上市公司對比特幣（BTC）的採用已從零售交易者轉向機構投資者

去年，比特幣（BTC）的採用已從零售交易者顯著轉向機構投資者。

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Bitcoin (BTC) price has rallied 24% in the past 30 days, reaching a high of $94,832 on Wednesday. The BTC price has also surged over 400% from a low of about $18,000 in December 2020. As the world’s largest cryptocurrency continues to rally to new all-time highs, several publicly traded companies are pivoting to include Bitcoin in their balance sheets.

比特幣 (BTC) 價格在過去 30 天內上漲了 24%，週三達到 94,832 美元的高點。 BTC 價格也從 2020 年 12 月約 18,000 美元的低點飆升了 400% 以上。

This article analyzes the publicly traded companies that are adopting Bitcoin and the reasons behind their decision.

本文分析了正在採用比特幣的上市公司及其決定背後的原因。

Public Companies Pivoting to Include Bitcoin in Their Balance Sheets

上市公司致力於將比特幣納入其資產負債表

As previously reported by Coinspeaker, the adoption of Bitcoin by publicly traded companies was catalyzed by MicroStrategy (NASDAQ: MSTR). The company began allocating a large portion of its balance sheet to the world’s largest cryptocurrency in August 2020. MicroStrategy currently holds about 447,470 Bitcoins, valued at over $42 billion, at the time of this report.

正如 Coinspeaker 先前報導的那樣，MicroStrategy（納斯達克股票代碼：MSTR）促進了上市公司採用比特幣。該公司於 2020 年 8 月開始將其資產負債表的很大一部分分配給全球最大的加密貨幣。 截至本報告發佈時，MicroStrategy 目前持有約 447,470 個比特幣，價值超過 420 億美元。

MicroStrategy shareholders have also benefited from the company’s BTC strategy, as MSTR stock has rallied over 20x since the adoption of Bitcoin several years ago. Several publicly traded BTC mining companies – led by Marathon Digital Holdings (NASDAQ: MARA), Riot Platforms (NASDAQ: RIOT), and Hut 8 Mining (NASDAQ: HUT) – also adopted a BTC strategy in their respective balance sheets to hedge against inflation.

MicroStrategy 股東也從該公司的 BTC 策略中受益，自幾年前採用比特幣以來，MSTR 股票已上漲 20 倍以上。以Marathon Digital Holdings（納斯達克股票代碼：MARA）、Riot Platform（納斯達克股票代碼：RIOT）和Hut 8 Mining（納斯達克股票代碼：HUT）為首的幾家上市BTC 礦業公司也在各自的資產負債表中採用了BTC 策略以對沖通膨。

Furthermore, Elon Musk-backed companies such as Tesla (NASDAQ: TSLA) and SpaceX also hold Bitcoin in their balance sheets. As of this writing, Tesla held about 9,720 Bitcoins, valued at about $914 million.

此外，特斯拉（納斯達克股票代碼：TSLA）和 SpaceX 等伊隆馬斯克支持的公司也在資產負債表中持有比特幣。截至撰寫本文時，特斯拉持有約 9,720 個比特幣，價值約 9.14 億美元。

Other publicly traded companies that have allocated a portion of their balance sheets to the world’s largest cryptocurrency include Coinbase (NASDAQ: COIN), Galaxy Digital (NYSE: GLXY), Bitcoin Group (NYSE: BTCC), and Block (NYSE: SQ). Coinbase Global has a total of 9,480 BTCs, valued at about $891 million. Others include Galaxy Digital with about 3,150 BTCs, Bitcoin Group SE with a balance of about 3,589 BTC, and Block Inc with a balance of about 8,363 BTC.

其他將部分資產負債表分配給全球最大加密貨幣的上市公司包括Coinbase（納斯達克股票代碼：COIN）、Galaxy Digital（NYSE：GLXY）、比特幣集團（紐約證券交易所股票代碼：BTCC）和Block（NYSE：SQ）。 Coinbase Global 共有 9,480 個 BTC，價值約 8.91 億美元。其他包括擁有約 3,150 BTC 的 Galaxy Digital、擁有約 3,589 BTC 的 Bitcoin Group SE 和擁有約 8,363 BTC 的 Block Inc。

According to Naresh Agarwal, an associate director at the Association of Corporate Treasurers, “it does now seem conceivable that board members of publicly traded companies could justify investments in digital assets, given their fiduciary duty to protect funds from high-risk investments.”

企業財務主管協會副主任納雷什·阿加瓦爾(Naresh Agarwal) 表示，「鑑於上市公司的董事會成員負有保護資金免受高風險投資的信託責任，現在看來確實可以想像，上市公司的董事會成員可以證明數位資產投資的合理性。

Why Are Publicly Traded Companies Buying Bitcoin?

為什麼上​​市公司要購買比特幣？

Bitcoin has grown to a valuation of over $2 trillion, bolstered by the higher demand from the US spot BTC ETF issuers. Moreover, spot Bitcoin ETFs and other investment funds have accumulated around 1,289,480 BTCs, valued at over $121 billion.

由於美國現貨 BTC ETF 發行人的需求增加，比特幣的估值已成長至超過 2 兆美元。此外，現貨比特幣ETF和其他投資基金已累積了約1,289,480個比特幣，價值超過1,210億美元。

With around 2 million Bitcoins remaining on centralized exchanges for sale and about 2 million to be mined, publicly traded companies are keen to accumulate as many coins as possible. Consequently, more publicly traded companies have opted to dilute their shares more to raise funds and purchase more Bitcoins.

由於大約 200 萬枚比特幣仍在集中交易所出售，還有大約 200 萬枚有待開採，上市公司熱衷於累積盡可能多的比特幣。因此，更多的上市公司選擇更多稀釋其股票以籌集資金併購買更多的比特幣。

The expected approval of strategic Bitcoin reserves by the United States and several states in the near term will also increase the demand for BTC by institutional investors.

預計美國和幾個州在短期內批准比特幣戰略儲備也將增加機構投資者對比特幣的需求。