比特币国库公司本周盛行。但是mnav

加密股票在周五遭受了红色的一天，尤其是比特币

Crypto stocks suffered a red day on Friday, especially bitcoin (BTC) treasury firms like MicroStrategy (NASDAQ:MSTR) as the picture looks even worse when zooming out: changing hands at $376 early Friday afternoon, MSTR shares are more than 30% below their all-time high hit late in 2024 even as bitcoin has pumped to a new record this week.

加密货币股票在周五遭受了红色的日子，尤其是比特币（BTC）财政部公司，例如MicroStategy（Nasdaq：MSTR），因为缩小时的情况看起来更糟糕：周五下午以376美元的价格换手，MSTR股票的MSTR股票在2024年以后的Bitcoin the Bit Coin the Bit Coin to The Week the Week to new Week toe new Week the toe to Blow 30％以下。

The price action comes amid a continuing debate taking place on social media about the sustainability of Michael Saylor’s (and those copycatting him) bitcoin-vacuuming playbook.

在社交媒体上持续辩论迈克尔·塞勒（Michael Saylor）（以及那些复制他的比特币 - 比特币 - 维卡普（Bitcoin-Vacuuming）剧本的剧本的可持续性，价格行动就进行了。

“Bitcoin treasury companies are all the rage this week. MSTR, Metaplanet, Twenty One, Nakamoto. I think they’re toxic leverage is the worst thing which has ever happened to bitcoin and what bitcoin stands for,” said modestly well-followed bitcoin twitter poster lowstrife.

“比特币国库公司本周都流行了。MSTR，Metaplanet，Twy One，Nakamoto。我认为它们是有毒的杠杆作用是有史以来最糟糕的比特币及其比特币代表的最糟糕的事情。”

The issue, according to lowstrife, is that the financial engineering that Strategy and other BTC treasury firms are employing to accumulate more bitcoin essentially rests on mNAV — a metric that compares a company’s valuation to its net asset value (in these cases, their bitcoin treasuries).

据Lowstrife认为，问题是，该战略和其他BTC财政部公司正在采用的金融工程本质上基本上取决于MNAV，该指标将公司的估值与其净资产价值进行了比较（在这些情况下，其比特币库库）。

As long as their mNAV remains above 1.0, a given company can keep raising capital and buying more bitcoin, because investors are showing interest in paying a premium for exposure to the stock relative to the firm’s bitcoin holdings.

只要他们的MNAV保持在1.0以上，一家公司就可以继续筹集资金并购买更多的比特币，因为投资者表现出对相对于该公司比特币持有的股票的溢价的兴趣。

If mNAV dips below that level, however, it means the value of the company is even lower than the value of its holdings. This can create problems for a firm’s ability to raise capital and, say, pay dividends on some of the convertible notes or preferred stock it may have issued.

但是，如果MNAV降至该水平以下，则意味着公司的价值甚至低于其持股价值。这可能会给公司筹集资金的能力而造成问题，例如，对其可能发行的一些可转换票据或优先股支付股息。

Something similar happened to Grayscale’s bitcoin trust, GBTC, prior to its conversion into an ETF. A closed-end fund, GBTC during the bull market of 2020 and 2021 traded at an ever-growing premium to its net asset value as institutional investors sought quick exposure to bitcoin.

Grayscale的比特币信任GBTC在转换为ETF之前发生了类似的事情。一家封闭式基金，在2020年和2021年的牛市中，GBTC以不断增长的溢价，其净资产价值交易，因为机构投资者寻求快速接触比特币。

When prices turned south, however, that premium morphed into an abysmal discount, which contributed to a chain of blowups beginning with highly-leverage Three Arrows Capital and eventually spreading to FTX. The resultant selling pressure took bitcoin from a record high of $69,000 all the way down to $15,000 in just one year.

然而，当价格向南变成南方时，这种高级变成了糟糕的折扣，这导致了一系列以高度杠杆化的三箭资本开始，并最终扩散到FTX。由此产生的销售压力使比特币从创纪录的69,000美元的创纪录的高点到一年内降至15,000美元。

"Just like GBTC back in the day, the entire game now — the whole thing — is figuring out how much more BTC these access vehicles will scoop up, and when they will blow up and spit it all back out again," said Nic Carter, partner at Castle Island Ventures, in response to lowstrife's thread.

“就像GBTC回到当天一样，整个游戏 - 整个事情 - 都在弄清楚这些访问车辆将挖出多少BTC，当它们会炸毁并再次吐出时，” Castle Island Ventures的合伙人尼克·卡特（Nic Nic Carter）响应Lowstrife的线程。

The thread also triggered replies from MSTR bulls, among them Adam Back, Bitcoin OG and CEO of Blockstream.

该线程还触发了Mstr Bulls的答复，其中包括Adam Back，Bitcoin OG和BlockStream的首席执行官。

"If mNAV < 1.0 they can sell BTC and buy back MSTR and increase BTC/share that way, which is in share-holder interests. Or people see that coming and don't let it go there. Either way this is fine," Back stated.

“如果MNAV <1.0他们可以出售BTC并回购MSTR，并以这种方式增加BTC/股份，这是有股份的利益。或者人们看到它来了，不要让它放在那里。无论哪种方式，这都很好，” Back说。