Metaplanet的比特幣溢價達到每枚硬幣近60萬美元

根據10倍研究的一份報告，Metaplanet的股東在投資日本公司時要支付的比特幣（BTC）溢價超過五倍。

Japanese investment firm Metaplanet’s Bitcoin premium has reached almost $600,000 per coin, as Asia’s leading Bitcoin treasury firm pushes forward with its plan to purchase 21,000 BTC by 2026.

日本投資公司Metaplanet的比特幣溢價已達到每枚硬幣近60萬美元，因為亞洲領先的比特幣財政部公司推動了其計劃到2026年購買21,000 BTC的計劃。

Metaplanet’s stockholders are paying more than a fivefold premium on Bitcoin (BTC) when investing in the Japanese company, according to a report by 10x Research published on May 27.

根據5月27日發表的10倍研究的報告，Metaplanet的股東在投資日本公司時要支付的比特幣（BTC）溢價超過五倍。

“A little-known Japanese stock trades as if Bitcoin were being sold for $596,154, more than five times its actual price,” the report states.

報告指出：“鮮為人知的日本股票交易，好像比特幣以596,154美元的價格出售，是實際價格的五倍以上。”

Investors who don’t understand the importance of a firm’s net asset value (NAV) may be “dramatically overpaying for their Bitcoin exposure” on a position that doesn’t provide additional upside leverage, the report adds.

該報告補充說，那些不了解公司淨資產價值（NAV）重要性的投資者可能“對其比特幣的曝光率大大付費”，而該職位無法提供額外的上行槓桿作用。

The NAV represents the per-unit price of a fund, calculated by dividing the fund’s total assets minus its liabilities by the number of outstanding shares.

NAV代表基金的每單位價格，通過將基金的總資產除以其負債除於流通股數量來計算的。

Related: $1M Bitcoin by 2030: Big names predict massive debt-driven BTC rally

相關：到2030年到2030年的100萬美元比特幣：知名人士預測大規模債務驅動的BTC Rally

Despite the significant premium, Bitcoin treasury firms like Metaplanet and Strategy are important for Bitcoin’s mass adoption, as entities that are front-running “global hyperbitcoinization,” a potential $200 trillion market opportunity, according to Adam Back, co-founder and CEO of Blockstream (NASDAQ:BLOCK) and the inventor of Hashcash.

儘管有很高的溢價，但比特幣金庫公司（例如Metaplanet和策略）對於比特幣的大規模採用至關重要，因為BlockStream（Nasdaq：Block）的聯合創始人兼首席執行官Adam Back表示，是領先的“全球超額競標”的實體，這是一個潛在的200萬億美元市場機會。

Metaplanet is Asia’s largest and the world’s 10th-largest corporate Bitcoin holder, with over 7,800 BTC worth $855 million, representing 0.037% of the total supply, Bitbo data shows.

Bitbo數據顯示，Metaplanet是亞洲最大，也是全球第十大公司比特幣持有人，擁有7,800 BTC的價值超過8.55億美元，佔總供應量的0.037％。

The report comes nearly two weeks after Metaplanet purchased 1,004 BTC for $104.6 million on May 19, marking its second-largest investment to date.

該報告是在Metaplanet於5月19日以1.06億美元購買了1,004 BTC的近兩個星期，標誌著其迄今為止的第二大投資。

Despite the fivefold premium, proxy stocks are becoming more attractive to retail investors, as Bitcoin’s high price tag is discouraging direct retail participation, according to 10x Research CEO and head of research, Markus Thielen.

儘管10倍研究首席執行官兼研究主管Markus Thielen表示，儘管比特幣的高價標籤不鼓勵直接零售參與，但代理股票越來越有吸引力，因此代理股票變得越來越有吸引力。

“Retail is only like 7% of the Bitcoin market, and that peaked toward December 2023,” Thielen told Cointelegraph, adding that retail investors “tuned out” from Bitcoin when it first crossed the $45,000 mark, which is the average cost of a new car in the US.

Thielen告訴Cointelegraph：“零售業僅佔比特幣市場的7％，而在2023年12月達到了頂峰。”他補充說，當零售投資者首次超過了45,000美元的大關時，散戶投資者從比特幣中“調整過”，這是美國新車的平均成本。

Related: Bitcoin’s new highs may have been driven by Japan bond market crisis

相關：比特幣的新高點可能是由日本債券市場危機驅動的

Investors are paying a Bitcoin premium due to a lack of education

由於缺乏教育，投資者正在支付比特幣保費

Other Bitcoin treasury firms are also trading at significant markups compared with spot Bitcoin prices.

與現貨比特幣價格相比，其他比特幣國庫公司也以顯著標記的價格進行交易。

Michael Saylor’s Strategy is currently being valued at an implied Bitcoin price of $174,100, a premium which “isn’t extreme but still significant,” the report notes, adding:While existing shareholders “cheer this on,” this may dilute the NAV per share over time, which is a cost “borne entirely by the new shareholders,” the report states.

報告指出，邁克爾·賽勒（Michael Saylor）的策略目前正在以隱含的比特幣價格為174,100美元，這是“不極端但仍然很重要”的溢價，並補充說：雖然現有股東“為此加油助威”，但這可能會隨著時間的推移而稀釋NAV，這是新股東完全由新股東支付的成本。