MicroStrategy的比特幣戰略可能會導致3,300億美元的公司投資

比特幣迅速成為投機性的資產，它看起來像是公司國庫的嚴肅選擇。

Bernstein analysts believe that companies could invest up to $330 billion in Bitcoin over the next five years, with strategies like Michael Saylor’s Strategy (NASDAQ:MSTR) leading the way, according to a new report.

伯恩斯坦分析師認為，在未來五年內，公司可以在未來五年內投資3,300億美元，並採用邁克爾·賽勒（Michael Saylor）的戰略（納斯達克股票代碼：MSTR）的策略。

Their analysis, titled "Bitcoin Treasuries: Signposts on the Path to Mainstream Adoption," predicts that corporations will increasingly view Bitcoin as a viable asset for their treasuries.

他們的分析標題為“比特幣國庫：主流採用道路上的路標”，預測，公司將越來越多地將比特幣視為其國庫的可行資產。

In a prior report, Bernstein estimated that Strategy could ultimately integrate as much as $124 billion into its bitcoin acquisition plans. This level of investment would cement Strategy’s position as the leading corporation in the bitcoin treasury domain and might motivate other companies to adopt similar strategies.

伯恩斯坦在先前的報告中估計，策略最終可能將多達1.24億美元納入其比特幣收購計劃中。這種投資水平將鞏固戰略在比特幣國庫領域的領先公司的立場，並可能激勵其他公司採用類似的策略。

“In our bull case, we expect MSTR to hyper scale its capital strategy, utilizing ~ $124 billion for bitcoin acquisition. This would bring its total bitcoin holdings to ~ 21 million coins by 2027, at which point it would cease new purchases,” the analysts explained.

分析師解釋說：“在我們的公牛案中，我們預計MSTR將超越其資本戰略，利用約1,240億美元的比特幣收購。這將使到2027年的總比特幣持有量達到約2100萬個硬幣，這將停止新購買。”

Moreover, Bernstein identified a group of 30 U.S. companies, boasting over $100 million in cash reserves and minimal growth prospects, which could collectively contribute up to $190 billion in bitcoin holdings. Additionally, smaller, high-growth firms might invest an extra $11 billion by 2026.

此外，伯恩斯坦（Bernstein）確定了一組由30家公司組成的集團，擁有超過1億美元的現金儲備和最少的增長前景，這可以集體貢獻高達1900億美元的比特幣控股。此外，到2026年，較小，高增長的公司可能會額外投資110億美元。

Even more conservative estimates suggest that a modest $5 billion allocation from just ten large firms by 2027 could mark a turning point in mainstream corporate adoption.

甚至更保守的估計表明，到2027年，只有10家大公司的50億美元分配可能標誌著主流公司採用的轉折點。

However, Bernstein cautions that Strategy’s model isn’t easily replicated. The firm’s success is attributed not just to its confidence in Bitcoin but also to its innovative financial engineering.

但是，伯恩斯坦警告說，策略的模型不容易複製。該公司的成功不僅歸因於其對比特幣的信心，還歸因於其創新的金融工程。

“MSTR’s edge lies in its financial innovation in building the bitcoin-linked fixed-income stack. Not every Bitcoin treasury will be successful simply replicating MSTR’s playbook, in our view,” the analysts noted.

分析師指出：“ MSTR的優勢在於建立與比特幣連接的固定收益堆棧的財務創新。在我們看來，並非所有比特幣國庫都會成功複製MSTR的劇本。”

Strategy’s approach has redefined the boundaries of corporate finance. By developing and executing a sophisticated capital structure that includes Bitcoin-backed bonds and convertible notes, the company has created a financial model that most businesses—especially smaller or more traditional ones—are unlikely to match.

策略的方法重新定義了公司融資的界限。通過開發和執行包括比特幣支持的債券和可轉換票據的複雜資本結構，該公司創建了一種財務模型，大多數企業（尤其是較小或更傳統的企業）不太可能匹配。

Since 2020, the company has acquired over 555,000 BTC, valued at around $38 billion, representing more than 2.6% of Bitcoin’s total supply. This aggressive accumulation has positioned Strategy as one of the largest institutional holders of Bitcoin globally.

自2020年以來，該公司收購了超過555,000 BTC，價值約380億美元，佔比特幣總供應量的2.6％以上。這種積極的積累將戰略定位為全球比特幣最大的機構持有人之一。

As more companies integrate Bitcoin into their treasuries, we might be witnessing a major shift in how businesses manage their balance sheets. This report indicates that Bitcoin could soon become a regular component of corporate balance sheets—assisting companies in safeguarding against inflation, diversifying their holdings, and ultimately reshaping corporate finance in a significant way.

隨著越來越多的公司將比特幣整合到國庫中，我們可能正在見證企業如何管理資產負債表的重大轉變。該報告表明，比特幣可能很快成為公司資產負債表的常規組成部分 - 協助公司保護通貨膨脹，多樣化其持股，並最終以很大的方式重塑公司融資。