持有比特币的上市公司可能坐在强大的市场催化剂上

由Greg Cipolaro。更新于2021年4月14日上午1:13 PDT。

Public companies' bitcoin-holding may be able to unlock a powerful market catalyst: untapped issuance capacity that could meaningfully raise bitcoin's (BTC) price, according to new research from NYDIG.

NYDIG的新研究显示，上市公司的比特币持有量可能能够解锁强大的市场催化剂：未开发的发行能力，可以有意义地提高比特币（BTC）的价格。

In a report this week, Greg Cipolaro, the firm's global head of research, notes the "dry powder" in the form of share issuance potential among bitcoin treasury companies. If these companies take advantage of their elevated equity valuations to raise new funds and buy more bitcoin, it could trigger a significant upward move in the market.

该公司全球研究负责人格雷格·奇普拉罗（Greg Cipolaro）在本周的一份报告中指出，比特币国库公司中股份发行潜力的“干粉”。如果这些公司利用其提高的股票估值来筹集新的资金并购买更多比特币，则可能会引发市场上的重大向上移动。

Applying a 10x "money multiplier"—a historical rule of thumb describing how capital inflows have typically influenced bitcoin's market cap—he projects a potential $42,000 per-coin price increase, or a roughly 44% jump from current levels.

应用10倍的“货币乘数”（描述资本流入通常如何影响比特币的市值）的经验历史规则，他预测潜在的每人价格为42,000美元的价格上涨42,000美元，或从目前的水平上升约44％。

This market dynamic has gained new urgency following the launch of Twenty One, a bitcoin accumulation vehicle backed by Tether, Bitfinex and Cantor Fitzgerald. Unlike other firms that have folded bitcoin into broader business models, Twenty One exists to acquire and hold bitcoin, and has already been seeded with a substantial BTC position. Its SPAC partner, Cantor Equity Partners, has outperformed the S&P 500 by over 347% since the deal was announced.

在推出二十一辆后，这种市场动态已经获得了新的紧迫性，这是由系带，Bitfinex和Cantor Fitzgerald支持的比特币积累车。与其他将比特币折叠成更广泛的业务模型的公司不同，有21家可以获取和持有比特币，并且已经以BTC的大量位置被种植。自宣布该交易以来，其SPAC合作伙伴Cantor Equity Partners的表现已超过347％。

Across the sector, 69 public companies hold around $69.6 billion worth of bitcoin. Cipolaro's analysis suggests that their current stock premiums over net asset value could fund even more purchases—effectively creating a feedback loop, where equity issuance fuels BTC buying, which drives up the value of both the bitcoin and the issuer's shares.

在整个领域，有69家上市公司持有价值约696亿美元的比特币。 Cipolaro的分析表明，他们当前的股票保费超过净资产价值，可以为更多的购买提供资金 - 有效地创建了反馈循环，在此股权发行燃料BTC购买中，这可以提高比特币和发行人的股份的价值。

"The implication is clear," Cipolaro concludes. "This 'dry powder' in the form of issuance capacity could have a significant upward effect on bitcoin's price. Whether or not this new capital is used for further bitcoin buying remains to be seen, but the implication is clear."

“这意味着明显，” Cipolaro总结道。 “这种以发行能力形式的'干粉'可能会对比特币的价格产生重大的上升影响。是否将这种新资本用于进一步的比特币购买仍然有待观察，但这意味着很明显。”

If anything, the growing interest from institutions and the performance of bitcoin-forward stocks suggest that capital markets are shifting their approach to bitcoin exposure—through balance sheets rather than just ETF flows.

如果有的话，机构的兴趣日益增长以及比特币 - 股票的绩效表明，通过资产负债表而不是ETF流量，资本市场正在转移其对比特币暴露的方法。