NYDIG 准备将保险浮动资金转化为比特币支持的贷款

Stone Ridge 子公司 NYDIG 正准备引导最大的资本库之一，此举可能重塑比特币借贷市场

Bitcoin (BTC) lending is set to undergo a major transformation, as Stone Ridge subsidiary NYDIG prepares to channel one of the largest capital pools in traditional finance – insurance float – into BTC-backed loans. The news, detailed in the 2024 Investor Letter from Stone Ridge CEO Ross Stevens, has garnered immediate industry attention following its publication on December 30.

随着 Stone Ridge 子公司 NYDIG 准备将传统金融中最大的资本池之一——保险浮存金——引入比特币支持的贷款，比特币（BTC）贷款将经历重大转型。 Stone Ridge 首席执行官罗斯·史蒂文斯 (Ross Stevens) 在 2024 年投资者信函中详细介绍了这一消息，该消息于 12 月 30 日发布后立即引起了业界关注。

A Potential Game-Changer For Bitcoin

比特币的潜在游戏规则改变者

Commenting on the development, Marathon Digital advisor Sam Callahan summed up the impact succinctly: “NYDIG is about to unlock one of the largest investable pools of capital in the entire financial system—insurance float—and channel it into Bitcoin-backed loans. This is a big deal.” According to Callahan, improved lending efficiency could lead to “lower loan costs,” reduced selling pressure on Bitcoin, and ultimately “increased scarcity” and “higher demand and price,” fuelling more institutional interest and broader adoption.

Marathon Digital 顾问 Sam Callahan 在评论这一进展时简洁地总结了其影响：“NYDIG 即将释放整个金融体系中最大的可投资资本池之一——保险浮存金——并将其引入比特币支持的贷款。这是一件大事。”卡拉汉表示，贷款效率的提高可能会导致“贷款成本降低”，减少比特币的抛售压力，最终“增加稀缺性”和“更高的需求和价格”，从而激发更多的机构兴趣和更广泛的采用。

Ross Stevens’ 2024 Investor Letter outlines how NYDIG, which has already facilitated billions of dollars in BTC-collateralized loans, now intends to expand by leveraging “float.” In insurance and asset management, float refers to investable capital held in reserve, often used to generate returns while maintaining coverage obligations.

罗斯·史蒂文斯 (Ross Stevens) 在 2024 年投资者信中概述了 NYDIG，该公司已经提供了数十亿美元的 BTC 抵押贷款，现在打算如何通过利用“浮动资金”进行扩张。在保险和资产管理中，浮动资金是指储备中持有的可投资资本，通常用于在维持承保义务的同时产生回报。

According to the letter: “Now that we know Bitcoin can generate cash flow upon a sale, how about using Bitcoin to generate cash flow upon a non-sale? […] Our Bitcoin subsidiary NYDIG is preparing to enable all HODLers, including Stone Ridge, to unsheathe their weapon – borrowed fiat at a low rate – in an amount, and at a time, that is right for them. […] Imagine floatpowered HODLing. […] Stay tuned.”

信中写道：“既然我们知道比特币可以在出售时产生现金流，那么使用比特币在非出售时产生现金流怎么样？ […] 我们的比特币子公司 NYDIG 正准备让包括 Stone Ridge 在内的所有 HODLers 拿出他们的武器——以低利率借入法币——在适合他们的时间和数额。 […]想象一下浮动动力的 HODLing。 […] 敬请关注。”

Bitcoin Lending Rates To Compress Towards Stock Margin Loan Levels

比特币贷款利率将压缩至股票保证金贷款水平

Stone Ridge’s vision positions Bitcoin-collateralized lending as potentially on par with traditional stock margin loans—both in risk profile and, eventually, in pricing. According to the letter, BTC’s realized volatility over the past five years falls within the 40th to 80th percentile of the largest 3,000 U.S. stocks, suggesting it is “about as risky as a typical U.S. stock.”

