比特币采集车的风险

许多公司正在采取积极的策略来购买比特币，遵循战略的步骤（以前是微型策略）。但是，数字资产银行Sygnum对这些所谓的比特币采集车的风险发出了警报。

Many companies are adopting aggressive strategies to buy Bitcoin, following in the steps of Strategy (formerly MicroStrategy). However, digital asset bank Sygnum has raised alarms about the risks associated with these so-called Bitcoin acquisition vehicles.

许多公司正在采取积极的策略来购买比特币，遵循战略的步骤（以前是微型策略）。但是，数字资产银行Sygnum对这些所谓的比特币采集车的风险发出了警报。

These companies are aiming to capitalize on Bitcoin’s rising value. However, Sygnum warns that their leveraged approaches could destabilize markets and attract regulatory scrutiny.

这些公司的目标是利用比特币的上升价值。但是，Sygnum警告说，他们的杠杆方法可能会破坏市场并吸引监管审查。

At least 61 firms with different core businesses have adopted Bitcoin as a reserve asset, and this trend doesn’t seem to slow down. In fact, many new firms have been established with business models centered exclusively on accumulating the largest cryptocurrency.

至少有61家具有不同核心业务的公司已采用比特币作为储备资产，这种趋势似乎并没有放慢速度。实际上，已经建立了许多新公司，其业务模式仅集中于累积最大的加密货币。

Unlike traditional firms with diversified operations, these companies function similarly to investment funds, raising capital specifically to acquire Bitcoin. This approach has helped to drive up Bitcoin’s price by attracting additional investment, particularly from investors seeking indirect exposure to digital assets.

与具有多元化业务的传统公司不同，这些公司的运作类似于投资基金，专门筹集了资本以获取比特币。这种方法通过吸引额外的投资有助于提高比特币的价格，尤其是寻求间接接触数字资产的投资者。

However, Sygnum cautions that the BTC-per-share growth model is not sustainable indefinitely. The heavy reliance on leverage, borrowing, or issuing equity to fund Bitcoin purchases exposes these firms to significant risks.

但是，Sygnum警告说，BTC的每股增长模型并非无限期可持续。严重依赖杠杆，借贷或发行股权来资助比特币购买，使这些公司面临着重大风险。

A bearish turn in the cryptocurrency market or a plateau in demand could force these companies to liquidate their Bitcoin holdings to cover debts or meet investor redemptions. Extreme Bitcoin price drops may prevent debt redemption, leading to insolvency risks.

加密货币市场或需求高原的看跌可能会迫使这些公司清算其比特币持有量以支付债务或满足投资者的赎回。极端比特币的价格下跌可能会阻止偿还债务，从而导致破产风险。

Moreover, liquidations could trigger sharp price declines, potentially destabilizing the broader cryptocurrency market and eroding investor confidence.

此外，清算可能会引发急剧的价格下降，可能破坏更广泛的加密货币市场并侵蚀投资者的信心。

“A saturation of demand coupled with a crypto bear market can lead to these vehicles having to sell Bitcoin which would exacerbate an already existing downtrend in the Bitcoin price – both as a result of the selling pressure and as a result of the impact this would have on sentiment. “Michael Saylor selling Bitcoin” would be a difficult headline for the crypto market to face,” Sygnum noted in its latest report.

“需求饱和加上加密熊市的市场可能会导致这些车辆不得不出售比特币，这将使已经存在的比特币价格下降趋势 - 这是由于销售压力的原因，并且由于这种影响会对情绪产生影响。

Regulatory risks also remain a significant concern. Sygnum pointed out that Bitcoin treasury firms are implementing an investment strategy but are generally not regulated as financial institutions, which could expose them to potential regulatory challenges.

监管风险也仍然是一个重大问题。 Sygnum指出，比特币国库公司正在实施一项投资策略，但通常不作为金融机构受到监管，这可能会使他们面临潜在的监管挑战。

“Although the current political and regulatory climate in the US lowers this risk (or could result in only very minimal penalties if any), future elections may shift the balance and/or new legislation may be passed which could increase the heat on these firms and their actions may come under the microscope,” the bank added.

银行补充说：“尽管美国当前的政治和监管气候降低了这一风险（或者如果有的话，可能只会受到很少的惩罚），但未来的选举可能会改变平衡和/或新立法，这可能会增加这些公司的热量，并且其行动可能会在显微镜下。”

The report also highlighted that concentration poses risks. Sygnum explained that large Bitcoin holdings by a few entities could reduce Bitcoin’s liquidity and increase volatility. Moreover, it could undermine its appeal as a reserve asset for central banks.

该报告还强调，集中度会带来风险。 Sygnum解释说，一些实体的大量比特币持有可以降低比特币的流动性并增加波动性。此外，它可能会破坏其作为中央银行储备资产的上诉。

“Large, concentrated holdings are a risk for any asset and at this point (Micro)Strategy’s holdings are approaching a point where they become problematic, with the company holding close to 3 percent of the total Bitcoin ever issued but a much higher share of the actual liquid supply.”

“大型，集中的持股是任何资产的风险，此时（微型）策略的持股正接近有问题的地步，公司持有的持有近比特币的近3％，但在实际液体供应中的份额更高。”

Therefore, the rise of Bitcoin acquisition vehicles showcases the burgeoning institutional interest in cryptocurrencies but also underscores the speculative nature of such strategies. Strategy’s success has inspired imitators, but not all may have the financial resilience to weather market fluctuations.

因此，比特币采集工具的兴起展示了加密货币的机构兴趣，但也强调了此类策略的投机性质。策略的成功激发了模仿者，但并非所有人都可能对天气市场的波动具有财务弹性。

In addition, the proliferation of these firms signals a maturing market. Yet, their aggressive tactics could exacerbate volatility in an unpredictable asset class. Sygnum’s warning serves as a reminder that while Bitcoin acquisition vehicles may drive short-term gains, their long-term viability remains uncertain.

此外，这些公司的扩散信号是一个成熟的市场。然而，他们的积极策略可能会加剧不可预测的资产类别的波动。 Sygnum的警告提醒您，尽管比特币采集工具可能会驱动短期增长，但它们的长期生存能力仍然不确定。