加密，比特币和公司ho积：一种可持续的战略？

企业比特币是在锅中还是金融的未来？我们深入研究这种趋势的可持续性，所涉及的风险以及潜在的替代方案。

Crypto, Bitcoin, and Corporate Hoarding: A Sustainable Strategy?

加密，比特币和公司ho积：一种可持续的战略？

Corporate hoarding of Bitcoin is all the rage, but is it a sustainable strategy? With more companies adding Bitcoin to their treasuries, concerns are rising about the long-term viability of this trend. Let's unpack the key issues.

比特币的企业ho积是风暴，但这是一种可持续的战略吗？随着越来越多的公司在国库中增加了比特币，人们对这种趋势的长期生存能力引起了人们的关注。让我们解开关键问题。

The Rise of Bitcoin Treasuries

比特币国库的兴起

The first half of 2025 saw a surge of corporate entities embracing Bitcoin as a treasury asset. According to recent data, 51 corporate entities have added Bitcoin to their treasuries. Additionally, 21 publicly traded companies have announced their adoption of Bitcoin as a treasury asset. This increased interest is viewed positively by the crypto community, but some experts warn that this growth might not be sustainable. Is everyone jumping on the bandwagon a little too late?

2025年上半年，有一个将比特币作为国库资产的公司实体激增。根据最近的数据，有51个公司实体在其国库中增加了比特币。此外，有21家公开交易的公司宣布采用比特币作为国库资产。加密货币社区积极看待这种兴趣，但一些专家警告说，这种增长可能是不可持续的。每个人都在为时已晚吗？

Unsustainable Practices? Expert Opinions

不可持续的做法？专家意见

James Check, a Glassnode analyst, raised concerns about companies adopting Bitcoin too quickly. He suggests that many are using BTC as a financial engineering strategy rather than a hedge against inflation. Check points out, "Nobody wants the 50th treasury company." His worry is that startups are entering the Bitcoin treasury space primarily for short-term gains.

GlassNode分析师James Check提出了对公司采用比特币过快的担忧。他建议许多人将BTC用作金融工程策略，而不是反对通货膨胀的对冲。检查指出：“没有人想要第50财政部公司。”他担心的是，初创公司主要是为了短期增长而进入比特币国库空间。

Matthew Sigel of VanEck echoed these concerns, noting that Bitcoin treasury companies often raise capital through large at-the-market programs to buy BTC, which he describes as capital erosion rather than formation. Emil Sandstedt of Bitcoin Magazine goes further, suggesting that some of these companies are operating like Ponzi schemes.

Vaneck的Matthew Sigel呼应了这些担忧，并指出比特币财政部经常通过大型在市场上购买BTC的计划筹集资金，他将其描述为资本侵蚀而不是形成。比特币杂志的埃米尔·桑德斯特（Emil Sandstedt）进一步发展，表明其中一些公司像庞氏骗局一样运作。

Key Reasons for Concern

关注的关键原因

Experts highlight several reasons why the current Bitcoin treasury model may be unsustainable:

专家强调了当前比特币国库模型可能不可持续的几个原因：

• Lack of Revenue Generating Models: Many new Bitcoin treasury firms lack a core business outside of holding BTC. Their reliance on speculative BTC growth makes them vulnerable to market downturns.
• Overconcentration of Risk: Allocating the majority of treasury assets to Bitcoin exposes companies to extreme volatility.
• Regulations and Liquidity Risks: Increasing crypto regulations could lead to liquidity freezes, reporting burdens, and forced divestments.

The MicroStrategy Playbook

Microstrategy剧本

Many companies are attempting to replicate MicroStrategy's success, but without the same level of conviction or capital reserves. This focus on hype could ultimately lead to their downfall, potentially impacting the broader BTC market cap.

许多公司试图复制Microstrategy的成功，但没有相同的信念或资本储备。对炒作的关注最终可能导致它们的倒台，并可能影响更广泛的BTC市值。

Alternatives to Bitcoin Treasuries

比特币国库的替代品

Given the risks associated with Bitcoin treasuries, investors might consider alternative strategies to navigate the market:

鉴于与比特币国库相关的风险，投资者可能会考虑替代市场的替代策略：

• Token6900: A speculative meme coin with a fixed cap, designed for short-term gains and community engagement.
• Snorter: An automated trading system for Solana-based meme coins, offering fast swaps and robust protection.
• SUBBD: A utility-centric project powering a content creation platform, providing a long-term hedge with diverse revenue streams.

US BTC-Spot ETF Inflows Offer Support Amid Trade Uncertainty

在贸易不确定性的情况下，美国BTC点ETF流入提供支持

Despite trade uncertainties, US BTC-spot ETF flow trends remain pivotal. Last week, ETF issuers reported net inflows of $769.5 million despite outflows of $342.2 million on July 1. An upbeat US Jobs Report eased fears of a US recession, boosting demand for BTC-spot ETFs. Net inflows of $601.8 million on July 3 sent BTC to a session high of $110,583.

尽管贸易不确定性，但美国BTC-SPOT ETF流动趋势仍然保持关键。上周，ETF发行人报告说，尽管7月1日流出了3.422亿美元，但净流入净额为7.695亿美元。一份乐观的美国就业报告缓解了对美国衰退的担忧，从而增加了对BTC SPOT ETF的需求。 7月3日，净流入为6.68亿美元，将BTC送到了110,583美元的会议高点。

The Bottom Line

底线

The rise of Bitcoin treasury companies is causing some to pump the brakes. As fears mount about a potential bubble burst, exploring alternative crypto investments might be a prudent move. While most focus on short-term, meme-driven gains, the strong communities forming around these projects could sustain momentum in the long run. Just remember, always do your own research and never invest more than you can afford to lose. After all, in the wild world of crypto, it's always good to have a little fun, right?

比特币国库公司的兴起正在导致一些刹车。由于担心潜在的泡沫破裂，探索其他加密投资可能是一个审慎的举动。尽管大多数人专注于短期，模因驱动的收益，但从长远来看，围绕这些项目形成的强大社区可以维持动力。请记住，始终做自己的研究，从不投资超出您负担得起的损失。毕竟，在加密世界的野生世界中，玩得开心总是很好，对吗？