微觀：無可爭議的比特幣泰坦

上市公司採用比特幣在2025年繼續在金融環境中引起轟動。遠非趨勢，而是將BTC整合到公開交易公司的財政策略中正在加劇

The adoption of Bitcoin by public companies continues to make waves in the financial landscape. In 2025, institutions are increasingly betting on BTC, especially as a hedge against inflation and economic uncertainty.

上市公司採用比特幣，繼續在金融環境中浪費。在2025年，機構越來越多地押注BTC，尤其是作為抵制通貨膨脹和經濟不確定性的對沖。

Latest figures, largely up to May 2025, by Sosovalue, reveal the extent of this institutional interest.

最新的數字主要截至2025年5月，Sosovalue揭示了這種機構利益的程度。

These figures, largely up to May 2025, paint a clear picture: institutions are increasingly betting on digital gold.

這些數字主要截至2025年5月，繪製了一幅清晰的畫面：機構越來越多地押注數字黃金。

Among the companies that have invested in Bitcoin, Microstrategy (MSTR) stands out. Known for its staunch advocacy of Bitcoin, Microstrategy has been a vocal supporter of BTC as a reserve asset.

在投資比特幣的公司中，MicroStrategy（MSTR）脫穎而出。 Microstrategy以對比特幣的堅定倡導而聞名，一直是BTC作為儲備資產的聲音支持者。

The enterprise software company, led by Bitcoin maximalist Michael Saylor, has an overwhelming presence in the latest ranking from Sosovalue. As of May 11, 2025, Microstrategy holds 568,840 BTC, valued at over $58 billion.

由比特幣最大化主義者邁克爾·塞勒（Michael Saylor）領導的企業軟件公司在Sosovalue的最新排名中擁有壓倒性的業務。截至2025年5月11日，MicroStrategy持有568,840 BTC，價值超過580億美元。

Moreover, Microstrategy has recently added 13,390 BTC to its treasury, confirming its long-term strategy of accumulating the cryptocurrency.

此外，MicroStrategy最近在其財政部增加了13,390 BTC，證實了其積累加密貨幣的長期策略。

This approach has transformed Microstrategy into a true proxy for Bitcoin investment and may encourage other companies to consider BTC as a viable reserve asset against inflation and economic uncertainty.

這種方法已將MicroStrategy轉變為比特幣投資的真正代理，並可能鼓勵其他公司將BTC視為可行的儲備資產，以抵制通貨膨脹和經濟不確定性。

As a result, FOMO is intensifying. Today, the Chinese company “Avenir” announced accumulating $857 million in Bitcoin ETF shares.

結果，FOMO正在加劇。今天，中國公司的“ Avenir”宣布積累了8.57億美元的比特幣ETF股票。

Its interest in Bitcoin is no secret. Earlier this year, Avenir disclosed an investment of $340.888 million in the iShares Bitcoin ETC on the Swiss exchange.

它對比特幣的興趣不是秘密。今年早些時候，Avenir在瑞士交易所的iShares比特幣等上透露了3.4088億美元的投資。

This latest revelation, spotted by Benzinga, expands on that holding, revealing a substantial build-up in Bitcoin ETF shares, aiming to capitalize on the cryptocurrency's price gains this year.

本辛加（Benzinga）發現的最新啟示擴大了該持有量，揭示了比特幣ETF股票的實質性建立，旨在利用今年的加密貨幣價格上漲。

Avenir's move is part of a broader trend in Hong Kong, where institutions are increasingly making bold bets on crypto.

Avenir的舉動是香港更廣泛趨勢的一部分，該機構越來越大膽地押注加密貨幣。

Earlier this year, AnChain.AI, a blockchain security firm, disclosed a surprising $1 billion holding in Bitcoin, which it began accumulating in 2020.

今年早些時候，區塊鏈安全公司Anchain.ai透露了一個令人驚訝的10億美元在比特幣中持有，該公司於2020年開始積累。

Hong Kong's largest hedge fund, ValueAct, also revealed a $730 million stake in crypto firm Huami.

香港最大的對沖基金ValueAct也透露了Crypto公司的7.3億美元股份。

While Avenir's disclosed investments in Bitcoin ETF shares total $857 million, Benzinga estimates the firm's overall Bitcoin-linked investments to be over $1 billion.

儘管Avenir披露了對比特幣ETF股票的投資，總計8.57億美元，但Benzinga估計該公司的整體比特幣連接投資將超過10億美元。

Despite the recent crypto market downturn, Bitcoin has managed to rally by 60% in 2024, making it the best-performing major asset class so far this year.

