Vaneck提出“ BitBonds”，以使比特币（BTC）获利，因为美国财政部试图完善融资策略

Vaneck的数字资产研究负责

A hybrid debt instrument tying U.S. Treasuries with Bitcoin (BTC) exposure could help manage the government’s looming $14 trillion refinancing requirement, according to VanEck.

Vaneck表示，一种混合​​债务工具将美国国债与比特币（BTC）的风险息息相关，可以帮助管理政府迫在眉睫的14万亿美元再融资要求。

The concept, presented at the Strategic Bitcoin Reserve Summit, aims to address sovereign funding needs and investor demand for inflation protection.

在战略比特币储备峰会上提出的概念旨在满足主权资金需求和投资者对通货膨胀保护的需求。

As part of the discussion, VanEck's head of digital assets research, Matthew Sigel, proposed “BitBonds”—10-year securities with 90% traditional U.S. Treasury exposure and 10% Bitcoin, funded by the bond sale proceeds.

作为讨论的一部分，Vaneck的数字资产研究负责人Matthew Sigel提出了“ BitBonds” -10年证券，拥有90％的美国国库券，由债券销售收益资助为10％的比特币。

At maturity, investors would receive the full value of the U.S. Treasury portion, amounting to $90 on a $100 bond, plus the current value of the Bitcoin allocation.

在到期时，投资者将获得美国财政部部分的全部价值，总计100美元的债券，再加上比特币分配的当前价值。

Moreover, investors would capture 100% of Bitcoin’s upside until their yield-to-maturity reaches 4.5%. After that threshold, any gains would be split between the government and bondholders.

此外，投资者将捕获比特币上涨的100％，直到其成熟度达到4.5％。在这个阈值之后，任何收益都将在政府和债券持有人之间分配。

This structure is designed to align the interests of bond investors, who are increasingly seeking protection from dollar debasement and asset inflation, with the Treasury’s need to refinance at competitive rates.

这种结构旨在使债券投资者的利益保持一致，债券投资者越来越多地寻求免受美元贬值和资产通货膨胀的保护，以及财政部需要以有竞争力的利率再融资。

“It’s an aligned solution for mismatched incentives,” Sigel said.

Sigel说：“这是一个不匹配激励措施的解决方案。”

Investor breakeven

投资者收支平衡

According to Sigel’s projections, the investor breakeven for BitBonds depends on the bond’s fixed coupon and Bitcoin’s compound annual growth rate (CAGR).

根据Sigel的预测，BitBonds的投资者取消了债券的固定优惠券和比特币的复合年增长率（CAGR）。

For bonds with a 4% coupon, the breakeven BTC CAGR is 0%. However, lower-yielding versions have higher breakeven thresholds: 13.1% CAGR for 2% coupon bonds and 16.6% for 1% coupon bonds.

对于拥有4％优惠券的债券，收支平衡的BTC CAGR为0％。但是，较低的收益版本具有较高的盈亏平衡阈值：2％息票债券的复合年增长率为13.1％，1％的息票债券为16.6％。

If Bitcoin CAGR remains within the 30% to 50% range, modeled returns escalate sharply across all coupon tiers, with investor gains reaching up to 282%.

如果比特币CAGR保持在30％至50％的范围内，则建模的回报率在所有优惠券层中急剧升级，投资者的收益率达到282％。

Sigel said BitBonds would be a “convex bet” for investors who believe in Bitcoin as the instrument would offer asymmetric upside while retaining a base layer of risk-free return. However, their structure means investors bear the full downside of Bitcoin exposure.

Sigel表示，对于相信比特币的投资者来说，BitBonds将是一个“凸投注”，因为该工具将提供不对称的上空，同时保留无风险收益的基础层。但是，他们的结构意味着投资者承担了比特币暴露的全部缺点。

Lower coupon bonds could generate steep negative returns in scenarios where BTC loses value. For example, a 1% coupon BitBond would lose 20% to 46%, depending on the level of Bitcoin underperformance.

