越来越多的上市公司宣布将比特币（BTC）添加到其公司国库中的计划

购买狂欢是由策略（以前是MicroStrategy）普及的，其侵略性比特币积累蓝图激发了一波模仿者。

A growing number of publicly listed companies are announcing plans to add Bitcoin (BTC) to their corporate treasuries, a trend that has begun to raise eyebrows.

越来越多的上市公司宣布计划将比特币（BTC）添加到其公司国库中，这一趋势已经开始引起人们的注意。

At least 22 entities included Bitcoin as a reserve asset in a 30-day period to June 11, according to BitcoinTreasuries.net.

据BitCoinReasuries.net称，至少有22个实体将比特币作为储备资产。

The buying spree was popularized by Strategy (formerly MicroStrategy), whose aggressive Bitcoin accumulation blueprint has inspired a wave of imitators. While some companies are praised for their strategic vision, critics say others are entering the space with weak financials and are using Bitcoin as a lifeline rather than out of long-term belief.

购买狂欢是由策略（以前是MicroStrategy）普及的，其侵略性比特币积累蓝图激发了一波模仿者。批评者说，尽管一些公司因其战略愿景而受到赞扬，但其他公司则以薄弱的财务进入该空间，并将比特币用作生命线，而不是长期信念。

“What worries me are the copycats,” said Fakhul Miah, managing director at GoMining Institutional.

“令我担心的是模仿者，” Gomining Institutional的董事总经理Fakhul Miah说。

Standard Chartered Bank warned in a June 3 research report that half of corporate treasuries risk going underwater if BTC falls below $90,000, while a 22% drop below average purchase prices could force selloffs and liquidations.

标准特许银行在6月3日的一份研究报告中警告说，如果BTC低于90,000美元，则一半的公司国库可能会在水下冒险，而低于平均水平的价格低于平均水平的价格可能会迫使抛售和清算。

Possible reversal on Bitcoin buying pressure

可能逆转比特币购买压力

Strategy CEO Michael Saylor started accumulating Bitcoin in August 2020 and has used a range of fundraising methods to finance purchases, including stock offerings, convertible debt and secured loans. The company is the world’s largest corporate Bitcoin holder with 582,000 BTC in its wallets, as of June 11.

战略首席执行官迈克尔·塞勒（Michael Saylor）于2020年8月开始积累比特币，并使用了一系列筹款方法来为购买提供资金，包括股票产品，可转换债务和有抵押贷款。截至6月11日，该公司是全球最大的公司比特币持有人，其钱包中有582,000 BTC。

“At the time, [spot Bitcoin ETFs] didn’t exist. If you were a corporation without the infrastructure to self-custody Bitcoin, MicroStrategy gave you a shortcut. You could just buy their stock and get indirect Bitcoin exposure,” said Miah.

“当时，[现场比特币ETF]不存在。如果您是一家没有自我客户比特币基础设施的公司，MicroStrategy为您提供了捷径。您可以只购买他们的股票并获得间接的比特币曝光，” Miah说。

Bitcoin exchange-traded funds (ETFs) were approved in the U.S. in January 2024, debuting with over $4.5 billion in trading volume. Among the issuers is BlackRock, the world’s largest asset manager. Its iShares Bitcoin Trust recently became the fastest ETF in history to pass $70 billion in assets under management.

比特币交易所贸易资金（ETF）于2024年1月在美国批准，以超过45亿美元的交易量首次亮相。发行人中有世界最大的资产经理贝莱德。它的iShares比特币信托最近成为历史上最快的ETF，该公司通过管理的资产为700亿美元。

In Q2 2025, a new phase of institutional adoption began. Rather than gaining indirect exposure through Strategy or ETFs, some companies are now positioning themselves as the proxy by adding Bitcoin to their corporate treasuries.

在2025年第2季度，开始了一个新的机构采用阶段。一些公司现在没有通过策略或ETF获得间接的曝光率，而是通过向公司国库中添加比特币来将自己定位为代理人。

Corporate Bitcoin treasuries are fueling demand but introduce systemic risks. A sharp price drop could trigger cascading liquidations, while regulatory and market maturation may erode the premium for Bitcoin proxy stocks, said Geoff Kendrick, head of digital assets at Standard Chartered Bank, in a June 3 note to investors.