儘管最近出現了加密貨幣市場的衰退，但比特幣在2024年仍達到60％的競選，這使其成為今年迄今為止表現最好的主要資產類別。

This rally has sparked a renewed interest in BTC among institutions, especially as they seek to diversify their portfolios amid inflation and macroeconomic uncertainties.

這次集會在機構中引起了對BTC的重新興趣，尤其是當他們試圖在通貨膨脹和宏觀經濟不確定性的情況下多樣化其投資組合時。

According to estimations from crypto analytics firm Glassnode, institutional investments in Bitcoin this year are expected to reach several billion dollars.

根據加密分析公司GlassNode的估計，今年在比特幣的機構投資預計將達到數十億美元。

Among the other companies that have invested in Bitcoin, Tesla (TSLA) is also making headlines. The electric vehicle maker, which began investing in BTC in 2020, has been consistently adding to its treasury.

在投資比特幣的其他公司中，特斯拉（TSLA）也成為頭條新聞。這家電動汽車製造商於2020年開始投資於BTC，一直在增加其財政部。

Earlier this year, Tesla sold a portion of its Bitcoin holdings to realize gains, and it's planning to begin accepting BTC payments for vehicles again this year.

今年早些時候，特斯拉出售了一部分比特幣持有量以實現收益，併計劃開始今年再次接受BTC付款。

Coinbase (COIN) is another major company that has integrated Bitcoin into its treasury strategy. The cryptocurrency exchange, which has been bullish on BTC for several years, is expected to continue holding and investing in the digital asset.

Coinbase（Coin）是另一家將比特幣納入其國庫策略的主要公司。預計BTC的加密貨幣交易所將繼續持有和投資數字資產。

At the beginning of the year, Coinbase had 42,438 BTC on its balance sheet, valued at $1.2 billion at the time.

在今年年初，Coinbase的資產負債表上有42,438 BTC，當時價值12億美元。

Another company that has made headlines for its Bitcoin investments is Block (SQ). The payments giant, which began investing in BTC in 2020, has been a strong supporter of the cryptocurrency.

另一家成為其比特幣投資頭條新聞的公司是Block（SQ）。付款巨頭於2020年開始投資BTC，一直是加密貨幣的堅定支持者。

Among the Asian companies that have invested in Bitcoin, Metaplanet and Boyaa are two notable names.

在投資比特幣，Metaplanet和Boyaa的亞洲公司中，有兩個名字。

This attraction to Bitcoin as a treasury asset extends well beyond American borders. Asian companies also feature prominently in this ranking, reflecting a global trend.

作為國庫資產，對比特幣的吸引力遠遠超出了美國邊界。亞洲公司在這一排名中也以突出的趨勢，反映了全球趨勢。

Other companies like Exodus, Nexon, Ming Shing Group Holdings, KULR Technology, Remixpoint, and Neptune Digital Corp complement this list, each with hundreds of Bitcoins in their balance sheets.

Exodus，Nexon，Ming Shing Group Holdings，Kulr Technology，Remixpoint和Neptune Digital Corp等其他公司都補充了此列表，每個公司的資產負債表中都有數百個比特幣。

The ongoing accumulation of Bitcoin by public companies has several significant implications for the market:

上市公司持續積累比特幣對市場具有一些重要的影響：

• Increased Institutional Interest: The figures from Sosovalue clearly demonstrate the growing involvement of institutions in the cryptocurrency market.

•增加的機構利益：Sosovalue的數字清楚地表明了機構在加密貨幣市場中的參與日益增長。

• BTC as a Reserve Asset: Companies are increasingly looking at Bitcoin as a hedge against inflation and economic uncertainty, shifting some of their treasury assets into the digital asset.

•BTC作為儲備資產：公司越來越多地將比特幣視為抵制通貨膨脹和經濟不確定性的對沖，將其一些財政資產轉移到了數字資產中。

• Growing Demand: The sustained demand from public companies, especially in the U.S., is a factor supporting the Bitcoin price in the long term.

•需求不斷增長：從長遠來看，上市公司，尤其是在美國的持續需求，是支持比特幣價格的因素。

• New Investment Products and Access: The approval of spot Bitcoin ETFs by the SEC has eased access for many investors, with growing interest even from public sector entities in some regions.

•新的投資產品和訪問：SEC獲得現貨比特幣ETF的批准已減輕了許多投資者的訪問權限，即使某些地區的公共部門實體也不斷提高利息。