在BTC失去价值的情况下，低优惠券债券可能会产生陡峭的负回报。例如，根据比特币的表现不佳的水平，1％的优惠券Bitbond将损失20％至46％。

Treasury benefits

财政部福利

From the U.S. government’s perspective, the core benefit of BitBonds would be lower borrowing costs. Even if Bitcoin appreciates modestly or not at all, the Treasury will save on interest payments compared to traditional 4% fixed-rate bonds.

从美国政府的角度来看，BitBonds的核心利益将是较低的借贷成本。即使比特币对谦虚或根本不欣赏，与传统的4％固定利率债券相比，财政部也可以节省利息。

According to Sigel’s analysis, the government’s breakeven interest rate is approximately 2.6%. Issuing bonds with coupons below that level would reduce annual debt service, generating savings even in flat or declining Bitcoin scenarios.

根据Sigel的分析，政府的收支平衡利率约为2.6％。以低于该级别的优惠券发行债券将减少年度债务服务，即使在比特币方案下降或下降的比特币方案也能节省下来。

Issuing $100 billion in BitBonds with a 1% coupon and no BTC upside would save the government $13 billion over the bond’s life. If Bitcoin achieves a 30% CAGR, the same issuance could yield over $40 billion in additional value, primarily from the shared Bitcoin gains.

发行1000亿美元的Bitbonds，票价为1％，没有BTC上涨，将为政府节省130亿美元的债券的寿命。如果比特币达到30％的复合年增长率，则相同的发行可能会产生超过400亿美元的额外价值，主要来自共享比特币的增长。

This approach would also create a differentiated sovereign bond class, offering the U.S. asymmetric upside exposure to Bitcoin and reducing its dollar-denominated obligations.

这种方法还将创建一个差异化的主权债券类别，从而提供美国非对称上行币对比特币的上行接触并减少其美元计价的义务。

“BTC upside just sweetens the deal. Worst case: cheap funding. Best case: long-vol exposure to the hardest asset on Earth,” added Sigel.

Sigel补充说：“ BTC的上升空间恰好使交易变得甜美。最糟糕的情况：廉价资金。最佳案例：长期暴露于地球上最艰难的资产。”

The breakeven BTC CAGR for the government increases with higher bond coupons, reaching 14.3% for 3% coupon BitBonds and 16.3% for 4% coupon versions. In adverse BTC scenarios, the Treasury would only incur a loss if it issued higher-coupon bonds while BTC underperformed.

债券优惠券的较高债券优惠券的增压BTC复合年增长率提高，3％的优惠券BitBonds的14.3％，4％优惠券版本为16.3％。在不利的BTC方案中，国库只有在BTC表现不佳的情况下发行高速公路债券时才会造成损失。

Trade-offs on issuance complexity and risk allocation

在发行复杂性和风险分配方面的权衡

Despite the potential benefits, VanEck’s presentation acknowledges the structure’s shortcomings. Investors take on Bitcoin’s downside without full upside participation, and lower-coupon bonds become unattractive unless Bitcoin performs exceptionally well.

尽管有潜在的好处，Vaneck的演讲仍承认了结构的缺点。投资者在没有充分的上行参与的情况下承担了比特币的下行，除非比特币表现出色，否则下型债券将变得没有吸引力。

Structurally, the Treasury would also need to issue more debt to compensate for the 10% of proceeds used to purchase Bitcoin. Every $100 billion in funding would require an additional 11.1% to offset the BTC allocation.

从结构上讲，财政部还需要发行更多的债务，以弥补购买比特币的10％。每1000亿美元的资金将需要额外的11.1％才能抵消BTC分配。

The proposal suggests possible design improvements, including downside protection to shield investors from sharp BTC declines partially.

该提案提出了可能的设计改进，包括避免投资者免受Sharp BTC的下降措施，部分下降了。