Metaplanet的比特币溢价达到每枚硬币近60万美元

根据10倍研究的一份报告，Metaplanet的股东在投资日本公司时要支付的比特币（BTC）溢价超过五倍。

Japanese investment firm Metaplanet’s Bitcoin premium has reached almost $600,000 per coin, as Asia’s leading Bitcoin treasury firm pushes forward with its plan to purchase 21,000 BTC by 2026.

日本投资公司Metaplanet的比特币溢价已达到每枚硬币近60万美元，因为亚洲领先的比特币财政部公司推动了其计划到2026年购买21,000 BTC的计划。

Metaplanet’s stockholders are paying more than a fivefold premium on Bitcoin (BTC) when investing in the Japanese company, according to a report by 10x Research published on May 27.

根据5月27日发表的10倍研究的报告，Metaplanet的股东在投资日本公司时要支付的比特币（BTC）溢价超过五倍。

“A little-known Japanese stock trades as if Bitcoin were being sold for $596,154, more than five times its actual price,” the report states.

报告指出：“鲜为人知的日本股票交易，好像比特币以596,154美元的价格出售，是实际价格的五倍以上。”

Investors who don’t understand the importance of a firm’s net asset value (NAV) may be “dramatically overpaying for their Bitcoin exposure” on a position that doesn’t provide additional upside leverage, the report adds.

该报告补充说，那些不了解公司净资产价值（NAV）重要性的投资者可能“对其比特币的曝光率大大付费”，而该职位无法提供额外的上行杠杆作用。

The NAV represents the per-unit price of a fund, calculated by dividing the fund’s total assets minus its liabilities by the number of outstanding shares.

NAV代表基金的每单位价格，通过将基金的总资产除以其负债除于流通股数量来计算的。

Related: $1M Bitcoin by 2030: Big names predict massive debt-driven BTC rally

相关：到2030年到2030年的100万美元比特币：知名人士预测大规模债务驱动的BTC Rally

Despite the significant premium, Bitcoin treasury firms like Metaplanet and Strategy are important for Bitcoin’s mass adoption, as entities that are front-running “global hyperbitcoinization,” a potential $200 trillion market opportunity, according to Adam Back, co-founder and CEO of Blockstream (NASDAQ:BLOCK) and the inventor of Hashcash.

尽管有很高的溢价，但比特币金库公司（例如Metaplanet和策略）对于比特币的大规模采用至关重要，因为BlockStream（Nasdaq：Block）的联合创始人兼首席执行官Adam Back表示，是领先的“全球超额竞标”的实体，这是一个潜在的200万亿美元市场机会。

Metaplanet is Asia’s largest and the world’s 10th-largest corporate Bitcoin holder, with over 7,800 BTC worth $855 million, representing 0.037% of the total supply, Bitbo data shows.

Bitbo数据显示，Metaplanet是亚洲最大，也是全球第十大公司比特币持有人，拥有7,800 BTC的价值超过8.55亿美元，占总供应量的0.037％。

The report comes nearly two weeks after Metaplanet purchased 1,004 BTC for $104.6 million on May 19, marking its second-largest investment to date.

该报告是在Metaplanet于5月19日以1.06亿美元购买了1,004 BTC的近两个星期，标志着其迄今为止的第二大投资。

Despite the fivefold premium, proxy stocks are becoming more attractive to retail investors, as Bitcoin’s high price tag is discouraging direct retail participation, according to 10x Research CEO and head of research, Markus Thielen.

尽管10倍研究首席执行官兼研究主管Markus Thielen表示，尽管比特币的高价标签不鼓励直接零售参与，但代理股票越来越有吸引力，因此代理股票变得越来越有吸引力。

“Retail is only like 7% of the Bitcoin market, and that peaked toward December 2023,” Thielen told Cointelegraph, adding that retail investors “tuned out” from Bitcoin when it first crossed the $45,000 mark, which is the average cost of a new car in the US.

Thielen告诉Cointelegraph：“零售业仅占比特币市场的7％，而在2023年12月达到了顶峰。”他补充说，当零售投资者首次超过了45,000美元的大关时，散户投资者从比特币中“调整过”，这是美国新车的平均成本。

Related: Bitcoin’s new highs may have been driven by Japan bond market crisis

相关：比特币的新高点可能是由日本债券市场危机驱动的

Investors are paying a Bitcoin premium due to a lack of education

由于缺乏教育，投资者正在支付比特币保费

Other Bitcoin treasury firms are also trading at significant markups compared with spot Bitcoin prices.

与现货比特币价格相比，其他比特币国库公司也以显着标记的价格进行交易。

Michael Saylor’s Strategy is currently being valued at an implied Bitcoin price of $174,100, a premium which “isn’t extreme but still significant,” the report notes, adding:While existing shareholders “cheer this on,” this may dilute the NAV per share over time, which is a cost “borne entirely by the new shareholders,” the report states.

报告指出，迈克尔·赛勒（Michael Saylor）的策略目前正在以隐含的比特币价格为174,100美元，这是“不极端但仍然很重要”的溢价，并补充说：虽然现有股东“为此加油助威”，但这可能会随着时间的推移而稀释NAV，这是新股东完全由新股东支付的成本。