比特幣採集車的風險

許多公司正在採取積極的策略來購買比特幣，遵循戰略的步驟（以前是微型策略）。但是，數字資產銀行Sygnum對這些所謂的比特幣採集車的風險發出了警報。

Many companies are adopting aggressive strategies to buy Bitcoin, following in the steps of Strategy (formerly MicroStrategy). However, digital asset bank Sygnum has raised alarms about the risks associated with these so-called Bitcoin acquisition vehicles.

許多公司正在採取積極的策略來購買比特幣，遵循戰略的步驟（以前是微型策略）。但是，數字資產銀行Sygnum對這些所謂的比特幣採集車的風險發出了警報。

These companies are aiming to capitalize on Bitcoin’s rising value. However, Sygnum warns that their leveraged approaches could destabilize markets and attract regulatory scrutiny.

這些公司的目標是利用比特幣的上升價值。但是，Sygnum警告說，他們的槓桿方法可能會破壞市場並吸引監管審查。

At least 61 firms with different core businesses have adopted Bitcoin as a reserve asset, and this trend doesn’t seem to slow down. In fact, many new firms have been established with business models centered exclusively on accumulating the largest cryptocurrency.

至少有61家具有不同核心業務的公司已採用比特幣作為儲備資產，這種趨勢似乎並沒有放慢速度。實際上，已經建立了許多新公司，其業務模式僅集中於累積最大的加密貨幣。

Unlike traditional firms with diversified operations, these companies function similarly to investment funds, raising capital specifically to acquire Bitcoin. This approach has helped to drive up Bitcoin’s price by attracting additional investment, particularly from investors seeking indirect exposure to digital assets.

與具有多元化業務的傳統公司不同，這些公司的運作類似於投資基金，專門籌集了資本以獲取比特幣。這種方法通過吸引額外的投資有助於提高比特幣的價格，尤其是尋求間接接觸數字資產的投資者。

However, Sygnum cautions that the BTC-per-share growth model is not sustainable indefinitely. The heavy reliance on leverage, borrowing, or issuing equity to fund Bitcoin purchases exposes these firms to significant risks.

但是，Sygnum警告說，BTC的每股增長模型並非無限期可持續。嚴重依賴槓桿，借貸或發行股權來資助比特幣購買，使這些公司面臨著重大風險。

A bearish turn in the cryptocurrency market or a plateau in demand could force these companies to liquidate their Bitcoin holdings to cover debts or meet investor redemptions. Extreme Bitcoin price drops may prevent debt redemption, leading to insolvency risks.

加密貨幣市場或需求高原的看跌可能會迫使這些公司清算其比特幣持有量以支付債務或滿足投資者的贖回。極端比特幣的價格下跌可能會阻止償還債務，從而導致破產風險。

Moreover, liquidations could trigger sharp price declines, potentially destabilizing the broader cryptocurrency market and eroding investor confidence.

此外，清算可能會引發急劇的價格下降，可能破壞更廣泛的加密貨幣市場並侵蝕投資者的信心。

“A saturation of demand coupled with a crypto bear market can lead to these vehicles having to sell Bitcoin which would exacerbate an already existing downtrend in the Bitcoin price – both as a result of the selling pressure and as a result of the impact this would have on sentiment. “Michael Saylor selling Bitcoin” would be a difficult headline for the crypto market to face,” Sygnum noted in its latest report.

“需求飽和加上加密熊市的市場可能會導致這些車輛不得不出售比特幣，這將使已經存在的比特幣價格下降趨勢 - 這是由於銷售壓力的原因，並且由於這種影響會對情緒產生影響。

Regulatory risks also remain a significant concern. Sygnum pointed out that Bitcoin treasury firms are implementing an investment strategy but are generally not regulated as financial institutions, which could expose them to potential regulatory challenges.

監管風險也仍然是一個重大問題。 Sygnum指出，比特幣國庫公司正在實施一項投資策略，但通常不作為金融機構受到監管，這可能會使他們面臨潛在的監管挑戰。

“Although the current political and regulatory climate in the US lowers this risk (or could result in only very minimal penalties if any), future elections may shift the balance and/or new legislation may be passed which could increase the heat on these firms and their actions may come under the microscope,” the bank added.

銀行補充說：“儘管美國當前的政治和監管氣候降低了這一風險（或者如果有的話，可能只會受到很少的懲罰），但未來的選舉可能會改變平衡和/或新立法，這可能會增加這些公司的熱量，並且其行動可能會在顯微鏡下。”

The report also highlighted that concentration poses risks. Sygnum explained that large Bitcoin holdings by a few entities could reduce Bitcoin’s liquidity and increase volatility. Moreover, it could undermine its appeal as a reserve asset for central banks.

該報告還強調，集中度會帶來風險。 Sygnum解釋說，一些實體的大量比特幣持有可以降低比特幣的流動性並增加波動性。此外，它可能會破壞其作為中央銀行儲備資產的上訴。

“Large, concentrated holdings are a risk for any asset and at this point (Micro)Strategy’s holdings are approaching a point where they become problematic, with the company holding close to 3 percent of the total Bitcoin ever issued but a much higher share of the actual liquid supply.”

“大型，集中的持股是任何資產的風險，此時（微型）策略的持股正接近有問題的地步，公司持有的持有近比特幣的近3％，但在實際液體供應中的份額更高。”

Therefore, the rise of Bitcoin acquisition vehicles showcases the burgeoning institutional interest in cryptocurrencies but also underscores the speculative nature of such strategies. Strategy’s success has inspired imitators, but not all may have the financial resilience to weather market fluctuations.

因此，比特幣採集工具的興起展示了加密貨幣的機構興趣，但也強調了此類策略的投機性質。策略的成功激發了模仿者，但並非所有人都可能對天氣市場的波動具有財務彈性。

In addition, the proliferation of these firms signals a maturing market. Yet, their aggressive tactics could exacerbate volatility in an unpredictable asset class. Sygnum’s warning serves as a reminder that while Bitcoin acquisition vehicles may drive short-term gains, their long-term viability remains uncertain.

此外，這些公司的擴散信號是一個成熟的市場。然而，他們的積極策略可能會加劇不可預測的資產類別的波動。 Sygnum的警告提醒您，儘管比特幣採集工具可能會驅動短期增長，但它們的長期生存能力仍然不確定。