但是15年且几次牛周期后，加密货币不再只是技术人员和散户投资者的领域

据称，《财富》 500号区块链的采用现已在第1季度向加密货币投入高达500亿美元的机构，将高达500亿美元的机构注入了60％。

Despite skepticism toward cryptocurrency, it appears to be sticking around. In fact, it’s evolving. And not just in theory, but in practice.

尽管对加密货币怀有怀疑，但它似乎始终存在。实际上，它正在发展。不仅在理论上，而且在实践中。

As PYMNTS has reported, Fortune 500 blockchain adoption has allegedly now hit 60% with institutions injecting as much as $50 billion into crypto funds in Q1.

正如PYMNTS报道的那样，据称，Fortune 500区块链的采用现已在第1季度向加密货币资金注入高达500亿美元的机构，跌入60％。

Leading the pack is the one-time software company Strategy (formerly MicroStrategy) which has compiled a war chest of 580,000 bitcoin, worth about $63 billion, since the middle of 2020, with its latest purchase coming within the past two weeks.

领先的是一次性软件公司战略（以前是MicroStrategy），该战略已经编制了一个580,000比特币的战箱，自2020年中期以来，其最新购买额是在过去的两周内。

Strategy has transformed itself into a bitcoin treasury company and is now primarily in the business of selling securities to raise money to buy the cryptocurrency.

战略已将自己转变为比特币国库公司，现在主要从事出售证券以筹集资金购买加密货币的业务。

Far from being viewed as a black sheep, the company’s “bitcoin treasury” approach has spurred a wave of publicly traded copycats.

该公司的“比特币财政部”的方法远非被视为黑羊，刺激了一波公开交易的模仿者。

GameStop, for example, on Wednesday (June 11) announced it was issuing $1.75 billion in convertible notes to buy bitcoin. This followed an earlier Q1 acquisition of 4,710 BTC (about $513 million), which made GameStop the 13th-largest corporate holder.

例如，GameStop在周三（6月11日）宣布将发行17.5亿美元的可转换票据购买比特币。这是在第1季度收购4,710 BTC（约合5.13亿美元）之后，这使GameStop成为第13大公司持有人。

Elsewhere, The Blockchain Group, which describes itself as Europe’s first bitcoin treasury company, on Monday (June 9) announced a $300 million issuance for, you guessed it, the purposes of purchasing more bitcoin.

在其他地方，区块链集团在周一（6月9日）将自己描述为欧洲第一家比特币国库公司，宣布了3亿美元的发行，您猜到了这是购买更多比特币的目的。

From structured notes and hedging instruments to yield-bearing custodial accounts and even Bitcoin-backed loans, the ecosystem is diversifying at a pace few anticipated. But beneath the innovation lies a familiar tension: are these truly risk-managed tools for corporate finance, or cleverly packaged speculative bets in disguise?

从结构化的票据和对冲工具到产生持有的托管帐户，甚至是由比特币支持的贷款，生态系统正在以很少预期的速度多样化。但是，在创新之下，这是一个熟悉的紧张局势：这些真正具有风险管理的企业金融工具，还是伪装成巧妙包装的投机赌注？

The Institutionalization of Bitcoin

比特币的制度化

Milestones like the launch of CME Bitcoin futures (2017), the approval of spot bitcoin ETFs in the U.S. (2024), and the entrance of traditional financial institutions like Fidelity, BlackRock, and JPMorgan into the crypto arena have provided a sense of legitimacy.

CME Bitcoin Futures（2017年），美国（2024年）的现场比特币ETF的批准以及传统金融机构（如Fidelity，BlackRock和JPMorgan进入加密货币体育馆）的入口提供了一种合法意义。

With regulatory clarity slowly improving, especially around custody and reporting standards, corporate finance professionals are being offered a potential new value proposition: the cryptocurrency not as a gamble, but as a balance sheet diversification strategy.

随着监管清晰度的逐渐改善，尤其是在监护和报告标准方面，公司财务专业人员被提供了一个潜在的新价值主张：加密货币不是赌博，而是作为资产负债表多样化策略。

As PYMNTS covered, even the Ivy-league institution Brown University has recently disclosed a $4.9 million investment in BlackRock’s bitcoin ETF, signaling a broader acceptance of cryptocurrencies in diversified portfolios.

