MicroStrategy的比特币战略可能会导致3,300亿美元的公司投资

比特币迅速成为投机性的资产，它看起来像是公司国库的严肃选择。

Bernstein analysts believe that companies could invest up to $330 billion in Bitcoin over the next five years, with strategies like Michael Saylor’s Strategy (NASDAQ:MSTR) leading the way, according to a new report.

伯恩斯坦分析师认为，在未来五年内，公司可以在未来五年内投资3,300亿美元，并采用迈克尔·赛勒（Michael Saylor）的战略（纳斯达克股票代码：MSTR）的策略。

Their analysis, titled "Bitcoin Treasuries: Signposts on the Path to Mainstream Adoption," predicts that corporations will increasingly view Bitcoin as a viable asset for their treasuries.

他们的分析标题为“比特币国库：主流采用道路上的路标”，预测，公司将越来越多地将比特币视为其国库的可行资产。

In a prior report, Bernstein estimated that Strategy could ultimately integrate as much as $124 billion into its bitcoin acquisition plans. This level of investment would cement Strategy’s position as the leading corporation in the bitcoin treasury domain and might motivate other companies to adopt similar strategies.

伯恩斯坦在先前的报告中估计，策略最终可能将多达1.24亿美元纳入其比特币收购计划中。这种投资水平将巩固战略在比特币国库领域的领先公司的立场，并可能激励其他公司采用类似的策略。

“In our bull case, we expect MSTR to hyper scale its capital strategy, utilizing ~ $124 billion for bitcoin acquisition. This would bring its total bitcoin holdings to ~ 21 million coins by 2027, at which point it would cease new purchases,” the analysts explained.

分析师解释说：“在我们的公牛案中，我们预计MSTR将超越其资本战略，利用约1,240亿美元的比特币收购。这将使到2027年的总比特币持有量达到约2100万个硬币，这将停止新购买。”

Moreover, Bernstein identified a group of 30 U.S. companies, boasting over $100 million in cash reserves and minimal growth prospects, which could collectively contribute up to $190 billion in bitcoin holdings. Additionally, smaller, high-growth firms might invest an extra $11 billion by 2026.

此外，伯恩斯坦（Bernstein）确定了一组由30家公司组成的集团，拥有超过1亿美元的现金储备和最少的增长前景，这可以集体贡献高达1900亿美元的比特币控股。此外，到2026年，较小，高增长的公司可能会额外投资110亿美元。

Even more conservative estimates suggest that a modest $5 billion allocation from just ten large firms by 2027 could mark a turning point in mainstream corporate adoption.

甚至更保守的估计表明，到2027年，只有10家大公司的50亿美元分配可能标志着主流公司采用的转折点。

However, Bernstein cautions that Strategy’s model isn’t easily replicated. The firm’s success is attributed not just to its confidence in Bitcoin but also to its innovative financial engineering.

但是，伯恩斯坦警告说，策略的模型不容易复制。该公司的成功不仅归因于其对比特币的信心，还归因于其创新的金融工程。

“MSTR’s edge lies in its financial innovation in building the bitcoin-linked fixed-income stack. Not every Bitcoin treasury will be successful simply replicating MSTR’s playbook, in our view,” the analysts noted.

分析师指出：“ MSTR的优势在于建立与比特币连接的固定收益堆栈的财务创新。在我们看来，并非所有比特币国库都会成功复制MSTR的剧本。”

Strategy’s approach has redefined the boundaries of corporate finance. By developing and executing a sophisticated capital structure that includes Bitcoin-backed bonds and convertible notes, the company has created a financial model that most businesses—especially smaller or more traditional ones—are unlikely to match.

策略的方法重新定义了公司融资的界限。通过开发和执行包括比特币支持的债券和可转换票据的复杂资本结构，该公司创建了一种财务模型，大多数企业（尤其是较小或更传统的企业）不太可能匹配。

Since 2020, the company has acquired over 555,000 BTC, valued at around $38 billion, representing more than 2.6% of Bitcoin’s total supply. This aggressive accumulation has positioned Strategy as one of the largest institutional holders of Bitcoin globally.

自2020年以来，该公司收购了超过555,000 BTC，价值约380亿美元，占比特币总供应量的2.6％以上。这种积极的积累将战略定位为全球比特币最大的机构持有人之一。

As more companies integrate Bitcoin into their treasuries, we might be witnessing a major shift in how businesses manage their balance sheets. This report indicates that Bitcoin could soon become a regular component of corporate balance sheets—assisting companies in safeguarding against inflation, diversifying their holdings, and ultimately reshaping corporate finance in a significant way.

随着越来越多的公司将比特币整合到国库中，我们可能正在见证企业如何管理资产负债表的重大转变。该报告表明，比特币可能很快成为公司资产负债表的常规组成部分 - 协助公司保护通货膨胀，多样化其持股，并最终以很大的方式重塑公司融资。