Stone Ridge 的愿景是将比特币抵押贷款定位为与传统股票保证金贷款同等的潜力——无论是在风险状况还是最终的定价方面。根据这封信，比特币过去五年的实际波动率落在美国最大的 3000 只股票的 40% 到 80% 之间，这表明它“与典型的美国股票的风险差不多”。

“That means Bitcoin-backed loans are realistically less, and certainly no more, risky than a plain vanilla, Reg T, U.S. stock margin loan,” the letter states, pointing out that current Bitcoin-backed loan rates—at “S + ~450 to ~950”—are out of line with the lower margin loan rates typical for stock financing. Stone Ridge projects a compression of this premium over time, pushing BTC-backed loans closer to the “Reg T margin loan neighborhood.”

信中指出，“这意味着比特币支持的贷款实际上比普通的 Reg T 美国股票保证金贷款风险更小，而且肯定不会更高。”信中指出，目前的比特币支持的贷款利率为“S + ~” 450 至 ~950”——与股票融资典型的较低保证金贷款利率不一致。 Stone Ridge 预计随着时间的推移，这一溢价将会压缩，从而推动 BTC 支持的贷款更接近“Reg T 保证金贷款社区”。

Insurance Float To The Rescue: Unlocking A Vast Capital Well For Bitcoin Lending

保险浮出水面救援：为比特币借贷释放巨额资金

Insurance float, famously leveraged by Warren Buffett’s Berkshire Hathaway (which increased its float from $114 billion in 2017 to $164 billion as of December 31, 2022), represents a massive well of investable capital. While Berkshire uses its float to finance acquisitions and investments, Stone Ridge aims to unlock similar avenues for BTC collateralization.

沃伦·巴菲特的伯克希尔·哈撒韦公司（伯克希尔·哈撒韦公司将其浮动资金从 2017 年的 1,140 亿美元增加到截至 2022 年 12 月 31 日的 1,640 亿美元）所利用的保险浮动资金代表了巨大的可投资资本。虽然伯克希尔利用其浮动资金为收购和投资提供资金，但 Stone Ridge 的目标是为 BTC 抵押开辟类似的途径。

Bringing this vast capital supply into Bitcoin could generate a powerful network effect. Stone Ridge’s letter envisions a cycle where greater liquidity and lower costs prevent premature selling of BTC (“HODLing”), thereby reducing supply on the open market. This reduced supply, in turn, could bolster BTC’s price, driving more institutional interest and heightened adoption.

将如此巨大的资本供应引入比特币可以产生强大的网络效应。 Stone Ridge 的信中设想了一个循环，即更大的流动性和更低的成本可以防止过早出售 BTC（“HODLing”），从而减少公开市场的供应。供应量的减少反过来可能会推高比特币的价格，从而推动更多机构的兴趣并提高采用率。

Callahan’s emphasis on the ramifications for BTC holders and the broader ecosystem echoes Stone Ridge’s bullish outlook: “NYDIG is about to unlock one of the largest investable pools of capital in the entire financial system… This is a big deal.”

Callahan 强调对 BTC 持有者和更广泛的生态系统的影响，这与 Stone Ridge 的乐观前景相呼应：“NYDIG 即将释放整个金融体系中最大的可投资资本池之一……这是一件大事。”

If successful, the initiative would allow BTC investors to leverage their holdings without resorting to outright sales, preserving potential upside while accessing fiat liquidity. A more efficient lending market, Stone Ridge argues, would sustain Bitcoin’s scarcity narrative, further strengthening institutional confidence and opening the possibility of broader mainstream participation.

如果成功，该举措将允许比特币投资者在不诉诸直接出售的情况下利用其持有的资产，在获得法定流动性的同时保留潜在的上涨空间。 Stone Ridge 认为，一个更高效的借贷市场将维持比特币的稀缺性，进一步增强机构信心，并为更广泛的主流参与提供可能性。

At press time, BTC traded at $92,881.

截至发稿时，BTC 交易价格为 92,881 美元。