二十一个资本的出现：战略性比特币集团

2025年4月，宣布了二十一首资本的建立，这是一家专注于对比特币的收购和管理的新公司。

The founders of new company Twenty One Capital have announced the firm with a focus on acquiring and managing Bitcoin (BTC). The company is starting with a portfolio of over 42,000 Bitcoin, equivalent to approximately US$3.6 billion, making it the third-largest institutional Bitcoin holder in the world.

New Company Two One Capital的创始人宣布了该公司，重点是收购和管理比特币（BTC）。该公司的投资组合超过42,000比特币，相当于大约36亿美元，使其成为世界上第三大机构比特币持有人。

According to a report by Benzinga, SoftBank is investing around US$900 million and will hold a minority interest in the company, which is being founded by a partnership between SoftBank, Tether Holdings SA, and Cantor Fitzgerald.

根据Benzinga的一份报告，软银投资约为9亿美元，并将在公司中拥有少数股权，该公司是由软银，Tether Holdings SA和Cantor Fitzgerald之间的合作伙伴关系建立的。

The company plans to finance further Bitcoin purchases through the issuance of convertible bonds and private equity placements. An initial target is to issue a convertible bond worth US$385 million and a private PE placement of US$200 million.

该公司计划通过发行可转换债券和私募股权安置来为比特币购买进一步购买。最初的目标是发行价值3.85亿美元的可转换债券，并签发2亿美元的私人体育债券。

The company will be led by Jack Mallers, a well-known figure in the Bitcoin payment infrastructure space.

该公司将由杰克·马拉尔（Jack Mallers）领导，杰克·马拉斯（Jack Mallers）是比特币支付基础设施领域的著名人物。

Also, Japan has been rolling over its policy of extremely low interest rates for decades to stimulate economic growth. However, this low interest rate policy has led investors to prefer transferring capital to higher-yielding markets, especially in the US, in a phenomenon known as the yen carry trade.

同样，日本在数十年来一直在推翻其极低利率的政策，以刺激经济增长。但是，这种低利率政策使投资者宁愿将资本转移到更高的市场，尤其是在美国，以一种称为日元携带贸易的现象。

Investors borrow yen at low interest rates and invest in assets with higher returns, leading to a massive outflow of capital from Japan.

投资者以低利率借用日元，并投资于具有较高回报的资产，从而导致资本流出大量。

One risk of this trade is that an appreciation of the yen makes it more expensive to repay the loans, thereby reducing investors’ profits or even causing losses.

这项交易的一种风险是，对日元的欣赏使偿还贷款的昂贵，从而减少了投资者的利润甚至造成损失。

An example of this was seen in July 2024, when the yen appreciated by 12% against the US dollar within a short period of time, causing considerable turmoil in the financial markets.

一个例子是在2024年7月举行的一个例子，当时日元在短时间内对美元升值12％，在金融市场中造成了相当大的动荡。

This is in contrast to the low interest rates in Japan, where the Bank of Japan (BOJ) kept rates at nearly zero throughout the year 2024.

这与日本银行（BOJ）在2024年将利率保持在近乎零的日本相反。

As the report highlights, SoftBank is a Japanese multinational conglomerate renowned for its vast investments in technology companies despite being a private company. It often acts in alignment with Japan’s strategic interests.

正如该报告所强调的那样，软银是一家日本跨国公司，尽管是一家私人公司，但以其在技术公司的巨大投资而闻名。它通常与日本的战略利益保持一致。

With access to cheap capital, SoftBank invests globally in technologies like autonomous driving, robotics, and artificial intelligence to ultimately strengthen Japan’s position in the global economy.

借助廉价资本，软银在自动驾驶，机器人技术和人工智能等技术上进行全球投资，以最终增强日本在全球经济中的地位。

The company’s involvement in Twenty One Capital can be viewed as a continuation of this strategy, enabling Japan to integrate into the digital asset space and benefit from global trends in the cryptocurrency market.

该公司参与二十一首资本可以被视为这种策略的延续，使日本能够融入数字资产空间，并从加密货币市场的全球趋势中受益。

The US benefits from the role of the US dollar as the global reserve currency. Through the Swift payment system, it controls global payment flows and can effectively implement economic sanctions. This control enables the US to assert its economic and political interests worldwide.

