比特币，财政部股票和2025年崩溃现实

当我们注视着潜在的湍流2025时，浏览比特币，国库库存和监管变化的挥发性交集。

Hold on to your hats, folks! The world of Bitcoin treasury stocks is looking a bit like a rollercoaster that’s lost its brakes. With regulatory shifts and market corrections, are we headed for a crash in 2025? Let’s dive in.

抓住你的帽子，伙计们！比特币财政部股票的世界看起来有点像失去刹车的过山车。随着监管转变和市场校正，我们是否在2025年坠毁了？让我们潜水。

The Plunge of Bitcoin Treasury Stocks

比特币财政部股票

This year hasn't been kind to Bitcoin treasury stocks. Companies like MicroStrategy (MSTR) and Metaplanet have seen their stock prices take a nosedive. MSTR, for instance, plummeted from a high of $543 to around $300. Metaplanet isn't doing any better, dropping over 73% from its peak. Ouch!

今年对比特币国库股并不友善。像MicroStrategy（MSTR）和Metaplanet这样的公司已经看到他们的股价毫无疑问。例如，MSTR从$ 543的高处下降到$ 300。 Metaplanet做得不好，从其峰值下降了73％以上。哎哟!

Even Bullish, fresh off a successful IPO, has tumbled. Other names like Trump Media, GameStop, and Gemini Space Station are feeling the heat. Why all the doom and gloom?

即使看涨，成功的IPO刚开始，也跌倒了。特朗普媒体，GameStop和Gemini空间站等其他名字也感到热火。为什么所有的厄运和忧郁？

Why the Struggle?

为什么要斗争？

First off, Bitcoin's own struggles are a major factor. When Bitcoin sneezes, these stocks catch a cold. But there's more to it than just Bitcoin's price fluctuations.

首先，比特币自己的挣扎是一个主要因素。当比特币打喷嚏时，这些股票感冒了。但是，不仅仅是比特币的价格波动。

Investors aren't giving these companies the premium they used to. MicroStrategy's mNAV multiple has dropped significantly, and some companies are even trading below their net asset value. Investors are getting picky, and business models focused solely on buying Bitcoin are under scrutiny.

投资者没有给这些公司以前的保费。 MicroStrategy的MNAV倍数大大下降了，一些公司的交易甚至低于其净资产价值。投资者越来越挑剔，只关注购买比特币的商业模式受到审查。

The ETF Effect

ETF效应

Here's a plot twist: Bitcoin ETFs are stealing the show. Investors are flocking to ETFs, which have seen massive inflows this year. Why buy a company holding Bitcoin when you can buy Bitcoin directly through an ETF?

这是一个情节扭曲：比特币ETF正在窃取节目。投资者正在涌向ETF，这些ETF今年已经大量流入。当您可以直接通过ETF购买比特币时，为什么要购买拥有比特币的公司？

ETF Bloodbath: A Crypto Exodus?

ETF Bloodbath：加密出埃及记？

Speaking of ETFs, last week was brutal. Ethereum and Bitcoin ETFs saw record outflows, with investors pulling nearly $800 million from ETH products and over $900 million from BTC funds. Fidelity’s FBTC took a big hit, while BlackRock’s IBIT proved more resilient. What's driving this exodus?

说到ETF，上周是残酷的。以太坊和比特币ETF看到了创纪录的流出，投资者从ETH产品中筹集了近8亿美元，而从BTC基金中赚了超过9亿美元。 Fidelity的FBTC受到了很大的打击，而BlackRock的IBIT证明更具弹性。是什么驱动此出埃及记？

• Macroeconomic jitters
• Technical breakdowns
• Cascading liquidations

The message is clear: keep an eye on those fund flows. They’re becoming a reliable early warning system for crypto prices.

消息很明确：请密切关注这些基金流。他们成为加密价格的可靠预警系统。

2025: The Regulatory Reckoning

2025年：监管计算

Fast forward to 2025, and regulatory changes are shaking things up. Nasdaq's new rules, like requiring shareholder approval for crypto-related share issuances, are adding friction to fundraising. While these rules aim to enhance transparency, they also make it harder for companies to raise capital for Bitcoin purchases.

快进到2025年，监管变化正在振作起来。纳斯达克的新规则，例如要求股东批准与加密相关的股份发行，也在筹款中增加了摩擦。尽管这些规则旨在提高透明度，但它们也使公司更难为购买比特币购买资本。

This shift is pushing companies to explore alternative fundraising methods like token sales and DeFi. Binance is dominating new token trades, showing how liquidity is shifting to platforms that balance compliance with efficiency.

这种转变正在促使公司探索诸如代币销售和defi之类的替代筹款方法。 Binance正在主导新的代币交易，显示流动性如何转移到平衡符合效率的平台。

The DAT Model: A Potential Solution?

DAT模型：潜在解决方案？

Enter the Digital Asset Treasury (DAT) model. Companies are using stock issuance to fund token acquisitions, aiming for returns from both token price appreciation and token-per-share growth. It's a clever approach, but its success hinges on regulatory stability.

输入数字资产财政（DAT）模型。公司正在使用股票发行资助代币的收购，旨在从代币价格赞赏和每股代币增长中获得回报。这是一种聪明的方法，但其成功取决于监管稳定性。

Buying Opportunity or Cautionary Signal?

购买机会还是警告信号？

So, is this a buying opportunity or a warning sign? It depends on your risk appetite. Nasdaq's rules have created a more transparent ecosystem, attracting index fund inflows. But the Mantle hack and Arbitrum's price plunge remind us of the sector's inherent volatility.

那么，这是购买机会还是警告标志？这取决于您的风险食欲。纳斯达克的规则创造了一个更透明的生态系统，吸引了指数基金的流入。但是，地幔骇客和仲裁的价格下跌使我们想起了该行业固有的波动性。

Final Thoughts

最后的想法

The intersection of Bitcoin, treasury stocks, and regulatory changes is a complex and dynamic landscape. As we look toward 2025, it's crucial to stay informed, adapt to the changing rules, and tread carefully. Will it be a crash landing or a soft landing? Only time will tell. But one thing’s for sure: it’s going to be an interesting ride!

比特币，国库库存和监管变化的交集是一个复杂而动态的景观。当我们看2025年时，保持知情，适应不断变化的规则并仔细踩踏至关重要。是坠机降落还是软降落？只有时间会证明。但是可以肯定的是：这将是一个有趣的旅程！