財政部發揮演變：通過區塊鏈工程超越 MSTR

探索比特幣之外的資金業務的演變，重點關注實用代幣、區塊鏈工程和 Dynamite Blockchain 等公司。

Treasury Plays Evolve: Beyond MSTR with Blockchain Engineering

財政部發揮演變：通過區塊鏈工程超越 MSTR

The landscape of digital asset treasury (DAT) strategies is rapidly changing. It's no longer just about holding Bitcoin. Innovative approaches leveraging utility tokens and sophisticated blockchain engineering are emerging, paving the way for sustainable growth and investor opportunities. Let's dive in.

數字資產國庫 (DAT) 策略的格局正在迅速變化。這不再只是持有比特幣。利用實用代幣和復雜的區塊鏈工程的創新方法正在出現，為可持續增長和投資者機會鋪平了道路。讓我們深入了解一下。

The Limitations of Traditional Bitcoin Treasury Plays

傳統比特幣金庫遊戲的局限性

The initial appeal of Bitcoin treasury plays, popularized by companies like Michael Saylor's MicroStrategy (MSTR), was undeniable. They offered leveraged exposure to Bitcoin, attracting investors and driving up stock prices. However, this model heavily relies on the rising price of Bitcoin. When Bitcoin's price stagnates, the justification for high net asset value multiples (mNAV) diminishes, as MSTR has experienced.

不可否認的是，比特幣國庫券最初的吸引力是不可否認的，它受到邁克爾塞勒 (Michael Saylor) 的 MicroStrategy (MSTR) 等公司的歡迎。他們提供比特幣的槓桿敞口，吸引投資者並推高股價。然而，這種模式嚴重依賴比特幣價格的上漲。正如 MSTR 所經歷的那樣，當比特幣價格停滯不前時，高資產淨值倍數 (mNAV) 的理由就會減弱。

A New Era: Utility Tokens and Blockchain Ecosystems

新時代：實用代幣和區塊鏈生態系統

The future of treasury plays lies in creating genuine, operational strategies that go beyond simply holding volatile assets. Dynamite Blockchain is an example of a company pioneering this new approach. Instead of focusing solely on Bitcoin, Dynamite strategically acquires early-stage utility tokens with real-world applications. By developing proprietary technologies and platforms to expand the utility of these tokens, Dynamite creates a multi-flywheel effect, generating multiple revenue streams and opportunities for growth.

財資業務的未來在於製定真正的、可操作的策略，而不僅僅是簡單地持有波動性資產。 Dynamite Blockchain 是開創這種新方法的公司的一個例子。 Dynamite 不只專注於比特幣，而是戰略性地收購具有實際應用的早期實用代幣。通過開發專有技術和平台來擴展這些代幣的效用，Dynamite 創造了多重飛輪效應，產生多種收入來源和增長機會。

Dynamite Blockchain's Ecosystem Strategy

Dynamite Blockchain 的生態系統戰略

Dynamite's strategy rests on three key pillars:

Dynamite 的戰略基於三個關鍵支柱：

• Holdings: Acquiring early-stage tokens with strong real-world utility.
• Products: Developing technologies to extend the use of these tokens.
• Services: Generating opportunities for token adoption and revenue.

This holistic approach allows Dynamite to build a robust blockchain ecosystem, creating a sustainable and profitable business model.

這種整體方法使 Dynamite 能夠構建強大的區塊鏈生態系統，創建可持續且盈利的商業模式。

MSTR's Bitcoin Dividend Plan: A Bold Move?

MSTR 的比特幣股息計劃：大膽舉措？

MicroStrategy's (MSTR) plan to introduce a Bitcoin dividend is an interesting development. The goal is to provide shareholders with direct exposure to Bitcoin, potentially attracting a new wave of institutional investors and triggering a Bitcoin rally. While this plan has generated excitement, it remains to be seen if it will be implemented and what impact it will ultimately have on the market.

MicroStrategy (MSTR) 推出比特幣股息的計劃是一個有趣的發展。目標是為股東提供直接接觸比特幣的機會，有可能吸引新一波機構投資者並引發比特幣反彈。儘管這一計劃令人興奮，但它是否會實施以及最終對市場產生什麼影響還有待觀察。

The Big Picture: What's Next?

大局：下一步是什麼？

While MSTR's dividend plan and broader macroeconomic factors might give Bitcoin a boost, the real opportunity lies in companies building comprehensive blockchain ecosystems. The focus is shifting from mere asset accumulation to strategic utility, product development, and service offerings. It's about investing in the future of blockchain, not just the hype of the moment.

雖然 MSTR 的股息計劃和更廣泛的宏觀經濟因素可能會提振比特幣，但真正的機會在於建立全面的區塊鏈生態系統的公司。重點正在從單純的資產積累轉向戰略效用、產品開發和服務提供。這是對區塊鏈未來的投資，而不僅僅是當下的炒作。

So, keep your eyes peeled, folks! The world of digital asset treasury is getting a serious upgrade. And remember, investing where things are going is always more fun than chasing what's already been.

所以，各位，請擦亮眼睛！數字資產金庫的世界正在經歷重大升級。請記住，投資正在發生的事情總是比追逐已經發生的事情更有趣。