正如PYMNT所涵盖的那样，即使是Ivy联盟机构布朗大学，最近对BlackRock的比特币ETF进行了490万美元的投资，这表明对多元化投资组合中的加密货币更广泛地接受。

After all, the CLARITY Act, which aims to establish a regulatory framework for digital assets and crypto markets in the U.S., is set to be considered by the full U.S. House of Representatives after being advanced by two House committees Tuesday (June 10). At the same time, the Securities and Exchange Commission (SEC) wants to ease restrictions governing decentralized finance (DeFi) platforms.

毕竟，旨在为美国建立数字资产和加密市场的监管框架的《 Clarity Act》将在周二（6月10日）由两个众议院委员会提升之后，将考虑美国的全部众议院全部众议院考虑。同时，美国证券交易委员会（SEC）希望减轻有关分散融资（DEFI）平台的限制。

The treasurer’s role in this environment? It’s no longer merely about cash, FX, or interest rate swaps — but increasingly about whether the CFO team has the infrastructure, expertise, risk governance, and capital strategies to harness any crypto strategy judiciously.

司库在这种环境中的作用？它不仅与现金，外汇或利率掉期有关，而且越来越多地涉及CFO团队是否具有基础设施，专业知识，风险治理和资本策略，以明智地利用任何加密战略。

See also: Are Crypto Markets Going Mainstream? What Treasury Execs Should Know

另请参阅：加密市场是否成为主流？财政部长应该知道什么

Walking the Line Between Strategy and Speculation

在策略和投机之间行走界限

Bitcoin is maturing into a multi-dimensional treasury instrument: a defensive store-of-value, a potential yield generator and a signal of corporate innovation. But behind the headlines and bold plays lies a complex ecosystem rich with financing engineering, volatility exposure, regulatory uncertainty, and governance pitfalls.

比特币正在成为多维国库工具：一种防御性存储，潜在的收益产生者和公司创新的信号。但是头条新闻和大胆的戏剧背后是一个复杂的生态系统，富有融资工程，波动率，监管不确定性和治理陷阱。

After all, for all the innovation, there’s a critical issue at the heart of this trend: are these financial tools being used to serve prudent corporate strategy, or are they a new flavor of speculative risk?

毕竟，就所有创新而言，这一趋势的核心是一个关键问题：这些财务工具是否被用来服务审慎的公司战略，还是它们是投机风险的新风味？

Some critics argue that bitcoin-linked treasury products may be less about strategic diversification and more about corporate speculation dressed in financial engineering. Today’s suite of corporate crypto offerings are designed to mitigate some of the risks. But in doing so, they can sometimes introduce new forms of complexity — particularly around counterparty risk, liquidity constraints and regulatory uncertainty.

一些批评家认为，与比特币相关的国库产品可能不再是战略多元化，而更多地涉及在金融工程中穿着的公司投机。当今的公司加密产品套件旨在减轻某些风险。但是这样做，他们有时可以引入新的复杂性，特别是围绕对手风险，流动性限制和监管不确定性。

The accounting treatment of crypto assets remains a thorny issue. In the U.S., bitcoin is still classified as an intangible asset, meaning unrealized losses must be recognized, but gains can’t be booked unless the asset is sold. This creates a lopsided risk profile for public companies.

加密资产的会计处理仍然是一个棘手的问题。在美国，比特币仍被归类为无形资产，这意味着必须确认未实现的损失，但是除非出售资产，否则不能预订收益。这为上市公司创造了不平衡的风险状况。

Perhaps the central question for corporate treasurers is this: What is bitcoin in the context of the corporate balance sheet?

也许是公司财务主管的核心问题是：在公司资产负债表的背景下，比特币是什么？

Is it a modern hedge against fiat inflation, akin to gold? A speculative instrument that can juice short-term returns but introduces material downside? Or a strategic signaling tool — part financial asset, part branding exercise?

这是反对菲亚特通货膨胀的现代树篱，类似于黄金吗？一种投机仪器，可以短期回报榨汁但会引入材料不利的一面？或一种战略信号工具 - 部分金融资产，部分品牌练习？

The answer may depend on the type of business and its risk profile. For a tech-forward firm with high margins and a long investment horizon, limited bitcoin exposure may offer a form of asymmetric upside. For a capital-intensive industrial company with tight liquidity

答案可能取决于业务类型及其风险概况。对于一家高利润率和较长投资范围的技术前向公司而言，有限的比特币风险可能会提供一种不对称上升空间。对于一家流动性紧张的资本密集型工业公司