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[lastpost] => 2771854 如果Base有空投，你要怎么撸？（转） 1759853343 caoch
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2025 年比特币的价格走势加剧了人们对其作为企业财务资产角色的争论，MicroStrategy (主干道) 和$ \. `: A8 N* `
$ x; ]3 a% q$ a, q+ L. H$ K+ BCEA工业公司
! s4 u J3 |! w, E（BNC）位居榜首。MicroStrategy 持有 636,505 枚比特币，自 2024 年底以来几乎翻了一番。尽管比特币自 2024 年 11 月以来上涨了 19%，但其股价却下跌了 39%。该公司的
3 N, s1 v/ b) F4 u$ E ~战略
: h! P a e7 d+ e' @+ ~该公司通过发行股票筹集 280 亿美元用于购买 BTC，其“BTC 收益率”指标上涨了 25%，反映出更高的
! m8 f: I; j' S% H! L比特币! H3 I8 N: n$ T- ~. H, }1 u) o
每股收益。然而，该股表现不佳凸显了投资者对股权稀释和宏观经济风险的担忧。* q+ v' u5 g- r! H" V; v
比特币价格近期跌至11.3万美元，创下五个月新低，加剧了企业持有者的损失。微策略公司（MicroStrategy）在2025年第一季度的比特币未实现损失高达59.1亿美元，迫使其获得了16.9亿美元的税收优惠来抵消损失。与此同时，
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. ~# \5 l2 R7 B. G更名为“币安币 网络公司”的 BNB Network Company 通过私募筹集了 5 亿美元，用于积累币安币 (BNB)，成为该代币最大的企业持有者。在获得 2.5 亿美元的回购授权后，BNB 的股价在 2025 年 10 月初飙升 11.7%，彰显了其对财务战略的信心。
5 u8 o- f7 ^ n* V与加密货币相关的股票投资逐渐取代直接投资代币，已成为一种决定性趋势。分析师指出，寻求受监管投资渠道的机构投资者青睐 Coinbase (COIN)、Robinhood (HOOD) 和 Galaxy (GLXY) 等公司，这些公司在 2025 年的表现甚至超过了比特币本身。例如，Coinbase 的股价今年迄今上涨了 53%，而比特币仅上涨了 31%。这种转变凸显了投资者对提供成熟托管框架和合规结构的股票投资工具的普遍偏好。- g# V& ]( U* e
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2025年5月，比特币的表现优于美国股市，周涨幅达8.3%，而标准普尔500指数仅上涨1.2%，这暂时提升了比特币的吸引力。然而，近期由唐纳德·特朗普提出的关税和美联储的不确定性引发的波动性，抑制了比特币的上涨势头。比特币第二季度25%的涨幅被现货交易量22%的下降所抵消，这表明散户参与度有所下降。目前，包括ETF流入和库存股发行在内的机构资金流入主导着市场活动。
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* d1 q% Y8 |' S, I1 ^% }0 b批评人士认为，偏重比特币的策略会让公司面临生存风险。黄金倡导者彼得·希夫 (Peter Schiff) 认为，微策略公司 (MicroStrategy) 700 亿美元的比特币储备很容易受到价格暴跌的影响，而黄金则不同，黄金可以在不扰乱市场的情况下被清算。同样，BNC 对
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引发了人们对监管审查的担忧，尤其是在美国证券交易委员会 (SEC) 调查币安之际。BNC 管理层承认，其成功取决于 BNB 的普及程度和监管的透明度。
5 N* d" r2 \7 ]! ~/ y% E8 bMicroStrategy 股价下跌反映了加密货币市场普遍的疲软态势。阿里·马丁内斯 (Ali Martinez) 等分析师警告称，如果支撑位跌破，股价可能暴跌 50%，而其他分析师则将跌幅归因于净资产价值 (NAV) 溢价从 1 月份的 2 倍压缩至 2025 年底的 1.44 倍。尽管如此，机构投资者依然活跃，加拿大皇家银行 (Royal Bank of Canada) 增加了其持股比例。
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2025年第三季度持股比例将增加16%。( K, Y/ j, ?; [+ Z
关于比特币作为企业资产角色的争论仍未平息。尽管微策略的策略提高了每股比特币的价值，但其股价却难以反映其内在价值。相反，BNC 的回购计划和 BNB 的增持旨在缩小其股价与内在价值之间的差距。两家公司都面临执行风险，BNC 的目标是收购 BNB 总供应量的 1%，这需要持续的资本部署。4 w f; Z2 B2 o B5 v6 F, U
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对于投资者而言，关键在于加密资产与其企业代理之间的差异日益扩大。比特币的价格韧性和机构采用表明其长期潜力巨大，但短期波动和监管不确定性依然存在。随着市场的发展，通过回购或战略性稀释来平衡资金增长与股东价值的公司，可能会塑造下一阶段加密股权格局的动态。
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