比特币，股票和债券：在25年驾驶不断变化的投资沙子

探索比特币的崛起是如何重塑传统投资策略的，公司利用比特币作为储备资产和标记股票的出现。

Bitcoin, Stocks, and Bonds: Navigating the Shifting Sands of Investment in '25

比特币，股票和债券：在25年驾驶不断变化的投资沙子

In 2025, the financial landscape is witnessing a fascinating convergence of traditional and digital assets. Companies are increasingly integrating Bitcoin into their financial strategies, leading to interesting dynamics in the stock and bond markets. Let's dive into what's happening.

2025年，金融景观目睹了传统和数字资产的引人入胜的融合。公司越来越多地将比特币整合到其财务战略中，从而导致股票和债券市场的有趣动态。让我们深入了解正在发生的事情。

Bitcoin as a Corporate Reserve Asset

比特币作为公司储备资产

A significant trend is the adoption of Bitcoin as a reserve asset by companies. As fund manager Lyn Alden highlights, this is driven by two primary factors: limitations on investment funds and the advantages of long-term bonds.

一个重大趋势是公司采用比特币作为储备资产。正如基金经理林恩·奥尔登（Lyn Alden）的重点，这是两个主要因素驱动的：投资基金的限制和长期债券的优势。

Investment Restrictions and Bitcoin Exposure

投资限制和比特币暴露

Many investment funds face restrictions that prevent them from directly investing in Bitcoin or crypto-related ETFs. This has led them to seek alternative routes, such as investing in stocks of Bitcoin-holding companies like Strategy (formerly MicroStrategy). The performance of MSTR, which has significantly outperformed Bitcoin and the broader equity market, underscores this trend.

许多投资基金面临限制，使他们无法直接投资比特币或加密相关的ETF。这使他们寻求替代路线，例如投资战略（以前是MicroStrategy）等比特币持有公司的股票。 MSTR的表现极大地胜过比特币和更广泛的股票市场，强调了这一趋势。

Alden herself chose MSTR back in 2020 because her exchange platform didn't support direct Bitcoin purchases. This highlights the flexibility such stocks offer to funds with investment constraints.

奥尔登（Alden）本人在2020年之所以选择MSTR，是因为她的交换平台不支持直接购买比特币。这突出了这些股票为具有投资限制的资金提供的灵活性。

Long-Term Bonds and Safer Leverage

长期债券和更安全的杠杆作用

Companies are also leveraging long-term bonds to hold Bitcoin positions more securely. Unlike hedge funds that rely on margin borrowing, companies can issue multi-year bonds, allowing them to weather market volatility without forced liquidations. This creates a safer form of leverage, enabling them to capitalize on Bitcoin’s price swings more effectively.

公司还利用长期债券更安全地持有比特币头寸。与依靠保证金借贷的对冲基金不同，公司可以发行多年债券，使他们能够在没有强制清算的情况下天气波动。这会产生一种更安全的杠杆形式，使他们能够更有效地利用比特币的价格波动。

The Rise of Digital Asset Treasury Stocks (DATs)

数字资产库存股票的兴起（DATS）

The growing interest in companies with strategic crypto reserves, or Digital Asset Treasury stocks (DATs), is bridging traditional finance and digital assets. These stocks provide investors with exposure to Bitcoin through familiar instruments, potentially generating higher returns than the underlying digital assets themselves.

对具有战略加密储备金或数字资产财政部股票（DATS）的公司的兴趣日益增长，这是弥合传统的金融和数字资产。这些股票通过熟悉的工具为投资者提供了比特币的接触，与基础数字资产本身相比，可能会产生更高的回报。

Investor Nachi notes that with Coinbase's inclusion in the S&P 500, traditional finance portfolio managers are increasingly looking to add digital assets. This suggests that the DAT trend is still in its early stages.

投资者纳奇（Nachi）指出，随着Coinbase在标准普尔500指数中的包含，传统的金融投资组合经理越来越希望增加数字资产。这表明DAT趋势仍处于早期阶段。

Tokenized Stock Trading: A New Frontier

令牌股票交易：一个新的边界

Robinhood's launch of tokenized stock trading on its Ethereum-compatible layer-2 platform, Robinhood Chain, marks a major step in integrating traditional financial assets with decentralized finance (DeFi). This initiative allows users to self-custody tokenized stocks and trade them using DeFi applications, potentially reshaping market liquidity dynamics.

Robinhood在其以太坊兼容的第2层平台Robinhood Chain上推出了代币化的股票交易，标志着将传统金融资产与分散融资（DEFI）集成的主要步骤。该计划允许用户自定义令牌股票并使用Defi应用程序进行交易，从而可能重塑市场流动性动态。

Galaxy Digital emphasizes that Robinhood’s tokenization plan puts pressure on Wall Street exchanges. If incumbent exchanges can’t adapt, they risk being left behind as mere custodians of a less functional version of the same assets.

Galaxy Digital强调，Robinhood的令牌化计划对华尔街的交流施加了压力。如果现任交易所无法适应，那么他们有可能仅仅是同一资产功能较低的版本的保管人而被抛在后面。

Potential Benefits and Challenges

潜在的好处和挑战

Tokenized stocks offer 24/7 trading capabilities and increased market accessibility. They also open up new possibilities, such as using tokenized stocks as collateral in DeFi protocols or automating dividends.

令牌化股票提供24/7的交易能力并提高市场可及性。他们还开辟了新的可能性，例如使用令牌化的股票作为Fefi协议中的抵押品或自动化股息。

However, the 24-hour trading model introduces potential volatility risks for retail investors. Regulatory uncertainty also remains a challenge, particularly in the United States.

但是，24小时交易模型为散户投资者带来了潜在的波动风险。监管不确定性也是一个挑战，尤其是在美国。

A Word on Whale Wallets and Market Security

关于鲸鱼钱包和市场安全的一句话

On a slightly different note, recent activity in old Bitcoin whale wallets has raised eyebrows. On-chain analysis suggests that the sudden movement of these wallets, holding billions in BTC, may be linked to a hack. A test transaction on the Bitcoin Cash network before the big move raises questions about potential security breaches.

从略有不同的角度来看，旧比特币鲸钱包中最近的活动引起了眉毛。链上分析表明，这些钱包在BTC中持有数十亿美元的突然移动可能与黑客有关。在大举举措之前，在比特币现金网络上进行的测试交易引发了有关潜在安全漏洞的问题。

Final Thoughts

最后的想法

The convergence of Bitcoin, stocks, and bonds is creating a dynamic and evolving investment landscape. From companies using Bitcoin as a reserve asset to the emergence of tokenized stocks, the opportunities and challenges are abundant. So, buckle up and enjoy the ride as we navigate this brave new world of finance. Who knows, maybe your next investment portfolio will be a blend of stocks, bonds, and a little bit of Bitcoin magic!

比特币，股票和债券的融合正在创造动态和不断发展的投资格局。从使用比特币作为储备资产的公司到出现令牌股票的出现，机会和挑战很丰富。因此，当我们浏览这个勇敢的新金融世界时，搭扣并享受旅程。谁知道，也许您的下一个投资组合将融合股票，债券和一些比特币魔术！