增長的趨勢

金融諮詢公司Architect Partners的一份新報告預測，到2030年，標準普爾500年的公司中有25％的資產幣將在其資產負債表上。

A new report by financial advisory firm Architect Partners predicts that 25% of S&P 500 companies will have Bitcoin in their balance sheets by 2030.

金融諮詢公司Architect Partners的一份新報告預測，到2030年，標準普爾500年的公司中有25％的資產負債表中將擁有比特幣。

This forecast comes from Elliot Chun, a partner at the tech-focused firm, who outlined his thoughts in a March 28 blog post.

這項預測來自以技術為中心的公司的合夥人艾略特·春（Elliot Chun），他在3月28日的博客文章中概述了他的想法。

Currently, only two S&P 500 companies – Tesla and Block – hold Bitcoin as a treasury asset. For Chun’s prediction to come true, at least 123 more S&P 500 firms would need to add Bitcoin to their books over the next seven years.

目前，只有兩家標準普爾500年的公司 - 特斯拉和Block-將比特幣作為國庫資產。為了使Chun的預測實現，在未來七年中，至少需要123家標準普爾500家公司將在其書籍中添加比特幣。

The pressure on treasury managers appears to be a key factor driving this trend. Chun suggests that many will feel forced to at least test Bitcoin strategies.

財政經理的壓力似乎是推動這一趨勢的關鍵因素。 Chun認為，許多人將被迫至少測試比特幣策略。

“If you tried it and it worked, you’re a genius. If you tried it and it didn’t work, you at least tried. But if you didn’t try and have no good reason, your job may be at risk,” Chun wrote.

“如果您嘗試過它，並且它奏效了，那麼您是一個天才。如果您嘗試過它，並且它不起作用，那麼您至少嘗試過。但是，如果您沒有嘗試並且沒有充分的理由，您的工作可能會面臨風險。”

Corporate Bitcoin Holdings Today

今天的公司比特幣持有

According to data from BitcoinTreasuries.NET, 89 publicly-traded companies currently hold Bitcoin on their balance sheets. MicroStrategy (NASDAQ:MSTR) stands out as the largest corporate holder.

根據BitCoinReasuries.net的數據，目前有89家公開交易的公司在其資產負債表上持有比特幣。 MicroStrategy（NASDAQ：MSTR）是最大的公司持有人。

GameStop (NYSE:GME) could soon join this list. The company recently announced a $1.3 billion convertible notes offering on March 26, which it plans to use for its first Bitcoin purchase.

GameStop（NYSE：GME）很快就可以加入此列表。該公司最近在3月26日宣布了13億美元的可轉換票據，併計劃用於首次購買比特幣。

MicroStrategy first adopted Bitcoin as its “primary treasury reserve asset” on August 20, 2020. Since then, the company’s stock has increased by over 2,000%, contrasting with Bitcoin’s 781% appreciation and the S&P 500′s 64.8% rise during the same period.

MicroStrategy於2020年8月20日首先採用比特幣作為其“主要國庫券資產”。從那時起，該公司的股票增長了2,000％以上，與比特幣的781％升值和同一時期的標準普爾500年的64.8％相反。

GameStop CEO anticipates “an incredible opportunity to transform its financial future by becoming the premier bitcoin treasury company in the gaming sector.” However, the announcement led to a 20% decline in GameStop’s stock price.

GameStop首席執行官預計，“通過成為遊戲領域的主要比特幣財政公司，可以改變其財務未來的難以置信的機會。”但是，該公告導致GameStop的股價下降了20％。

Different Approaches to Bitcoin Strategy

比特幣策略的不同方法

Chun highlights an important distinction between companies. Some adopt Bitcoin for treasury diversification and risk management purposes. Others completely restructure their business models to become the Bitcoin leader in their industry.

