从战略比特币的公司活动的第2天开始关键要点

战略比特币公司活动的第2天为比特币（BTC）的机构叙事带来了新的动力

Day 2 of Strategy’s Bitcoin for Corporations event brought fresh momentum to Bitcoin’s (BTC) institutional narrative, with new announcements from Strive Asset Management and Strategy aiming to expand adoption in boardrooms and balance sheets.

战略比特币公司活动的第2天为比特币（BTC）的机构叙述带来了新的动力，旨在扩大在董事会和资产负债表中采用的努力资产管理和战略的新公告。

Strive Unveils BTC Treasury Company and Tax-Efficient Swap

努力揭露BTC财政公司和税收提高掉期

Strive Asset Management revealed plans to launch a public Bitcoin treasury company, applying institutional finance tools to make BTC a viable asset class for corporations.

Strive Asset Management揭示了开设一家公共比特币财政公司的计划，应用机构财务工具使BTC成为公司的可行资产类别。

Drawing on his experience managing $70 billion at CalPERS, CEO and CIO Matt Cole highlighted Strive’s approach to unlocking long-term shareholder value while steadily accumulating Bitcoin.

利用他在CALPERS管理700亿美元的经验，首席执行官和CIO Matt Cole强调了Strive的方法可以解锁长期股东价值，同时稳步积累比特币。

One highlight was the tax-free BTC-for-equity swap, which would allow investors to exchange Bitcoin for shares without triggering capital gains tax.

一个亮点是免税的BTC-For-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for-for股份交易。

Strive also plans to merge with undervalued, cash-rich public companies, using that capital to acquire BTC at a discount, turning a distressed equity situation into a BTC accumulation strategy.

Strive还计划与被低估的，现金丰富的上市公司合并，利用该资本以折扣价购买BTC，将苦恼的权益状况变成BTC的积累策略。

To expand exposure while managing risk, Strive will lean on hedged leverage, structured securities, and options, leveraging institutional-grade financial tactics.

为了在管理风险的同时扩大风险，努力将依靠对冲杠杆，结构性证券和期权，利用机构级的财务策略。

The company announced on stage that it is going public via a reverse merger with Asset Entities, granting it faster access to capital and a platform for broader Bitcoin education and brand visibility.

该公司在舞台上宣布，它将通过与资产实体进行反向合并，允许其更快地获得资本，并获得更广泛的比特币教育和品牌知名度的平台。

A pro-Bitcoin board featuring Jeff Walton, Ben Workman, and Roy from OIC has been assembled to support these efforts and drive fast, BTC-aligned decisions.

由杰夫·沃尔顿（Jeff Walton），本·沃尔顿（Ben Workman）和来自OIC的罗伊（Roy）组成的专业币委员会已组装，以支持这些努力，并迅速推动BTC一致的决定。

With less than 1% of public companies holding Bitcoin, Strive is betting on that number rising quickly.

由于不到1％的上市公司持有比特币，努力正在赌注迅速上升。

Strategy’s New Bitcoin Startup Hub in Virginia

策略在弗吉尼亚州的新比特币启动枢纽

Meanwhile, Strategy is doubling down on infrastructure with the launch of the Bitcoin Hub—a dedicated space for Bitcoin entrepreneurs, developers, and startups based at the company’s Tysons, Virginia headquarters.

同时，通过推出比特币枢纽的策略正在加倍基础设施，这是一个专门的空间，用于比特币企业家，开发人员和基于该公司的泰森斯州弗吉尼亚州弗吉尼亚州总部的创业公司。

Ed Juline, Director of Bitcoin Advocacy at Strategy, unveiled the space during his Day 2 address.

比特币倡导策略倡导主任埃德·朱琳（Ed Juline）在他的第2天讲话中宣布了该空间。

The Hub features professional office space, event venues, and community resources. Current residents include a Bitcoin-focused PR agency, sustainable mining projects, and teams developing Bitcoin-backed stablecoins.

该枢纽具有专业的办公空间，活动场所和社区资源。目前的居民包括一个以比特币为重点的公关机构，可持续采矿项目以及开发比特币支持的Stablecoins的团队。

Strategy plans to house up to 30 residents by year-end, with applications reopening in late July.

策略计划在年底时最多容纳30名居民，并在7月下旬重新开放。

The initiative supports the broader Bitcoin community through monthly events like DC BitDevs, internal Bitcoin education for Strategy employees, and curated discussions with thought leaders.

该计划通过每月一次的活动，例如Bitdevs，为战略员工的内部比特币教育以及与思想领导者进行讨论，以支持更广泛的比特币社区。

New Financial Standard for Bitcoin

比特币的新财务标准

In a closing presentation, Strategy CEO Phong Le argued for a major rethink of how companies measure success and make financial decisions when Bitcoin is part of the balance sheet.

战略首席执行官Phong Le在结束演讲中主张重新考虑公司如何衡量成功并在比特币是资产负债表的一部分时做出财务决策。

“Just as individuals assess purchases like a house or a Lamborghini by comparing long-term value, companies should use similar models to evaluate their Bitcoin holdings and funding options,” Le said.

“正如个人通过比较长期价值来评估诸如房屋或兰博基尼之类的购买一样，公司也应使用类似的模型来评估其比特币持有和资金选择，” Le说。

He introduced alternative metrics like BTC dollar income, BTC value, and BTC torque—designed to replace outdated models when evaluating equity issuance, bond sales, or capital allocation.

他引入了替代指标，例如BTC美元收入，BTC价值和BTC扭矩，在评估股权发行，债券销售或资本分配时，设计了替换过时的模型。

Le illustrated how a company issuing $100 million in equity at a 2x MNAV might generate $50 million in dilution—but also $50 million in BTC gain, showcasing the trade-off between fiat dilution and Bitcoin appreciation.

Le说明了一家以2倍MNAV发行1亿美元的股权的公司可能会产生5000万美元的稀释度，但还可以享受5000万美元的BTC收益，从而展示了FIAT稀释和比特币欣赏之间的权衡。

He also compared equity vs. bond issuance, pointing out that convertible bonds create less dilution—and even better, STRFs (perpetual preferred bonds) offer more BTC upside with minimal equity dilution.

他还比较了权益与债券发行，并指出可转换债券会减少稀释，甚至更好的是，STRF（永久优先债券）提供了更多的BTC上空，而股权稀释最少。

On the debt side, Le proposed integrating BTC into credit rating models, noting that companies should consider the risk of becoming undercollateralized over time due to BTC volatility and price movement.

在债务方面，LE提议将BTC整合到信用评级模型中，并指出公司应考虑由于BTC波动性和价格转移而随着时间的推移而变得不足的风险。

“Traditional bond analysis misses the point when Bitcoin’s involved. We need models that reflect the asset’s long-term nature,” he said.

他说：“传统的债券分析错过了比特币涉及的观点。我们需要反映资产长期性质的模型。”