比特币，MSTR，Naka：导航加密纪念的狂野骑行

查看比特币国库策略，重点是微观（MSTR）和Nakamoto（Naka），以及这种不断发展的景观中的挑战和机遇。

The Bitcoin treasury strategy has seen its share of ups and downs. Once a Wall Street darling, companies like MicroStrategy (MSTR) and Nakamoto (NAKA) are now facing scrutiny as the market re-evaluates the sustainability of these strategies.

比特币国库策略已经看到了起伏的份额。曾经是华尔街的宠儿，随着市场重新评估这些策略的可持续性，像Microstrategy（MSTR）和Nakamoto（Naka）这样的公司现在正面临审查。

The Rise and Fall of the Treasury Play

财政部的兴衰

Remember when everyone thought they could arbitrage the financial markets? Issue shares, buy Bitcoin, repeat. Companies like $MSTR, Metaplanet, and $NAKA saw their stock prices skyrocket, fueled by the promise of easy profits. Wall Street was paying more than a dollar for a dollar's worth of Bitcoin. But as the saying goes, what goes up must come down. Now, the hangover has arrived.

还记得每个人都认为他们可以仲裁金融市场吗？发行股票，购买比特币，重复。 $ MSTR，Metaplanet和Naka等公司的股价飙升，这是由于轻松利润的承诺所推动。华尔街为一美元的比特币支付了一美元以上。但是俗话说，上升的事情必须下降。现在，宿醉到了。

The stock prices of these Bitcoin treasury companies are getting hammered. The graphs of $MSTR, Metaplanet, $NAKA all look eerily similar: a pump-and-dump scheme straight out of the shitcoin playbook. Ouch.

这些比特币国库公司的股票价格正在锤击。 $ MSTR，Metaplanet，$ Naka的图表看起来非常相似：从Shitcoin Playbook中直接出现了泵送和降低计划。哎哟。

NAKA's Nosedive: A Cautionary Tale

纳卡（Naka）的鼻子：一个警示的故事

Poor Nakamoto ($NAKA). After a massive pump, the stock price collapsed. The end of the S3 PIPE shares restriction period didn't help, leading to a 50% drop in a single day. As Adam Livingston put it, "add mass, you lose altitude." Ouch again.

可怜的中村（$ naka）。巨大的泵后，股价崩溃了。 S3管道的结束共享限制期无济于事，导致一天下降了50％。正如亚当·利文斯顿（Adam Livingston）所说的那样：“加质量，您会失去高度”。再次哎呀。

And just when you thought things couldn't get any worse, $NAKA is changing their ticker to $NADA. Talk about adding insult to injury.

而且，当您认为情况不会变得更糟时，$ Naka将其股票者更改为$ nada。谈论增加受伤的侮辱。

MSTR: Still Standing, But Wobbling?

MSTR：仍然站着，但是摇摆吗？

Even the mighty MicroStrategy ($MSTR), led by Bitcoin evangelist Michael Saylor, is feeling the pressure. Despite gobbling up coins by the hundreds, the mNAV (market value of net assets) is compressing, hitting yearly lows. The stock premium, the source of all treasury company magic, is disappearing. Are these companies just becoming expensive, glorified ETFs?

即使是由比特币传教士迈克尔·赛勒（Michael Saylor）领导的强大的微型造影（$ MSTR）也感到压力。尽管数百人吞噬了硬币，但MNAV（净资产的市场价值）仍在压缩，每年低点。股票保费是所有财政部魔术公司的来源，正在消失。这些公司是否变得昂贵，光荣的ETF？

The Evolving Treasury Narrative

不断发展的财政部叙述

David Bailey, CEO of Nakamoto, notes that the narrative around digital asset treasuries is becoming increasingly complex. The original Bitcoin treasury narrative was simple: Bitcoin is the most secure, decentralized, and inflation-resistant asset to hold. But now, companies are diversifying into other cryptocurrencies, diluting the core message and potentially increasing risk.

Nakamoto首席执行官David Bailey指出，围绕数字资产国库的叙述变得越来越复杂。原始的比特币国库叙事很简单：比特币是持有的最安全，分散和抗通胀的资产。但是现在，公司正在将其多样化为其他加密货币，稀释核心信息并可能增加风险。

Bailey argues that the entire sector is being tested. Companies that execute their strategy well will thrive, while those that don't will be "consumed by someone who can do it better." Venture capital firm Breed warns that many of these firms could face a "death spiral" if they continue to trade close to their net asset value (NAV).

贝利认为正在测试整个行业。执行策略的公司将蓬勃发展，而那些不会“被能够做得更好的人吞噬的公司”。风险投资公司警告说，如果这些公司继续贸易接近其净资产价值（NAV），许多公司可能会面临“死亡螺旋”。

Bitcoin's Unfazed Resilience

比特币的弹性弹性

Amidst all this drama, Bitcoin itself remains relatively unfazed. It continues to trade around the $115,000 level, with analysts like Matt Crosby suggesting it's "poised for breakout." Metaplanet's planned $1.25 billion Bitcoin purchase could provide the catalyst for that breakout, potentially pushing the price towards key resistance levels.

在所有这些戏剧中，比特币本身仍然相对毫不动摇。它继续在115,000美元的水平上进行交易，像马特·克罗斯比（Matt Crosby）这样的分析师建议它“有望突破”。 Metaplanet计划的12.5亿美元购买比特币可以为该突破提供催化剂，从而将价格推向关键阻力水平。

The Future of Crypto Treasuries: Adapt or Die

加密纪念的未来：适应或死亡

The delusion that was Bitcoin treasury strategy has ended. Now, these companies need to prove real value-add with the corporate-wrapped coins they hold so dearly. Or perhaps we can go back to de-financializing the economy – you know, that annoying, original reason for Bitcoin.

比特币国库策略的妄想已经结束。现在，这些公司需要证明他们如此珍贵的公司包裹的硬币具有真正的增值。或者，也许我们可以回到经济范围内降低财务化 - 您知道，比特币的那个烦人，原始的原因。

So, what's the takeaway? The Bitcoin treasury strategy is a wild ride. Some will crash and burn, while others will adapt and thrive. Only time will tell who comes out on top. But one thing's for sure: it's never a dull moment in the world of crypto. Keep your seatbelts fastened, folks!

那么，收获是什么？比特币国库策略是一次疯狂的旅程。有些会崩溃并燃烧，而另一些人会适应和壮成长。只有时间才能说明谁出现在首位。但是可以肯定的是：这在加密世界中从来都不是一个沉闷的时刻。伙计们，保持安全带固定！