Chun強調了公司之間的重要區別。有些人採用比特幣來用於國庫多元化和風險管理目的。其他人則完全將其業務模式重組為其行業的比特幣領導者。

“Companies who are implementing this strategy in hopes of replicating MSTR’s performance are positioning for disappointment,” Chun cautioned. He describes MicroStrategy as a “one-of-one” case, similar to Tether’s (CRYPTO:USDT) dominant role in the stablecoin market.

Chun警告說：“為了複製MST的表現而實施這項策略的公司使人失望。”他將MicroStrategy描述為“一個”案例，類似於Tether's（Crypto：USDT）在Stablecoin市場中占主導地位。

MicroStrategy initially provided U.S. asset managers with Bitcoin exposure when they couldn’t hold it directly. This advantage changed when the Securities and Exchange Commission approved several spot Bitcoin exchange-traded funds on January 10, 2024.

MicroStrategy最初為美國資產管理人員提供了比特幣的曝光，而他們無法直接持有它。當證券交易委員會於2024年1月10日批准了幾個現貨比特幣交易所資金時，這一優勢就會改變。

Despite growing adoption, using Bitcoin as a treasury asset remains an “unproven strategy” for companies hoping to hedge against inflation or diversify risk, according to Chun.

儘管採用的收養量的增長，但使用比特幣作為國庫資產仍然是希望對沖通貨膨脹或多樣化風險的公司的“未經證實的戰略”。

Bitcoin does offer advantages over traditional treasury assets like gold. Chun mentions the practical challenges of storing and moving physical gold bars. In contrast, Bitcoin is classified as a digital commodity. It receives GAAP recognition as a tangible asset with fungible and liquid properties.

比特幣確實比黃金等傳統財政資產具有優勢。 Chun提到了存儲和移動物理金條的實際挑戰。相比之下，比特幣被歸類為數字商品。它將GAAP識別視為具有可及格和液體特性的有形資產。

The interest in corporate Bitcoin adoption is evident. Last month’s Bitcoin Investor Week in New York City included a full day dedicated to explaining this approach to public companies.

對公司比特幣採用的興趣很明顯。上個月在紐約市舉行的比特幣投資者周包括一整天，致力於向上市公司解釋這種方法。

MicroStrategy also hosted its own conference in Las Vegas last year, focused on corporate Bitcoin strategies. Earlier this month, crypto asset manager Bitwise launched a new ETF. The Bitwise Bitcoin Standard Corporations ETF tracks companies with at least 1,000 Bitcoin in their corporate treasuries.

去年，MicroStrategy還在拉斯維加斯舉行了自己的會議，重點是公司比特幣戰略。本月初，加密資產經理Bitwise推出了新的ETF。比特幣標準公司ETF在公司國庫中追踪至少有1,000個比特幣的公司。

Several high-profile tech investors and executives expect Bitcoin’s value to continue rising. ARK Invest CEO Cathie Wood, Galaxy Digital CEO Mike Novogratz, Coinbase (NASDAQ:COIN) CEO Brian Armstrong, and Block (NYSE:SQ) CEO Jack Dorsey all predict Bitcoin could reach between $500,000 and $1,000,000 by 2030.

幾位備受矚目的科技投資者和高管期望比特幣的價值繼續上升。 ARK Invest Catie Wood，Galaxy Digital Ceo Mike Novogratz，Coinbase（NASDAQ：COIN）首席執行官Brian Armstrong和Block（NYSE：SQ）首席執行官Jack Dorsey都預測，到2030到2030年，Brian：SQ）首席執行官Jack Dorsey都可以達到500萬至1,000,000美元。

For companies considering Bitcoin treasury strategies, the key question is whether this trend will grow or fade. As Chun puts it: “Until my answer is ‘less,’ I’ll continue to pound the table on the adoption of these strategies.”

對於考慮比特幣國庫策略的公司而言，關鍵問題是這種趨勢是否會增長還是消失。正如Chun所說：“直到我的回答是'少'，我將繼續對採用這些策略進行挫敗。”