美国受益于美元作为全球储备货币的作用。通过Swift支付系统，它可以控制全球付款流动，并可以有效地实施经济制裁。这种控制使美国能够在全球范围内主张其经济和政治利益。

However, this dominance also raises concerns among other countries that want to reduce their dependence on the US dollar and the Swift system. The establishment of companies like Twenty One Capital can be seen as a step toward a more diversified global financial infrastructure that is less controlled by the US.

但是，这种主导地位也引起了其他国家，他们希望减少对美元和迅速制度的依赖。建立像二十一资本之类的公司可以看作是迈向更多元化的全球金融基础设施的一步。

The report from DeepChain further mentions that Tether Holdings SA, the issuer of the stablecoin USDT, holds significant amounts of US government bonds to ensure the stability of its tokens.

Deepchain的报告进一步提到，Stablecoin USDT的发行人Tether Holdings SA持有大量的美国政府债券，以确保其代币的稳定性。

In 2024, US government bonds in Tether’s portfolio amounted to approximately US$94 billion, making Tether the seventh largest holder of US government bonds worldwide.

2024年，Tether的投资组合中的美国政府债券约为940亿美元，使Tether成为全球美国政府债券的第七大持有人。

According to the report, Tether provides USDT, a stablecoin pegged to the US dollar, which enables the trading of digital assets outside the traditional banking system. This is particularly attractive for countries seeking to reduce their dependence on the US dollar and the Swift system.

根据该报告，Tether提供了USDT，这是一种与美元挂钩的Stablecoin，这使传统银行系统之外的数字资产交易。这对于寻求减少对美元和迅速系统的依赖的国家特别有吸引力。

The report concludes that Japan is also struggling with an economic dilemma as it keeps piling up massive amounts of debt to stimulate the economy.

该报告得出的结论是，日本还在努力陷入经济困境，因为它不断增加大量债务以刺激经济。

In addition, Japan holds significant amounts of US government bonds – around $1.125 trillion in February 25. Selling these bonds could strain relations with the US and have economic consequences.

此外，日本拥有大量的美国政府债券 - 2月25日约有1.125万亿美元。出售这些债券可能会使与美国的关系构成损害并产生经济后果。

In this context, investing in Bitcoin via Twenty One Capital offers Japan an opportunity to strengthen its economic sovereignty while benefiting from the advantages of digital assets.

在这种情况下，通过二十一个资本对比特币进行投资为日本提供了加强其经济主权的机会，同时从数字资产的优势中受益。

Bitcoin is increasingly seen as the digital equivalent of gold – a limited, decentralized, and globally accepted store of value. For Japan, investing in Bitcoin offers the opportunity to hold assets outside the sphere of influence of traditional financial systems.

比特币越来越被视为数字等效的黄金 - 有限，分散且全球可接受的价值存储。对于日本而言，投资比特币提供了机会，可以在传统金融系统的影响力领域以外持有资产。

Through its partnership with Tether and SoftBank, Japan can invest in Bitcoin via Twenty One Capital without being directly dependent on the US dollar. This allows for diversification of national reserves and strengthens economic independence.

通过与Tether和Softbank的合作，日本可以通过二十一个资本对比特币进行投资，而无需直接依赖美元。这允许多样化国家储备并加强经济独立性。

The initial investment of 42,000 Bitcoin by Twenty One Capital represents a significant market movement.

42,000比特币的初始投资二十一个资本代表了一个重大的市场发展。

According to the report, this amount is equivalent to about a quarter of the Bitcoin reserves currently held by the US.

根据该报告，该金额相当于美国目前持有的比特币储量的四分之一。

Such an entry by a major player is likely to influence the price in the short term, but also reduce liquidity in the long term and further exacerbate the scarcity of Bitcoin.

主要参与者的这种条目可能会在短期内影响价格，但从长远来看也可以减少流动性，并进一步加剧比特币的稀缺性。

In addition, this investment signals to other institutional investors the growing interest in Bitcoin as a strategic asset, which could lead to

此外，这项投资向其他机构投资者发出了对比特币作为战略资产日益增长的兴趣，这可能导致