比特币、财政部公司和暴跌：发生了什么？

由于比特币经历波动，比特币财务公司面临着艰难的市场。我们正处于加密货币冬天吗？让我们深入了解一下。

Bitcoin, treasury companies, and a market plunge—oh my! Recent market dynamics have put Bitcoin treasury companies (BTCTCs) in a precarious position, leading to significant investor losses. What's driving this downturn, and what does it mean for the future of crypto?

比特币、财务公司和市场暴跌——天哪！最近的市场动态使比特币财务公司（BTCTC）处于不稳定的境地，导致投资者遭受重大损失。是什么推动了这种低迷，这对加密货币的未来意味着什么？

BTCTCs Feeling the Heat

BTCTC 感受到热度

A wave of crypto asset treasury companies emerged, aiming to replicate the success of MicroStrategy (MSTR). However, the plunge in Bitcoin's price, which peaked above $126,000 in early October 2025, has exposed vulnerabilities in these companies. Share prices were already tumbling even before Bitcoin's recent dip.

一波加密资产财务公司涌现，旨在复制 MicroStrategy (MSTR) 的成功。然而，比特币价格在 2025 年 10 月上旬触及 126,000 美元上方的暴跌，暴露了这些公司的漏洞。甚至在比特币最近下跌之前，股价就已经暴跌。

Losses over the past three months range from 38% for Strategy to a staggering 94% for KindlyMD (NAKA). Ouch! It's safe to say things aren't looking too good for these firms.

过去三个月，Strategy 的损失高达 38%，KindlyMD (NAKA) 的损失高达惊人的 94%。哎哟!可以肯定地说，这些公司的情况看起来不太好。

Executive Defensiveness

高管防御性

In times of trouble, some BTCTC executives have taken to social media to defend their business models. Simon Gerovich, CEO of Metaplanet (MTPLF), tried to justify a shift to preferred stock issuance, while KindlyMD CEO David Bailey found it necessary to deny claims that his company had "FTX vibes." When a CEO has to publicly state, "We're not FTX," you know things are dicey.

在困难时期，一些 BTCTC 高管会在社交媒体上捍卫自己的商业模式。 Metaplanet (MTPLF) 首席执行官 Simon Gerovich 试图证明转向优先股发行的合理性，而 KindlyMD 首席执行官 David Bailey 发现有必要否认其公司具有“FTX 氛围”的说法。当首席执行官必须公开声明“我们不是 FTX”时，你就知道事情很危险。

Ben Werkman, CIO of Strive (ASST), acknowledged the difficulties but reminded investors that MicroStrategy was once thought to be going to zero during the 2022 crypto winter. Those who stuck with it were handsomely rewarded. It's a good reminder that markets fluctuate, but it doesn't guarantee a similar comeback for all BTCTCs.

Strive (ASST) 的首席信息官 Ben Werkman 承认存在困难，但提醒投资者，MicroStrategy 曾被认为在 2022 年加密货币冬季将归零。那些坚持下来的人得到了丰厚的回报。这是一个很好的提醒，市场会波动，但并不能保证所有 BTCTC 都会出现类似的反弹。

Corporate Bitcoin Holdings Still Strong

企业比特币持有量依然强劲

Despite the challenges faced by BTCTCs, corporate interest in Bitcoin remains robust. A recent report showed that corporate Bitcoin holdings jumped 28% in Q3 2025, reaching $117 billion. Over 1.02 million BTC are now held by 172 public companies, with 48 new entrants joining the space. Michael Saylor's Strategy leads the pack with 640,250 BTC.

尽管 BTCTC 面临挑战，但企业对比特币的兴趣仍然强劲。最近的一份报告显示，企业比特币持有量在 2025 年第三季度增长了 28%，达到 1170 亿美元。目前，172 家上市公司持有超过 102 万比特币，其中有 48 家新进入者加入该领域。 Michael Saylor 的策略以 640,250 BTC 领先。

Andrew Webley of The Smarter Web Company notes that Bitcoin is "doing just fine," only about 10% below its all-time high. However, he acknowledges that Bitcoin treasury companies are facing a tougher market.

The Smarter Web Company 的安德鲁·韦伯利 (Andrew Webley) 指出，比特币“表现得很好”，仅比历史最高点低 10% 左右。然而，他承认比特币财务公司面临着更加严峻的市场。

Altcoins in the Mix

山寨币的混合

While Bitcoin navigates its ups and downs, some altcoins are quietly gaining strength. Projects like Snorter (SNORT) and Bitcoin Hyper (HYPER) are showing strong investor interest despite the broader market decline. These projects aim to offer innovative solutions, such as faster Solana token trading and improved Bitcoin functionality.

当比特币经历起起伏伏时，一些山寨币正在悄然崛起。尽管市场整体下跌，但 Snorter (SNORT) 和 Bitcoin Hyper (HYPER) 等项目仍表现出投资者的浓厚兴趣。这些项目旨在提供创新的解决方案，例如更快的 Solana 代币交易和改进的比特币功能。

The Road Ahead

未来之路

The future of BTCTCs is uncertain, but corporate interest in Bitcoin suggests long-term potential. The market is entering a speculative phase, with new "whales" taking control. While challenges persist, innovation and adoption continue to drive the crypto market forward.

BTCTC 的未来尚不确定，但企业对比特币的兴趣表明了长期潜力。市场正在进入投机阶段，新的“鲸鱼”占据了主导地位。尽管挑战依然存在，但创新和采用继续推动加密货币市场向前发展。

So, are we in a crypto winter? Maybe. But as any New Yorker knows, even the harshest winters eventually give way to spring. Keep your eyes peeled, your wits about you, and maybe a little bit of crypto on the side. After all, fortune favors the bold—or at least the ones who do their homework!

那么，我们正处于加密货币冬天吗？或许。但正如任何纽约人所知，即使是最严酷的冬天最终也会迎来春天。保持警惕，保持头脑清醒，也许还有一点加密货币。毕竟，命运眷顾勇敢的人——或者至少是那些做好功课的人！