive Asset Management revealed plans to launch a public Bitcoin treasury company, applying institutional finance tools to make BTC a viable asset class for corporations.

Strive Asset Management揭示了開設一家公共比特幣財政公司的計劃，應用機構財務工具使BTC成為公司的可行資產類別。

Drawing on his experience managing $70 billion at CalPERS, CEO and CIO Matt Cole highlighted Strive’s approach to unlocking long-term shareholder value while steadily accumulating Bitcoin.

利用他在CALPERS管理700億美元的經驗，首席執行官和CIO Matt Cole強調了Strive的方法可以解鎖長期股東價值，同時穩步積累比特幣。

One highlight was the tax-free BTC-for-equity swap, which would allow investors to exchange Bitcoin for shares without triggering capital gains tax.

一個亮點是免稅的BTC-For-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for股份交易。

Strive also plans to merge with undervalued, cash-rich public companies, using that capital to acquire BTC at a discount, turning a distressed equity situation into a BTC accumulation strategy.

Strive還計劃與被低估的，現金豐富的上市公司合併，利用該資本以折扣價購買BTC，將苦惱的權益狀況變成BTC的積累策略。

To expand exposure while managing risk, Strive will lean on hedged leverage, structured securities, and options, leveraging institutional-grade financial tactics.

為了在管理風險的同時擴大風險，努力將依靠對沖槓桿，結構性證券和期權，利用機構級的財務策略。

The company announced on stage that it is going public via a reverse merger with Asset Entities, granting it faster access to capital and a platform for broader Bitcoin education and brand visibility.

該公司在舞台上宣布，它將通過與資產實體進行反向合併，允許其更快地獲得資本，並獲得更廣泛的比特幣教育和品牌知名度的平台。

A pro-Bitcoin board featuring Jeff Walton, Ben Workman, and Roy from OIC has been assembled to support these efforts and drive fast, BTC-aligned decisions.

由傑夫·沃爾頓（Jeff Walton），本·沃爾頓（Ben Workman）和來自OIC的羅伊（Roy）組成的專業幣委員會已組裝，以支持這些努力，並迅速驅動BTC一致的決定。

With less than 1% of public companies holding Bitcoin, Strive is betting on that number rising quickly.

由於不到1％的上市公司持有比特幣，努力正在賭注迅速上升。

Strategy’s New Bitcoin Startup Hub in Virginia

策略在弗吉尼亞州的新比特幣啟動樞紐

Meanwhile, Strategy is doubling down on infrastructure with the launch of the Bitcoin Hub—a dedicated space for Bitcoin entrepreneurs, developers, and startups based at the company’s Tysons, Virginia headquarters.

同時，通過推出比特幣樞紐的策略正在加倍基礎設施，這是一個專門的空間，用於比特幣企業家，開發人員和基於該公司的泰森斯州弗吉尼亞州弗吉尼亞州總部的創業公司。

Ed Juline, Director of Bitcoin Advocacy at Strategy, unveiled the space during his Day 2 address.

比特幣倡導策略倡導主任埃德·朱琳（Ed Juline）在他的第2天講話中宣布了該空間。

The Hub features professional office space, event venues, and community resources. Current residents include a Bitcoin-focused PR agency, sustainable mining projects, and teams developing Bitcoin-backed stablecoins.

該樞紐具有專業的辦公空間，活動場所和社區資源。目前的居民包括一個以比特幣為重點的公關機構，可持續採礦項目以及開發比特幣支持的Stablecoins的團隊。

Strategy plans to house up to 30 residents by year-end, with applications reopening in late July.

策略計劃在年底時最多容納30名居民，並在7月下旬重新開放。

The initiative supports the broader Bitcoin community through monthly events like DC BitDevs, internal Bitcoin education for Strategy employees, and curated discussions with thought leaders.

該計劃通過每月一次的活動，例如Bitdevs，為戰略員工的內部比特幣教育以及與思想領導者進行討論，以支持更廣泛的比特幣社區。

New Financial Standard for Bitcoin

比特幣的新財務標準

In a closing presentation, Strategy CEO Phong Le argued for a major rethink of how companies measure success and make financial decisions when Bitcoin is part of the balance sheet.

戰略首席執行官Phong Le在結束演講中主張重新考慮公司如何衡量成功並在比特幣是資產負債表的一部分時做出財務決策。

“Just as individuals assess purchases like a house or a Lamborghini by comparing long-term value, companies should use similar models to evaluate their Bitcoin holdings and funding options,” Le said.

“正如個人通過比較長期價值來評估諸如房屋或蘭博基尼之類的購買一樣，公司也應使用類似的模型來評估其比特幣持有和資金選擇，” Le說。

He introduced alternative metrics like BTC dollar income, BTC value, and BTC torque—designed to replace outdated models when evaluating equity issuance, bond sales, or capital allocation.

他引入了替代指標，例如BTC美元收入，BTC價值和BTC扭矩，在評估股權發行，債券銷售或資本分配時，設計了替換過時的模型。

Le illustrated how a company issuing $100 million in equity at a 2x MNAV might generate $50 million in dilution—but also $50 million in BTC gain, showcasing the trade-off between fiat dilution and Bitcoin appreciation.

Le說明了一家以2倍MNAV發行1億美元的股權的公司可能會產生5000萬美元的稀釋度，但還可以享受5000萬美元的BTC收益，從而展示了FIAT稀釋和比特幣欣賞之間的權衡。

He also compared equity vs. bond issuance, pointing out that convertible bonds create less dilution—and even better, STRFs (perpetual preferred bonds) offer more BTC upside with minimal equity dilution.

他還比較了權益與債券發行，並指出可轉換債券會減少稀釋，甚至更好的是，STRF（永久優先債券）提供了更多的BTC上空，而股權稀釋最少。

On the debt side, Le proposed integrating BTC into credit rating models, noting that companies should consider the risk of becoming undercollateralized over time due to BTC volatility and price movement.

在債務方面，LE提議將BTC整合到信用評級模型中，並指出公司應考慮由於BTC波動性和價格轉移而隨著時間的推移而變得不足的風險。

“Traditional bond analysis misses the point when Bitcoin’s involved. We need models that reflect the asset’s long-term nature,” he said.

他說：“傳統的債券分析錯過了比特幣涉及的觀點。我們需要反映資產長期性質的模型。”