上市公司可以將超過3000億美元轉移到比特幣中

這種潛在的流入源於越來越多的企業採用以微觀策略的侵略性比特幣積累培養為基礎的策略。

Public companies could channel over $300 billion more into Bitcoin over the next five years, according to a new report by analysts at asset management firm Bernstein.

根據資產管理公司伯恩斯坦（Bernstein）分析師的一份新報告，在未來五年內，上市公司可能會在未來五年內將超過3000億美元的收入轉移到比特幣中。

This potential inflow stems from a growing number of corporates adopting a strategy modeled after MicroStrategy’s aggressive Bitcoin accumulation culture, disclosed in a recent report by Bernstein.

這種潛在的流入源於越來越多的企業採用以微觀造成的侵略性比特幣積累培養為模型的策略，這在伯恩斯坦最近的一份報告中揭示了。

The asset manager's base case outlines that between 2025 and 2030, listed corporations could direct nearly $205 billion into Bitcoin. An additional $124 billion is expected to come from companies replicating the capital deployment plan of Strategy (formerly Microstrategy), which currently holds 555,450 BTC purchased for a total cost of approximately $38.08 billion at an average price of $68,550 per coin. Most recently, Strategy added 1,895 BTC for $180 million.

資產經理的基本案例概述了2025年至2030年之間，上市公司可能會將近2050億美元引入比特幣。預計將另外一筆1,240億美元來自複制資本部署戰略計劃（以前為MicroStrategy）的公司，該計劃目前持有555,450 BTC的購買，總成本約為3808億美元，平均價格為68,550美元。最近，策略以1.8億美元的價格增加了1,895 BTC。

$MSTR has acquired 1,895 BTC for ~$180.3 million at ~$95,167 per bitcoin and has achieved BTC Yield of 14.0% YTD 2025. As of 5/4/25, we hodl 555,450 $BTC acquired for ~$38.08 billion at ~$68,550 per bitcoin. $STRK $STRF https://t.co/rusgfuyCTG

$ MSTR以約1.803億美元的價格收購了1,895 BTC，每比特幣95,167美元，BTC收益率為14.0％ytd 2025。截至5/4/25，我們HODL 5555,450 $ BTC以〜38.8億美元的價格以〜68.550 $ 68,550的比例獲得了BTC。 $ strk $ strf https://t.co/rusgfuyctg

— Michael Saylor (@saylor) May 5, 2025

- 邁克爾·塞勒（@saylor）2025年5月5日

These projections rely on the premise that more public companies with limited organic growth paths and large cash reserves will follow Strategy’s lead.

這些預測依賴於這樣的前提：更多的有機增長路徑和大量現金儲備的上市公司將遵循戰略的負責人。

Screened Firms May Drive Billions in Bitcoin Demand

篩選的公司可能會驅動數十億比特幣需求

Bernstein estimated that if just 20% of these screened companies allocated 25% of their treasury reserves to Bitcoin, it could generate approximately $190 billion in inflows.

伯恩斯坦估計，如果只有20％的篩選公司將其財政部儲量的25％分配給比特幣，則可能會產生約1900億美元的流入。

The firm noted that such companies are typically low-growth and have surplus capital without productive avenues for reinvestment. As a result, Strategy’s approach may appeal to these firms as they seek new asset strategies.

該公司指出，此類公司通常是低增長，並且擁有盈餘資本，而沒有生產途徑進行再投資。結果，戰略的方法可能會吸引這些公司尋求新的資產策略。

Meanwhile, the share of total Bitcoin supply held by public companies has climbed to 3.4%, up from 1.3% at the end of 2023. This increase coincides with broader regulatory and accounting shifts. Data confirms that these companies hold a total of 720,898 BTC worth $67.8 billion at press time. Meanwhile, private firms hold 398,323 BTC currently valued at $37.44 billion.

同時，上市公司持有的總比特幣供應份額已攀升至3.4％，高於2023年底的1.3％。這一增加與更廣泛的監管和會計轉變相吻合。數據證實，這些公司在發稿時總共擁有720,898 BTC，價值678億美元。同時，私人公司持有398,323 BTC目前的價值374.4億美元。

Market Conditions Support Expansion

市場條件支持擴展

The Bernstein report also highlighted Strategy's role in building institutional-grade instruments that facilitate access to Bitcoin.

伯恩斯坦的報告還強調了戰略在構建促進比特幣的機構工具中的作用。

Bernstein analysts observed that Strategy has been able to scale during multiple market cycles, although they cautioned that similar success is not guaranteed for others attempting to copy the model.

伯恩斯坦分析師觀察到，策略能夠在多個市場週期中進行擴展，儘管他們警告說，對於其他試圖複製該模型的人來說，不能保證類似的成功。

Still, growing access to the capital markets and the decreasing float of available Bitcoin suggest that corporate adoption could tighten supply. Strategy Chairman Michael Saylor recently stated his intention to continue acquiring Bitcoin, noting a willingness to buy even at $1 million per coin and the potential for daily purchases of $1 billion.

儘管如此，越來越多地進入資本市場以及可用比特幣的浮標的下降表明，公司採用可以收緊供應。戰略主席邁克爾·塞勒（Michael Saylor）最近表示，他打算繼續購買比特幣，並指出即使以每枚硬幣100萬美元的價格購買，也有可能每天購買10億美元。

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