BTC作為公司儲備資產

幾十年來，公司國庫一直依靠現金，債券和短期投資來保存資本。但是通貨膨脹，貶值法定貨幣和

For decades, corporate treasuries have relied on cash, bonds and short-term investments to preserve capital. But inflation, devaluing fiat currencies and near-zero interest rates have challenged this approach. A new dark horse is emerging and corporate finance is about to change forever.

幾十年來，公司國庫一直依靠現金，債券和短期投資來保存資本。但是，通貨膨脹，貶值法定貨幣和接近零的利率已經挑戰了這種方法。一匹新的黑馬正在出現，公司融資將永遠改變。

Bitcoin (BTC) has entered the scene, offering a unique combination of scarcity, global liquidity and asymmetric upside potential. As a result, a growing number of corporations are adding BTC to their balance sheets in a bid to hedge against inflation, enhance shareholder value and prepare for the Web3 era.

比特幣（BTC）進入了現場，提供了稀缺，全球流動性和不對稱上升潛力的獨特組合。結果，越來越多的公司正在將BTC添加到其資產負債表中，以期對沖通貨膨脹，提高股東價值並為Web3時代做準備。

Let's delve deeper into this fascinating trend and explore how it's reshaping the world of corporate finance.

讓我們深入研究這種迷人的趨勢，並探索它如何重塑公司融資世界。

BTC as a corporate reserve asset

BTC作為公司儲備資產

Historically, corporations have kept substantial cash reserves for both stability and liquidity. However, as Michael Saylor, Executive Chairman of MicroStrategy (NASDAQ:MSTR), has argued, cash is like a melting ice cube — losing its purchasing power due to monetary debasement. Bitcoin offers an alternative: an asset with a fixed supply, global liquidity and asymmetric upside.

從歷史上看，公司為穩定和流動性保留了大量現金儲備。但是，正如MicroStrategy（NASDAQ：MSTR）執行董事長Michael Saylor所說，現金就像一個融化的冰立方，由於貨幣貶低而失去了購買力。比特幣提供了一種替代方案：具有固定供應，全球流動性和不對稱上升空間的資產。

Since 2020, MicroStrategy has aggressively accumulated bitcoin, transforming its corporate balance sheet into a quasi BTC bank. The company issues convertible debt and equity to fund its purchases, leveraging a traditional finance approach to building a bitcoin treasury. In 2024 alone, MicroStrategy acquired 257,000 BTC. This strategy has indirectly turned MicroStrategy into a publicly traded bitcoin ETF and accumulation machine, granting shareholders exposure to BTC through its publicly traded stock $MSTR.

自2020年以來，MicroStrategy積極積累了比特幣，將其公司資產負債表轉變為準BTC銀行。該公司發行可轉換債務和權益資助其購買，利用傳統的財務方式來建立比特幣財政部。僅在2024年，MicroStrategy就獲得了257,000 BTC。該策略已間接地將MicroStrategy變成了公開交易的比特幣ETF和累積機器，從而通過其公開交易的股票$ MSTR允許股東接觸BTC。

Two key metrics: bitcoin per share & BTC yield

兩個關鍵指標：每股比特幣和BTC收益

Microstrategy has popularized two key metrics every corporation studying this strategy needs to understand intimately: bitcoin per share (BPS) and BTC yield.

MicroStrategy推廣了兩個研究該策略需要親密了解的公司的兩個關鍵指標：每股比特幣（BPS）和BTC收益率。

Bitcoin per share (BPS): The number of bitcoin held per outstanding share. This metric allows investors to measure a company’s indirect BTC exposure.

每股比特幣（BPS）：每股持有的比特幣數量。該指標允許投資者衡量公司的間接BTC曝光率。

BTC yield: The percentage change in the number of bitcoin per share over time. This KPI attempts to reflect how efficiently a company acquires BTC.

BTC產量：隨著時間的推移，每股比特幣數量的百分比變化。該KPI試圖反映公司獲得BTC的有效程度。

The corporate supercycle

公司超級循環

While many corporations maintain traditional treasury strategies, a fundamental shift in corporate finance is emerging. Over 70 publicly traded companies now hold bitcoin on their balance sheets, including Tesla (NASDAQ:TSLA), Coinbase (NASDAQ:COIN) and Block (NYSE:SQ). Even companies outside the technology and finance sectors are adopting this approach, demonstrating its broad applicability across industries.

儘管許多公司保持傳統的國庫策略，但公司融資的根本轉變正在出現。現在，超過70家上市的公司在其資產負債表上持有比特幣，包括特斯拉（納斯達克股票代碼：TSLA），Coinbase（NASDAQ：COIN）和BLOCK（NYSE：SQ）。即使是技術和金融部門以外的公司也採用了這種方法，證明了其在整個行業的廣泛適用性。

This adoption represents more than a trend — it's a transformation in how companies can create and preserve shareholder value. The regulatory environment is also evolving to support this shift in three critical ways:

這種採用不僅代表著趨勢，而是公司如何創造和保留股東價值的轉變。監管環境也正在發展，以三種關鍵方式支持這一轉變：

Companies can now generate earnings growth through strategic bitcoin accumulation while simultaneously building a position in an asset with significant potential for appreciation. This combination of current earnings impact and future value potential echoes classic Warren Buffett principles of finding businesses that can both generate current returns and reinvest capital at attractive rates.

現在，公司可以通過戰略比特幣積累來產生收益增長，同時在具有巨大升值潛力的資產中建立立場。當前的收入影響和未來價值潛在的這種結合呼應了經典的沃倫·巴菲特（Warren Buffett）的經典原則，這些原則既可以產生當前的回報，又以有吸引力的利率來重新投資資本。

The transformation ahead isn't merely about adding bitcoin to balance sheets — it's about fundamentally rethinking corporate treasury management for an era of digital scarcity. Companies that understand this shift early will have a significant advantage in building treasury positions at attractive prices, much like early internet adopters.

未來的轉變不僅僅是將比特幣添加到資產負債表中 - 這是關於在數字稀缺時代重新思考公司財政管理的。早期了解這一轉變的公司將以有吸引力的價格建立財政部職位，就像早期互聯網採用者一樣。

We’re entering a new era in corporate finance, where bitcoin's unique properties combine with evolving financial infrastructure to create unprecedented opportunities for value creation and preservation. The companies that recognize and act on this shift early will likely emerge as the Berkshire Hathaways of the digital age.

我們正在進入公司財務的新時代，比特幣的獨特財產與不斷發展的金融基礎設施相結合，為創造價值創造和保存創造前所未有的機會。認識到這一轉變並採取行動的公司很可能會成為數字時代的伯克希爾·哈納維（Berkshire Hathaways）。