比特币，国库和估值：导航加密货币的变化沙子

比特币国库公司面临估值。 MNAV出了；可持续的增长和强大的财务模型正在进行中。加密货币景观正在发展！

The world of Bitcoin treasury companies is undergoing a seismic shift. The old metric, mNAV, is losing its grip, forcing a move toward more sustainable valuation models. Buckle up, because things are about to get interesting.

比特币国库公司的世界正在发生地震转变。旧的指标MNAV正在失去抓地力，迫使人们朝着更可持续的估值模型迈进。系好，因为事情将变得有趣。

The mNAV Meltdown: Why It's No Longer Cutting It

MNAV崩溃：为什么不再削减它

Remember mNAV, the Market Value of Net Assets? It was once the golden child of Bitcoin valuation. But by September 2025, it’s largely considered obsolete. This isn't just some academic debate; it's a matter of survival for Bitcoin treasury companies. The problem? mNAV is too closely tied to Bitcoin's volatile spot price. As one expert noted, relying solely on Bitcoin holdings for valuation is no longer sufficient.

还记得MNAV，净资产的市场价值吗？它曾经是比特币估值的黄金孩子。但是到2025年9月，它在很大程度上被认为是过时的。这不仅仅是学术辩论。对于比特币国库公司来说，这是生存的问题。问题？ MNAV与比特币的波动现货价格紧密相关。正如一位专家所指出的那样，仅依靠比特币持有量进行估值就不再足够了。

Think of it like this: imagine a ship tethered to a buoy in a storm. The buoy (Bitcoin's price) is all over the place, yanking the ship (the company) around. That's mNAV in a nutshell. And when that buoy dips too low, companies find themselves in a “death spiral,” struggling to raise capital and potentially facing liquidation.

这样想：想象一艘船在暴风雨中绑在浮标上。浮标（比特币的价格）到处都是，将船（公司）拉动。简而言之，那是mnav。而且，当浮标降低时，公司发现自己处于“死亡螺旋”状态，努力筹集资金并可能面临清算。

The Rise of Sustainable Valuation: What Works Now?

可持续估值的兴起：现在有效？

So, what's the alternative? The name of the game is now “Bitcoin per share growth” or “Bitcoin yield.” Companies that can consistently increase their Bitcoin exposure for shareholders, regardless of market swings, are the ones poised to thrive. A robust operating business, independent revenue streams, and disciplined capital structures are also key.

那么，还有什么选择？游戏的名称现在是“每股比特币增长”或“比特币产量”。那些可以持续增加其比特币敞口的公司，无论市场波动如何，都有准备壮成长的公司。强大的运营业务，独立的收入来源和纪律严明的资本结构也是关键。

Strategy Inc. (formerly MicroStrategy), once the poster child for the mNAV approach, is feeling the pressure. They may need to emphasize their software business to justify their valuation. Companies need to demonstrate tangible value creation beyond just hoarding Bitcoin. It’s time to show some actual business acumen.

曾经是MNAV方法的海报儿童（以前是MicroStrategy）的战略公司（以前是MicroStrategy）正在感觉到压力。他们可能需要强调自己的软件业务以证明其估值合理。公司需要展示有形的价值创造，而不仅仅是ho积比特币。是时候展示一些实际的业务敏锐度了。

Beyond Bitcoin: A Broader Industry Reassessment

超越比特币：更广泛的行业重新评估

This isn't just about Bitcoin treasury companies; it's a symptom of a larger shift in the crypto market. The days of pure speculation are fading. Investors are demanding tangible utility, sustainable business models, and robust financial management. Regulators are also taking notice, scrutinizing the sector more closely.

这不仅仅是比特币国库公司；这是加密市场发生更大转变的症状。纯粹猜测的日子正在消失。投资者要求有形的公用事业，可持续的商业模式和强大的财务管理。监管机构还注意到，更加仔细地审查了该部门。

The Future: Adaptation, Innovation, and Consolidation

未来：改编，创新和合并

The road ahead won't be easy. Companies clinging to the old ways will face increasing investor skepticism. Expect to see strategic pivots, with some companies divesting assets, restructuring debt, or even merging to survive.

前面的道路并不容易。坚持旧方式的公司将面临越来越多的投资者怀疑。期望看到战略枢纽，一些公司剥离资产，重组债务，甚至合并以生存。

In the long run, this “forced maturation” will lead to a more resilient and fundamentally sound Bitcoin treasury sector. Innovation in financial structures, strong leadership, and a strategic approach to capital allocation will be the keys to success.

从长远来看，这种“强迫成熟”将导致更具弹性和从根本上声音的比特币财政部。金融结构，强大的领导能力以及对资本分配的战略方法的创新将是成功的关键。

What Should Investors Watch For?

投资者应该注意什么？

Pay attention to "Bitcoin yield" and the ability to consistently grow Bitcoin per diluted share. Scrutinize financial statements for comprehensive net asset value calculations that account for all liabilities. Assess management's strategic execution and their ability to innovate.

请注意“比特币产量”以及每股稀释份额始终如一地生长比特币的能力。仔细检查财务报表，以计入所有负债的全面净资产价值计算。评估管理层的战略执行及其创新能力。

Final Thoughts

最后的想法

The era of easy money in Bitcoin treasury companies is over. The market is demanding more than just Bitcoin holdings. It wants substance, strategy, and sustainable growth. So, keep an eye on those companies that are adapting, innovating, and building real businesses. And remember, in the ever-evolving world of crypto, only the most adaptable will survive... and maybe even thrive!

比特币财政公司的Easy Money时代已经结束。市场的要求不仅仅是比特币持有。它想要实质，战略和可持续增长。因此，请密切关注那些正在适应，创新和建立真实业务的公司。请记住，在不断发展的加密世界中，只有最适应性的人才能生存……甚至蓬勃发展！