企业比特币国库正在加剧需求，但会引入系统性风险。 6月3日在6月3日对投资者的票据中，标准特许银行的数字资产负责人杰夫·肯德里克（Geoff Kendrick）表示，价格下跌可能会触发级联清算，而监管和市场成熟可能会侵蚀比特币代理股票的保费。

Most of these Bitcoin treasuries are trading at net asset value (NAV) multiples greater than one, meaning their market capitalization exceeds the value of the Bitcoin they hold. The British bank’s analyst said this discrepancy exists because regulatory constraints in some jurisdictions prevent direct crypto investments or ETFs, making Bitcoin-holding companies a workaround for institutional investors.

这些比特币国库中的大多数都以大于1的净资产价值（NAV）倍数进行交易，这意味着它们的市值超过了其持有的比特币的价值。英国银行的分析师表示，这种差异之所以存在，是因为某些司法管辖区的监管限制阻止了直接的加密投资或ETF，从而使比特币持有的公司成为机构投资者的解决方法。

Kendrick warned that this dynamic may not last. As the global regulatory landscape evolves and Bitcoin ETFs become more widely available, demand for proxy exposure will likely diminish. When that happens, companies trading at inflated NAV multiples could see their valuations pressured downward, especially if their core business doesn’ node support such premiums.

肯德里克警告说，这种动态可能不会持续。随着全球监管景观的发展，比特币ETF变得越来越广泛，对代理风险的需求可能会减少。发生这种情况时，在膨胀的NAV倍数上交易的公司可能会看到其估值向下压力，尤其是如果他们的核心业务不支持此类溢价。

Bitcoin treasury companies are not Strategy

比特币国库公司不是战略

Strategy still holds 71% of Bitcoin in public treasuries, a position built over years through a mix of equity and debt. Many recent entrants have taken on aggressive leverage to buy in at much higher price levels.

战略仍然占据了公共国库中比特币的71％，这是通过股权和债务组合来建立的几年中的职位。许多最近的参赛者采取了积极的杠杆作用，以更高的价格购买。

This concentration of holdings, combined with debt-funded positions, means any sharp move lower in BTC could trigger forced liquidations.

这种持有的集中度，结合债务资助的头寸，意味着BTC中的任何急剧移动都可能触发强制清算。

Not all Bitcoin treasury entrants are as battle-tested as Strategy. Unlike these newer players, Strategy outlasted the 2022 crypto crash, when Bitcoin dropped more than 50% — to $15,500 from around $31,000 — without being forced to sell.

并非所有比特币国库参赛者都像战略一样进行战斗测试。与这些较新的玩家不同，策略超过了2022年的加密货币，当时比特币从31,000美元左右下降了50％以上（至15,500美元），而不会被迫出售。

At the time, Strategy’s average Bitcoin purchase price was around $31,000, and it endured significant unrealized losses.

当时，策略的平均比特币购买价格约为31,000美元，并且遭受了重大未实现的损失。

The ability for the new generation of Bitcoin treasury companies to withstand a similar correction remains to be seen, and more alternatives are opening up.

新一代比特币国库公司承受类似更正的能力还有待观察，更多的替代方案正在开放。

Miah said that institutional interest in Bitcoin is no longer limited to ETFs and indirect exposures, as mining is becoming more attractive.

Miah说，随着采矿变得越来越有吸引力，对比特币的机构兴趣不再限于ETF和间接暴露。

“Mining produces virgin Bitcoin — coins with no transaction history. That’s extremely valuable to institutions and sovereign entities because it’s clean, traceable and regulator-friendly. No worries about tainted coins linked to illicit activity,” he said.

他说：“采矿业生产原始的比特币 - 没有交易历史记录的硬币。这对于机构和主权实体非常有价值，因为它干净，可追溯和调节器友好。不用担心与非法活动有关的污染硬币。”

For some institutions, mining can offer a reliable alternative to adding Bitcoin to their balance sheets. However, Bitcoin mining is notoriously competitive, and its rewards — paid in Bitcoin — are halved every four years through a process called halving.

对于某些机构，采矿可以为在资产负债表中添加比特币的可靠替代方案。但是，众所周知，比特币采矿具有竞争力，其奖励（用比特币支付）每四年通过称为“减半”一半。

The last halving took place in 2024, and the next is expected in 2028, when the block reward will drop to 1.625 BTC every 10 minutes.

最后一个减半发生在2024年，预计将在2028年进行，当时票据奖励每10分钟降至每10分钟1.625 BTC。

Bitcoin’s mission

比特币的任务