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加密货币新闻

比特币,MNAV和国库公司:像纽约客一样浏览加密货币景观

2025/09/29 02:00

探索比特币国库公司,MNAV估值及其对加密市场的影响的不断发展的动态。 Strive的收购Semler Sparks估值辩论。

比特币,MNAV和国库公司:像纽约客一样浏览加密货币景观

Alright, folks, let's talk Bitcoin, mNAV, and treasury firms—a trio that's been stirring up the crypto scene faster than a New York minute. With Strive Asset Management's recent acquisition of Semler Scientific, things are getting interesting, and maybe a little complicated.

好吧,伙计们,让我们谈谈比特币,MNAV和财政部的公司 - 这是一个比纽约分钟快的三重奏。随着Artive Asset Management最近对Semler Scientific的收购,事情变得越来越有趣,也许有些复杂。

The mNAV Metric: Is It Really Telling the Whole Story?

MNAV指标:真的在讲整个故事吗?

So, what's this mNAV everyone's buzzing about? It's basically the market cap of a crypto treasury firm divided by the amount of crypto it holds. Sounds simple, right? Not so fast. NYDIG's Greg Cipolaro isn't buying it, calling it "misleading" at best. Why? Because it ignores the actual businesses these firms operate, which can add serious value.

那么,这个每个人都在嗡嗡作响的MNAV是什么?基本上,这是一家加密货币公司的市值除以其拥有的加密货币。听起来很简单,对吗?不那么快。 NYDIG的Greg Cipolaro不购买它,称其为“误导”。为什么?因为它忽略了这些公司经营的实际业务,这可以增加严重的价值。

Imagine judging a pizzeria solely on how much cheese it has, without considering the quality of the sauce, the crust, or the overall dining experience. That's kinda what mNAV does. It's like looking at one slice of the pie and thinking you know the whole thing.

想象一下,只根据酱油的奶酪含量,不考虑酱汁的质量,地壳或整体用餐体验。这有点像MNAV所做的。这就像看一块馅饼,以为您知道整个事情。

Bitcoin's Bumpy Ride and Saylor's Unwavering Faith

比特币的颠簸和塞勒的坚定信念

Bitcoin's been on a bit of a rollercoaster lately, testing the $109,000 mark as market liquidity takes a breather. That Fed rate cut didn't exactly help, triggering a sell-off that had BTC dipping below $110,000. But fear not! Michael Saylor, Strategy CEO and Bitcoin maximalist, is still waving the flag, urging everyone to "Always ₿e Stacking." His faith is admirable, even if the charts are flashing double top formations and hinting at a potential drop to $100,000.

比特币最近有些过山车,测试了109,000美元的大关,因为市场流动性喘不过气来。削减税收率无济于事,触发了BTC下降到110,000美元以下的抛售。但是不要害怕!战略首席执行官兼比特币最大化主义者迈克尔·塞勒(Michael Saylor)仍在挥舞着旗帜,敦促所有人“总是堆叠”。即使图表闪烁了双层层面并暗示潜在的下降到100,000美元,他的信念是令人钦佩的。

Saylor's like that die-hard New Yorker who keeps rooting for the Mets, even when they're down by ten runs in the ninth. You gotta respect the dedication.

Saylor就像那个顽固的纽约人,他不断为大都会队加油,即使他们在第九名中跌了十。您必须尊重奉献精神。

Treasury Firms: More Than Just Speculative Wrappers?

财政公司:不仅仅是投机包装纸吗?

Ryan Watkins from Syncracy Capital throws another log on the fire. He argues that these crypto treasury firms could evolve into real economic engines for blockchains. They're not just hoarding tokens; they could be financing, governing, and building within these networks.

Syncracy Capital的Ryan Watkins在火上又登录了另一个登录。他认为,这些加密货币公司可以发展成为区块链的真实经济引擎。他们不只是ho积令牌;他们可以在这些网络中为融资,管理和建设。

Think of them as the Medici family of the crypto world, using their wealth to foster innovation and growth. It's a bold vision, and one that could reshape the future of blockchain.

将它们视为加密货币世界中的美第奇家族,利用他们的财富来促进创新和增长。这是一个大胆的愿景,可以重塑区块链的未来。

The Future: Consolidation, Innovation, and Maybe a Little Recklessness

未来:合并,创新,也许有些鲁ck

Watkins anticipates some treasury firms will fade away, especially those focusing on financial engineering rather than substance. We might see consolidation, exotic financing, and maybe even some reckless moves as competition heats up. The survivors? They'll be the ones who combine smart capital allocation with real operating skills, turning their treasuries into yield-generating machines.

沃特金斯(Watkins)预计,一些财政部公司将消失,尤其是那些专注于金融工程而不是实质性的财政部。我们可能会看到合并,异国情调的融资,甚至可能随着竞争的升温而鲁ck的举动。幸存者?他们将成为将智能资本分配与实际运营技巧相结合,将其国库转变为产生产生的机器的人。

It’s like the early days of Wall Street, where only the sharpest and most adaptable survived the cutthroat competition. Expect fireworks.

就像华尔街的早期一样,只有最尖锐,最适合最适合的人才能在残酷的比赛中幸存下来。期待烟花。

My Two Satoshis

我的两个satoshis

Personally, I think the mNAV metric needs a serious makeover. It's a flawed tool in a complex landscape. And while Bitcoin's price action might be making some investors sweat, the long-term potential of treasury firms is undeniable. They could become the Berkshire Hathaways of the blockchain world, but only if they play their cards right. The Strive/Semler deal highlights both the opportunities and the challenges ahead.

就个人而言,我认为MNAV指标需要进行认真的改头换面。这是一个复杂景观中的有缺陷的工具。尽管比特币的价格行动可能会使一些投资者流汗,但不可否认的是国库公司的长期潜力。他们可能会成为区块链世界的伯克希尔·哈纳维(Berkshire Hathaways),但前提是他们正确地打牌。奋斗/塞姆勒交易既强调了未来的机遇和挑战。

So, what's the takeaway? Keep a close eye on these treasury firms, do your homework beyond the mNAV, and maybe grab some popcorn. This is gonna be one heck of a show.

那么,收获是什么?密切关注这些财政部公司,在MNAV之外做功课,并可能抓住一些爆米花。这将是一场演出的一个。

Until next time, keep your private keys safe and your expectations high. And remember, in the world of crypto, anything is possible—even a Mets World Series win.

直到下一次,请确保私钥安全并高度期望。请记住,在加密货币世界中,一切皆有可能,即使是大都会世界大赛的胜利。

原文来源:coincentral

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