2025 年将比特币 (BTC) 添加到资产负债表的公司数量可能会增加

做市公司 Wintermute 的场外交易员杰克·奥斯特洛夫斯基斯 (Jake Ostrovskis) 表示，企业和机构对获得比特币的兴趣越来越大

OTCC market maker Wintermute’s trader Jake Ostrovskis has stated that more companies are likely to add Bitcoin (BTC) to their balance sheets in 2025. Ostrovskis highlighted increasing interest from corporations and institutions in gaining exposure to Bitcoin, with even small and medium-sized enterprises (SMES) expected to join the trend.

OTCC 做市商 Wintermute 的交易员 Jake Ostrovskis 表示，更多公司可能会在 2025 年将比特币 (BTC) 添加到其资产负债表中。Ostrovskis 强调，企业和机构对获得比特币的兴趣越来越大，甚至中小型企业也是如此。 SMES）有望加入这一趋势。

MicroStrategy, a prominent example of corporate bitcoin adoption, has purchased $10B (AU$16B) worth of Bitcoin and plans to acquire another $42B (AU$67.5B) using equity financing.

MicroStrategy 是企业采用比特币的一个突出例子，它已经购买了价值 10B 美元（AU$16B）的比特币，并计划通过股权融资再收购 42B 美元（AU$67.5B）。

On the other hand, Bitcoin mining companies like Marathon Digital (MARA) and Riot Platforms (RIOT) have followed suit, issuing convertible notes to fund additional Bitcoin purchases. These strategies, which are often referred to as the “MicroStrategy playbook”, aim to strengthen company balance sheets and increase stock value by leveraging bitcoin investments.

另一方面，Marathon Digital (MARA) 和 Riot Platforms (RIOT) 等比特币挖矿公司也纷纷效仿，发行可转换票据来为额外的比特币购买提供资金。这些策略通常被称为“MicroStrategy 剧本”，旨在通过利用比特币投资来强化公司资产负债表并增加股票价值。

Ostrovskis also noted that this trend complements the growing impact of Bitcoin exchange-traded funds (ETFs), which are enabling pension and sovereign wealth funds to enter the market. However, he stated that corporates, with their more flexible capital, may act more quickly than institutional investors that are tied to traditional funds.

奥斯特洛夫斯基斯还指出，这一趋势补充了比特币交易所交易基金（ETF）日益增长的影响力，使养老金和主权财富基金能够进入市场。不过，他表示，企业拥有更灵活的资本，可能比与传统基金挂钩的机构投资者行动更快。

Traditional hedge funds, which were previously awaiting ETFs for crypto access, are also entering the market. These firms are now applying equity trading strategies to cryptocurrencies, reflecting a shift in their investment approaches. Ostrovskis predicts that similar strategies could soon extend to ETH.

此前等待 ETF 进入加密货币的传统对冲基金也正在进入市场。这些公司现在将股票交易策略应用于加密货币，反映出他们投资方式的转变。奥斯特洛夫斯基斯预测，类似的策略可能很快就会扩展到 ETH。

However, not everyone is convinced that Bitcoin is the only way to strengthen a company's balance sheet. Microsoft recently rejected Saylor's pitch in which he attempted to convince the firm's board to allocate a portion of the treasury into BTC.

然而，并非所有人都相信比特币是增强公司资产负债表的唯一途径。微软最近拒绝了塞勒的提议，他试图说服公司董事会将部分资金分配给比特币。

According to CNA, MicroStrategy and Japan-based Metaplanet have added to their Bitcoin holdings in their latest purchases, further cementing their strategies of long-term BTC acquisition.

据 CNA 报道，MicroStrategy 和日本 Metaplanet 在最近的购买中增加了比特币持有量，进一步巩固了他们长期收购 BTC 的战略。

MicroStrategy, led by Michael Saylor, disclosed the purchase of 5,262 BTC at a cost of $561M (AU$902M), averaging $106,662 (AU$171,555) per coin. This brings the company's total holdings to 444,262 BTC, acquired at an average price of $62,257 (AU$100,134) per coin, for a total of $27.7B (AU$43B).

由 Michael Saylor 领导的 MicroStrategy 披露，以 5.61 亿美元（9.02 亿澳元）的价格购买了 5,262 枚比特币，平均每枚代币为 106,662 美元（171,555 澳元）。这使得该公司的总持有量达到 444,262 BTC，以每枚代币 62,257 美元（AU$100,134）的平均价格购买，总价值为 $27.7B（AU$43B）。

Meanwhile, Metaplanet, which is often called the “MicroStrategy of the East”, purchased an additional 619.7 BTC for approximately ¥9.5B (AU$96M). This acquisition brings its total holdings to 1,761.98 BTC for ¥20B (AU$20M), averaging ¥11,846,002 (AU$120,637) per coin.

与此同时，通常被称为“东方 MicroStrategy”的 Metaplanet 以约 ¥9.5B（AU$96M）额外购买了 61​​9.7 BTC。此次收购使其总持有量达到 1,761.98 BTC，价格为 20B 日元（2000 万澳元），平均每枚代币价格为 11,846,002 日元（120,637 澳元）。