上市公司可以将超过3000亿美元转移到比特币中

这种潜在的流入源于越来越多的企业采用以微观策略的侵略性比特币积累培养为基础的策略。

Public companies could channel over $300 billion more into Bitcoin over the next five years, according to a new report by analysts at asset management firm Bernstein.

根据资产管理公司伯恩斯坦（Bernstein）分析师的一份新报告，在未来五年内，上市公司可能会在未来五年内将超过3000亿美元的收入转移到比特币中。

This potential inflow stems from a growing number of corporates adopting a strategy modeled after MicroStrategy’s aggressive Bitcoin accumulation culture, disclosed in a recent report by Bernstein.

这种潜在的流入源于越来越多的企业采用以微观造成的侵略性比特币积累培养为模型的策略，这在伯恩斯坦最近的一份报告中揭示了。

The asset manager's base case outlines that between 2025 and 2030, listed corporations could direct nearly $205 billion into Bitcoin. An additional $124 billion is expected to come from companies replicating the capital deployment plan of Strategy (formerly Microstrategy), which currently holds 555,450 BTC purchased for a total cost of approximately $38.08 billion at an average price of $68,550 per coin. Most recently, Strategy added 1,895 BTC for $180 million.

资产经理的基本案例概述了2025年至2030年之间，上市公司可能会将近2050亿美元引入比特币。预计将另外一笔1,240亿美元来自复制资本部署战略计划（以前为MicroStrategy）的公司，该计划目前持有555,450 BTC的购买，总成本约为3808亿美元，平均价格为68,550美元。最近，策略以1.8亿美元的价格增加了1,895 BTC。

$MSTR has acquired 1,895 BTC for ~$180.3 million at ~$95,167 per bitcoin and has achieved BTC Yield of 14.0% YTD 2025. As of 5/4/25, we hodl 555,450 $BTC acquired for ~$38.08 billion at ~$68,550 per bitcoin. $STRK $STRF https://t.co/rusgfuyCTG

$ MSTR以约1.803亿美元的价格收购了1,895 BTC，每比特币95,167美元，BTC收益率为14.0％ytd 2025。截至5/4/25，我们HODL 5555,450 $ BTC以〜38.8亿美元的价格以〜68.550 $ 68,550的比例获得了BTC。 $ strk $ strf https://t.co/rusgfuyctg

— Michael Saylor (@saylor) May 5, 2025

- 迈克尔·塞勒（@saylor）2025年5月5日

These projections rely on the premise that more public companies with limited organic growth paths and large cash reserves will follow Strategy’s lead.

这些预测依赖于这样的前提：更多的有机增长路径和大量现金储备的上市公司将遵循战略的负责人。

Screened Firms May Drive Billions in Bitcoin Demand

筛选的公司可能会驱动数十亿比特币需求

Bernstein estimated that if just 20% of these screened companies allocated 25% of their treasury reserves to Bitcoin, it could generate approximately $190 billion in inflows.

伯恩斯坦估计，如果只有20％的筛选公司将其财政部储量的25％分配给比特币，则可能会产生约1900亿美元的流入。

The firm noted that such companies are typically low-growth and have surplus capital without productive avenues for reinvestment. As a result, Strategy’s approach may appeal to these firms as they seek new asset strategies.

该公司指出，此类公司通常是低增长，并且拥有盈余资本，而没有生产途径进行再投资。结果，战略的方法可能会吸引这些公司寻求新的资产策略。

Meanwhile, the share of total Bitcoin supply held by public companies has climbed to 3.4%, up from 1.3% at the end of 2023. This increase coincides with broader regulatory and accounting shifts. Data confirms that these companies hold a total of 720,898 BTC worth $67.8 billion at press time. Meanwhile, private firms hold 398,323 BTC currently valued at $37.44 billion.

同时，上市公司持有的总比特币供应份额已攀升至3.4％，高于2023年底的1.3％。这一增加与更广泛的监管和会计转变相吻合。数据证实，这些公司在发稿时总共拥有720,898 BTC，价值678亿美元。同时，私人公司持有398,323 BTC目前的价值374.4亿美元。

Market Conditions Support Expansion

市场条件支持扩展

The Bernstein report also highlighted Strategy's role in building institutional-grade instruments that facilitate access to Bitcoin.

伯恩斯坦的报告还强调了战略在构建促进比特币的机构工具中的作用。

Bernstein analysts observed that Strategy has been able to scale during multiple market cycles, although they cautioned that similar success is not guaranteed for others attempting to copy the model.

伯恩斯坦分析师观察到，策略能够在多个市场周期中进行扩展，尽管他们警告说，对于其他试图复制该模型的人来说，不能保证类似的成功。

Still, growing access to the capital markets and the decreasing float of available Bitcoin suggest that corporate adoption could tighten supply. Strategy Chairman Michael Saylor recently stated his intention to continue acquiring Bitcoin, noting a willingness to buy even at $1 million per coin and the potential for daily purchases of $1 billion.

尽管如此，越来越多地进入资本市场以及可用比特币的浮标的下降表明，公司采用可以收紧供应。战略主席迈克尔·塞勒（Michael Saylor）最近表示，他打算继续购买比特币，并指出即使以每枚硬币100万美元的价格购买，也有可能每天购买10亿美元。

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